Bankruptcy lawyers who are regularly involved in distressed m&a deals have been wondering for the past few months about the potential fallout from Philadelphia Newspapers.
USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Credit (finance), Debtor, Dissenting opinion, Majority opinion, Secured loan, United States bankruptcy court, Third Circuit, Seventh Circuit, US District Court for Northern District of Illinois
The chapter 11 case of DBSD North America, Inc. (“DBSD”), f/k/a ICO North America, has been marked by aggressive tactics and extreme positions from its commencement. DBSD, a non-operating satellite communications company, and its second lien noteholders made clear their intent to cram down a plan of reorganization (the “Plan”) on DBSD’s first lien lenders.
USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Interest, Market liquidity, Debt, Maturity (finance), Good faith, Secured creditor, Secured loan, Second Circuit
After a relatively brief and checkered stint in Delaware courts, it appears that the cause of action against corporate directors for “deepening insolvency” may have lost its place in Delaware corporate jurisprudence.
USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Shareholder, Breach of contract, Fraud, Fiduciary, Federal Reporter, Debt, Liquidation, Good faith, Due diligence, Business judgement rule, Delaware Supreme Court, Third Circuit