The Consolidated Appropriations Act of 2021 (the CAA), which President Trump signed into law on December 27, 2020, amends several provisions of the Bankruptcy Code. While a number of the amendments are applicable only to small businesses (e.g., businesses eligible to file under the new small-business subchapter of the Bankruptcy Code and/or businesses eligible to receive PPP loans), several others have more general application, as discussed below.

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Amendments of More General Application

In a recent decision in In re Nuverra Environmental Solutions, Inc., No. 18-3084, 2021 WL 50160 (3d Cir. Jan 6, 2021), a divided Third Circuit panel held that an appeal of a Chapter 11 plan confirmation order was equitably moot and that the dissenting unsecured creditor who filed the appeal, David Hargreaves, was not entitled to individualized relief.

In a new opinion issued in the Chuck E. Cheese bankruptcy cases, In re CEC Entertainment, Inc., Case No. 20-33163 (Bankr. S.D. Tex.),¹ Judge Marvin Isgur of the U.S.

The U.S. Bankruptcy Court for the Northern District of Georgia ruled in In re Serendipity Labs, Inc., 620 B.R. 679 (Bankr. N.D. Ga.

Das Gesetzgebungsverfahren zum Gesetz zur Fortentwicklung des Sanierungs- und Insolvenzrechts („SanInsFoG“) schreitet in beachtlicher Geschwindigkeit voran. Seit 14. Oktober 2020 liegt der Regierungsentwurf („RegE“) vor. Das Gesetz beinhaltet neben der Einführung des Unternehmensstabilisierungs- und Restrukturierungsgesetzes („StaRUG“) auch einige Änderungen in der Insolvenzordnung. Trotz der teilweise massiven Verschärfung der Geschäftsleiterpflichten durch das SanInsFoG, sieht der RegE auch eine Erleichterung gegenüber der aktuellen Rechtslage vor.

On remand from the Fifth Circuit, in its October 26, 2020, decision in In re Ultra Petroleum Corp.,¹ the US Bankruptcy Court for the Southern District of Texas ruled that (1) make-whole premiums are allowed by the Bankruptcy Code under appropriate circumstances and (2) a solvent debtor must pay pos

In Henry Hobbs Jr. v. Buffets LLC the United States Court of Appeals for the Fifth Circuit upheld the constitutionality of a recent increase in United States Trustees fees that are charged to Chapter 11 debtors.

Teilweise Erleichterung für Geschäftsleiter – Haftungsgefahren für Zahlungen bei Insolvenzreife gegenüber der aktuellen BGH-Rechtsprechung vermindert

In its October 22, 2020, CNH Diversified Opportunities Master Account, L.P. v.

BJ Services, a Texas-based provider of hydraulic fracturing (i.e., “fracking”) and cementing services for upstream oil and gas companies, filed for chapter 11 protection on July 20, 2020, in the US Bankruptcy Court for the Southern District of Texas, along with three of its affiliates. Their chapter 11 filings were prompted by unsuccessful restructuring negotiations with one of their equity sponsors—CSL Capital Management—which would have provided a $75 million new money investment, including $30 million in the form of DIP financing, in exchange for the majority of the reorganized equity.