Some legal commentators have lamented the extent to which lenders have been able to use debtor in possession (“DIP”) financing arrangements to gain control over an entire Chapter 11 case.
USA, Delaware, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Debtor, Collateral (finance), Market liquidity, Debt, Default (finance), Debtor in possession, Leverage (finance), United States bankruptcy court, US District Court for District of Delaware
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