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Fifth Circuit Disallows Make-Whole Payment in Bankruptcy

On Jan. 19, 2019, the U.S. Court of Appeals for the Fifth Circuit vacated a bankruptcy court decision awarding Ultra Petroleum Corp. noteholders $201 million in make-whole payments and $186 million in post-petition interest. Under the note agreement, upon a bankruptcy filing, the issuer is obligated for a make-whole amount equal to the discounted value of the remaining scheduled payments (including principal and interest that would be due after prepayment) less the principal amount of the notes.

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Fifth Circuit
Forget about buying your way out of “cramdown” in the Ninth Circuit

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USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
Court quashes the myth of partial plan confirmation revocation

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USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Fraud, United States bankruptcy court
Stern may have taken a smaller bite out of core jurisdiction than previously thought

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USA, Insolvency & Restructuring, Insurance, Litigation, Kramer Levin Naftalis & Frankel LLP, US Constitution, Second Circuit, United States bankruptcy court
Courts look closer at bankruptcy remote financing deals and find they may be lacking

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USA, Illinois, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Accounts receivable, United States bankruptcy court, Seventh Circuit, US District Court for Northern District of Illinois