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Delaware Bankruptcy Court Addresses Shareholder Blocking Rights

On May 5, 2020, Judge Mary Walrath of the United States Bankruptcy Court for the District of Delaware delivered a bench ruling that denied a minority shareholder’s motion to dismiss the Chapter 11 cases of Pace Industries and certain of its affiliates on the grounds that the shareholder’s contractual right to block a bankruptcy filing under the debtor’s certificate of incorporation was contrary to public policy.

USA, Delaware, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus
US Bankruptcy Code Defines Right to Receive “Make-Whole” Premium under Chapter 11 Plan

On November 26, 2019, the US Court of Appeals for the Fifth Circuit held in Ultra Petroleum Corp. v.

USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Debtor, United States bankruptcy court
The Fifth Circuit adopts an expansive reading of section 510(b); subordinates claim with ‘equity characteristics’

In French v. Linn Energy, L.L.C. (In re Linn Energy, L.L.C.), the United States Court of Appeals for the Fifth Circuit addressed the scope of Bankruptcy Code Section 510(b), settling on an expansive reading of the Section, holding that a claim for “deemed dividends” should be subordinated.

USA, Insolvency & Restructuring, Litigation, Mintz, Debtor, Title 11 of the US Code
Windstream Lease Dispute Escalates as Debtors Sue Uniti, Mediator Appointed, and Creditors Intervene

In recent weeks, the dispute in Windstream’s bankruptcy between Windstream and its REIT spinoff Uniti Group over the lease transaction that ultimately led to Windstream’s chapter 11 bankruptcy has continued to escalate with Windstream filing an adversary complaint against Uniti. In its complaint, Windstream seeks to recharacterize the lease as a disguised financing alleging that the lease resulted in a long-term transfer of billions of dollars to Uniti to the detriment of Windstream’s creditors.

USA, Insolvency & Restructuring, Real Estate, Mayer Brown, Debtor, Mediation, Secured creditor, Unsecured creditor
Trademark Licensee May Continue Using Trademark Following Debtor’s Rejection of License Agreement, US Supreme Court Rules

Yesterday, in an 8-1 decision, the US Supreme Court held in Mission Product Holdings, Inc. v.

USA, Insolvency & Restructuring, Litigation, Trademarks, Mayer Brown
Debtor Is a Financial Institution for Purposes of Settlement Payment Safe Harbor, Rules Southern District of New York

On April 23, 2019, the United States District Court for the Southern District of New York, in fraudulent transfer litigation arising out of the 2007 leveraged buyout of the Tribune Company,1 ruled on one of the significant issues left unresolved by the US Supreme Court in its Merit Management decision last year.

USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Supreme Court of the United States, US District Court for the Southern District of New York
The Delaware Bankruptcy Court Grapples With Section 546(e) Post-Merit Management

In its ruling in FTI Consulting, Inc. v. Sweeney (In re Centaur, LLC), the United States Bankruptcy Court for the District of Delaware addressed the Supreme Court’s recent clarification of the scope of Bankruptcy Code Section 546(e)’s “safe harbor” provision, affirming a more narrow interpretation of Section 546(e).

USA, Delaware, Insolvency & Restructuring, Litigation, Mintz, United States bankruptcy court, US District Court for District of Delaware
US Supreme Court Addresses Safe Harbor Under Bankruptcy Code

Merit Management Group, LP v. FTI Consulting, Inc., No. 16-784 (2018)

USA, Insolvency & Restructuring, Litigation, Mayer Brown, Supreme Court of the United States