Firm Articles | Global Insolvency

Global—On 10 January 2014, the US Supreme Court agreed to resolve a court split over the scope of discovery orders aimed at enforcing judgments against foreign states. In Argentina v. NML Capital, Ltd., No. 12-842, 2014 BL 7274 (Jan. 10, 2014), the Supreme Court granted a petition for a writ of certiorari to hear an appeal stemming from Argentina's default on its government debt in 2001. Argentina restructured its defaulted debt in 2005 and 2010.

European Union, Spain, USA, Derivatives, Insolvency & Restructuring, Litigation, Jones Day, Bond (finance), Debt, Second Circuit

Euroresource--deals and debt (January 2014)

31 January 2014

Recent Developments

Canada, European Union, Spain, United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Projects & Procurement, Jones Day, Bond (finance), Hedge funds, Liquidation, Supreme Court of the United States, Second Circuit

SDNY Bankruptcy Court holds that the bankruptcy safe harbors do not preclude state-law fraudulent transfer actions brought by creditors

17 January 2014

A bankruptcy judge in the Southern District of New York recently held that section 546(e) of the Bankruptcy Code does not prevent a debtor’s creditors from bringing state-law fraudulent conveyance actions that challenge a leveraged buyout of the debtor. Weisfelner v. Fund 1 (In re Lyondell Chem. Co.), No. 10-4609 (REG), --- B.R. ----, 2014 WL 118036 (Bankr. S.D.N.Y. Jan. 14, 2014).

USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Debtor, Leveraged buyout, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York

Euroresource--deals and debt

30 December 2013

Recent Developments

Global, Arbitration & ADR, Capital Markets, Insolvency & Restructuring, Litigation, Jones Day, Shareholder, Joint-stock company, Third Circuit

SDNY bankruptcy court upholds swap provision that modifies the method to calculate amounts owing upon the counterparty’s bankruptcy

23 December 2013

TheLehman Brothers bankruptcy court has determined that the contractually specified methodology for conducting the liquidation of a swap agreement is protected by the safe harbor provisions of the bankruptcy, even if the selected methodology would be more favorable to the non-defaulting counterparty than the liquidation methodology that would apply absent the bankruptcy.See Michigan State Housing Dev. Auth. v. Lehman Bros. Deriv. Prods. Inc. (In re Lehman Bros. Holdings Inc.), No. 08-13555, ---B.R.

USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Swap (finance), Liquidation, International Swaps and Derivatives Association, Lehman Brothers, United States bankruptcy court, US District Court for the Southern District of New York

Safe harbor update: continued uncertainty regarding applicability of safe harbors to leveraged buy-outs of privately held securities

02 August 2013

A Western District of New York bankruptcy court has held that the safe harbor provisions of section 546(e) of the Bankruptcy Code apply to leveraged buy-outs of privately held securities. See Cyganowski v. Lapides (In re Batavia Nursing Home, LLC), No. 12-1145 (Bankr. W.D.N.Y. July 29, 2013).

USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Security (finance), Safe harbor (law), Privately held company, Leveraged buyout, United States bankruptcy court