A bedrock principle underlying chapter 11 of the Bankruptcy Code is that creditors, shareholders, and other stakeholders should be provided with adequate information to make an informed decision to either accept or reject a chapter 11 plan. For this reason, the Bankruptcy Code provides that any "solicitation" of votes for or against a plan must be preceded or accompanied by stakeholders' receipt of a "disclosure statement" approved by the bankruptcy court explaining the background of the case as well as the key provisions of the chapter 11 plan.
对于陷入困境的企业，可以通过与债权人之间以协议的方式，对企业进行债务调整和资产重构，以实现企业复兴和债务清偿。而债务重组中债权人最关注的即是如何有效地实现债权退出，不同类型的债权人、不同的债权情况所涉的债权人诉求均可能存在差异，提供多样化的债权退出路径可以更有效地促进困境企业债务重组成功。根据实践经验，我们总结出多种卓有成效的债权退出路径，包括但不限于直接参与留债重组、债权转股权、债权转让、资产证券化等等。
一、直接参与留债重组
对于债务人陷入流动性危机，但本身资质良好，给予一定的时间可度过困境恢复清偿能力的，债权人往往愿意与债务人就还款金额、还款方式、还款时间等债权债务问题达成新的协议，通过优化该类企业的资产负债结构、盘活企业不良资产，帮助企业渡过财务危机，最终实现债权受偿。
在留债重组的方式下，债权人亦可以有多种具体的债权退出路径，包括但不限于资产出售及资产盘活偿债、以资产或信托受益权等财产权抵债、以企业经营收益现金受偿、企业恢复良性负债率后融资还债等等。特殊情况下，如相关债权涉及企业继续经营所必需，还可以采取“类共益债”的形式，由全体债权人表决引入投资人协助原债权人退出。
（一）以部分资产出售偿债退出
In Short
The Situation: The U.S. Supreme Court considered whether § 363(m) of the Bankruptcy Code, which limits a party's ability to undo an asset transfer made to a good-faith purchaser in a bankruptcy case, is jurisdictional.
The ability of a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") to assume, assume and assign, or reject executory contracts and unexpired leases is an important tool designed to promote a "fresh start" for debtors and to maximize the value of the bankruptcy estate for the benefit of all stakeholders. However, the Bankruptcy Code establishes strict requirements for the assumption or assignment of contracts and leases.
Madoff
On April 19, 2021, the U.S. Supreme Court declined to hear the appeal of a landmark 2019 decision issued by the U.S. Court of Appeals for the Second Circuit regarding the applicability of the Bankruptcy Code's safe harbor for certain securities, commodity, or forward contract payments to prevent the avoidance in bankruptcy of $8.3 billion in payments made to the shareholders of Tribune Co. as part of its 2007 leveraged buyout ("LBO").
On October 26, 2020, the U.S. Bankruptcy Court for the Southern District of Texas issued a long-awaited ruling on whether natural gas exploration and production company Ultra Petroleum Corp. ("UPC") must pay a make-whole premium to noteholders under its confirmed chapter 11 plan and whether the noteholders are entitled to postpetition interest on their claims pursuant to the "solvent-debtor exception." On remand from the U.S.
Introduction
Priority of Income Tax Claims
Affirmative Insurance
The Bankruptcy Court's Ruling
The District Court's Ruling
Outlook
In the latest chapter of more than a decade of contentious litigation surrounding the 2007 leveraged buyout ("LBO") and ensuing bankruptcy of media conglomerate Tribune Co. ("Tribune"), the U.S. Court of Appeals for the Third Circuit affirmed lower court rulings that Tribune's 2012 chapter 11 plan did not unfairly discriminate against senior noteholders who contended that their distributions were reduced because the plan improperly failed to strictly enforce pre-bankruptcy subordination agreements. In In re Tribune Co., 972 F.3d 228 (3d Cir.
A basic tenet of bankruptcy law, premised on the legal separateness of a debtor prior to filing for bankruptcy and the estate created upon a bankruptcy filing, is that prepetition debts are generally treated differently than debts incurred by the estate, which are generally treated as priority administrative expenses. However, this seemingly straightforward principle is sometimes difficult to apply in cases where a debt technically "arose" or "was incurred" prepetition, but does not become payable until sometime during the bankruptcy case.