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Texas Bankruptcy Court Determines Bankruptcy Code does not Permit it to Delay Debtor Rent Obligations Beyond 60-Day Statutory Period

The Bottom Line

In In re CEC Entertainment, Inc., et al., 20-33163, 2020 WL 7356380 (Bankr. S.D. Tex. Dec. 14, 2020), the Bankruptcy Court for the Southern District of Texas held that the Bankruptcy Code does not permit the court to alter a debtor’s rent obligations beyond the 60-day post-petition period enumerated in Section 365(d)(3) of the code. However, the court declined to address the remedy for a violation of Section 365(d)(3).

What Happened?

Background

USA, Texas, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Force majeure, Coronavirus
Tenth Circuit Holds the Doctrine of Equitable Mootness Applies to Liquidating Plans

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Title 11 of the US Code, Tenth Circuit
"Phase 3" McConnell Coronavirus Relief Bill Introduced in the Senate

What: This evening, March 19, Senate Majority Leader Mitch McConnell introduced a bill called the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The proposed bill is intended to provide relief to various sectors of the U.S. economy. Of particular interest is the Coronavirus Economic Stabilization Act of 2020, set forth in Division C, Title I of the proposed bill, which provides assistance to severely distressed sectors of the U.S. economy, including (but not limited to) airline carriers.

Who Does This Impact:

USA, Company & Commercial, Insolvency & Restructuring, Public, Kramer Levin Naftalis & Frankel LLP, Coronavirus, US Senate