A Western District of New York bankruptcy court has held that the safe harbor provisions of section 546(e) of the Bankruptcy Code apply to leveraged buy-outs of privately held securities. See Cyganowski v. Lapides (In re Batavia Nursing Home, LLC), No. 12-1145 (Bankr. W.D.N.Y. July 29, 2013).

On June 25, 2013, the Bankruptcy Court for the Southern District of New York (the “Court”) issued a memorandum decision in the Lehman Brothers SIPA proceeding¹ holding that claims asserted by certain repurchase agreement (“repo”) counterparties (the “Representative Claimants”) did not qualify for treatment as customer claims under SIPA.

The Irish Examiner publication is the latest business to be restructured using a so called pre-pack insolvency transaction. “Pre-pack” transactions have been a feature of insolvency sales in other countries such as England and Wales for some years, but until relatively recently had not commonly featured in Irish insolvencies.  It has been reported that at least one creditor has initiated proceedings to challenge the Irish Examiner transaction.