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SDNY Bankruptcy Court Finds Bar Date Applies to Pension Fund’s Withdrawal Liability Claim Before Withdrawal Occurs

The Bottom Line

The U.S. Bankruptcy Court for the Southern District of New York entered a decision confirming the applicability of the Court’s bar date order as it relates to a pension fund’s claim for withdrawal liability filed after the bar date, despite the fact that the withdrawal occurred after the deadline for filing proofs of claim.

What Happened?

USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Mutual fund, Investment funds, US District Court for the Southern District of New York
SDNY District Court Holds That Bankruptcy Courts Have Core Jurisdiction and Constitutional Adjudicatory Authority over Involuntary Third-Party Releases

The Bottom Line

USA, New York, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Res judicata and issue estoppel, US District Court for the Southern District of New York
European Commission Consultation: Developing the Secondary Market for Non-Performing Loans

The European Commission ("Commission") has released a consultation paper to evaluate the merits of introducing measures to support secondary markets for distressed debt and the development of a new, contractual-based loan security obligation.

Consultation

European Union, Banking, Insolvency & Restructuring, Jones Day, European Commission
Hold-outs beware: UK schemes of arrangement and Chapter 11 lie in wait

The recentThomas Cook refinancing and Cortefiel scheme of arrangement offer contrasting examples to investors of the risks and rewards of adopting a hold-out position in complex multijurisdictional restructurings.

United Kingdom, Insolvency & Restructuring, Litigation, Jones Day, Debtor, Debt