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Supreme Court Holds That Presence of Financial Conduits Does Not Trigger “Safe Harbor” Protection for Securities-Related Transfers Under Section 546(e) of the Bankruptcy Code

On February 27, 2018, the United States Supreme Court resolved a circuit split regarding the proper application of the safe harbor set forth in section 546(e) of the Bankruptcy Code, a provision that prohibits the avoidance of a transfer if the transfer was made in connection with a securities contract and made by or to (or for the benefit of) certain qualified entities, including a financial institution.

USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Supreme Court of the United States
Ninth Circuit Holds That Joint Plan Covering Multiple Debtors Must Be Approved by Only One Impaired Class Per Plan, Not One Impaired Class Per Debtor

The Court of Appeals for the Ninth Circuit recently held that section 1129(a)(10) of the Bankruptcy Code – a provision which, in effect, prohibits confirmation of a plan unless the plan has been accepted by at least one impaired class of claims – applies on “per plan” rather than a “per debtor” basis, even when the plan at issue covers multiple debtors. In re Transwest Resort Properties, Inc., 2018 WL 615431 (9th Cir. Jan. 25, 2018). The Court is the first circuit court to address the issue.

USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Ninth Circuit
Developments in European restructurings

Cadwalader partner Richard Nevins discusses developments in European restructurings with Doug Mintz, Restructuring Review's Co-Editor-in-Chief and Cadwalader Special Counsel.

European Union, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP
English Supreme Court refuses to enforce U.S. bankruptcy avoidance action judgment

Summary

The recent judgment of the Supreme Court in the joined cases of Rubin and another v Eurofinance SA and others and New Cap Reinsurance Corporation (in liquidation) and another v A E Grant and others [2012] UKSC 46, issued on 24 October 2012, established that judgments avoiding pre-bankruptcy transactions (“avoidance judgments”) made by non-EU foreign courts (including U.S. bankruptcy courts) have no special enforceability status in England and Wales compared to ordinary judgments.

United Kingdom, USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Debtor, UK Supreme Court
BP in the wake of the Deepwater Horizon incident and the bankruptcy implications of mounting environmental liabilities

On April 20, 2010, an explosion on the Deepwater Horizon oil drilling rig located off the coast of Louisiana killed eleven crewmen and set off what is now considered the largest offshore oil spill in U.S. history. As a result, BP p.l.c. (“BP”), the parent company of the British Petroleum multinational corporation, faces mounting liabilities related to the damages caused by the disaster and hundreds of lawsuits that have been filed in numerous U.S. state and federal courts.

USA, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Pollution, Bankruptcy, Injunction, Liability (financial accounting), Public limited company, Subsidiary, Gross negligence, Deepwater Horizon oil spill, BP, Goldman Sachs, Clean Water Act 1972 (USA)
Restructuring Department Bulletin - December 2025
USA, Insolvency & Restructuring, Litigation, Paul Weiss Rifkind Wharton & Garrison LLP, Insolvency, Supreme Court of the United States