Many of us were raised to believe that Santa Claus delivers our gifts before we wake up on Christmas Day. If you believe, behave, and send your wish list on time, you are virtually certain to receive what you want for Christmas. As we grow older, some of us (not me) begin to doubt the existence of Santa. But, with the growth of e-commerce within the last decade, no one can deny that more and more gifts are being delivered Santa-style. And for those who do not believe, well, the lesson has been costly.
Recent Development
The Turkish Parliament enacted a law amending the composition (tr. "konkordato," a Turkish scheme of arrangement) articles in the Code of Enforcement and Bankruptcy in response to widespread abuse of the composition proceedings. The changes are effective as of the date of promulgation on the Official Gazette, 19 December 2018, with pending applications remaining subject to the previous version of the provisions.
The Amendments
The major amendments are summarized below.
Yeni Gelişme
Türkiye Büyük Millet Meclisi, konkordato sürecinin suiistimal edildiğine ilişkin gelen tepkileri göz önünde bulundurarak, İcra ve İflas Kanunu'ndaki konkordato hükümlerinde değişiklikler öngören kanun teklifini yasalaştırmıştır. Değişiklikler 19 Aralık 2018 tarihinde Resmi Gazete’de yayımlanarak yürürlüğe girmiştir. Ancak görülmekte olan konkordato talepleri hakkında önceki hükümler uygulanmaya devam edecektir.
Kabul Edilen Değişiklikler
Önemli değişiklikler aşağıda özetlenmiştir.
In November 2011, AMR Corporation, the parent of American Airlines, filed chapter 11 in the United States Bankruptcy Court for the Southern District of New York. Through the bankruptcy, which was hugely successful, AMR was able to shed billions of dollars in operating expenses and become the largest airline in the United States. Part of the substantial savings came from AMR's ability to restructure its collective bargaining agreements with its unions.
The Bankruptcy Court for the Northern District of California recently granted a secured lender’s request for relief from the automatic stay, pursuant to sections 362(d)(1) and (d)(2) of the Bankruptcy Code, to allow a trustee’s sale of the debtor’s marina under state law. In re Delta Waterways, LLC, Case No. 18-42076-CN (Bankr. N.D. Cal. December 7, 2018). Several missteps and omissions by the debtor appear to have driven the Court’s decision.
Section 303 of the Bankruptcy Code provides a unique remedy to unsecured creditors seeking to collect their debts against an insolvent entity. A careful look at this remedy is contained in an earlier post, entitled Creditors’ Strategic Use of Involuntary Bankruptcy.
On December 12, 2018, Parker Drilling Company and its subsidiaries (“Debtors”), oilfield service companies headquartered in Houston, filed pre-negotiated chapter 11 cases in the United Stated Bankruptcy Court for the Southern District of Texas. The Honorable Marvin Isgur is Presiding over the cases.
The Companies operate in two lines of business: (a) drilling services (i.e., oil, natural gas, and geothermal wells); and (b) rental tools and well services to E&P companies, drilling contractors and service companies.
Section 303 of the Bankruptcy Code provides a unique remedy to unsecured creditors seeking to collect their debts against an insolvent entity. A careful look at this remedy is contained in an earlier post, entitled Creditors' Strategic Use of Involuntary Bankruptcy. In summary, pursuant to section 303, three unsecured creditors, with claims in the aggregate of $15,775, can place an insolvent company in bankrup
In In re Fairfield TIC, LLC, Case No. 18-73744-VJ (E.D. Va. Nov. 20, 2018), the Bankruptcy Court for the Eastern District of Virginia dismissed a single asset real estate case, pursuant to section 1112(b) of the Bankruptcy Code, on “bad faith” grounds, based on the holding in Carolin Corp. v. Miller, 886 F.2d 693 (4th Cir. 1989).
Facts
On Wednesday, December 5, 2018, USA Gymnastics (USGA) filed for chapter 11 relief in the United States Bankruptcy Court for the Southern District of Indiana (Case No. 18-09108). USGA is the national governing body for gymnastics in the United States. It receive this designation from the U.S.