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Insurance Rehabilitation Proceeding in Curaçao Recognized by New York Bankruptcy Court

The Bottom Line

In In re ENNIA Caribe Holding N.V., 18-12908 (Bankr. S.D.N.Y. Dec. 20, 2018), a bankruptcy court in the Southern District of New York recognized a foreign insurance company’s rehabilitation proceeding in Curaçao as a “foreign main proceeding,” pursuant to Chapter 15 of the Bankruptcy Code, over objections from the insurance company’s nondebtor parent company. In doing so, the court examined, among other things, what is required for a “collective proceeding” in a foreign insolvency.

What Happened

USA, New York, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, United States bankruptcy court, US District Court for the Southern District of New York
Horizontal Gifting Upheld in Chapter 11 Plan in the Third Circuit

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
You’ve Got Contract: An Email Establishes Binding Settlement in the Second Circuit

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Second Circuit
Second Circuit Momentive Decision Adopts Two-Step Test for Cramdown Rate; Creates Make-Whole Circuit Split

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On October 20, 2017, the U.S. Court of Appeals for the Second Circuit issued a long-awaited decision in In re MPM Silicones, LLC (“Momentive”) holding that, with one important exception, that the plan of reorganization confirmed by the bankruptcy court comports with Chapter 11. Case No. 15-1682 (2d Cir. Oct. 20, 2017).

USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Second Circuit
Illinois District Court Maintains a High Threshold for Equitable Subordination of Insider Secured Loans

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US District Court for Northern District of Illinois
Supreme Court To Hear Dispute Over Debt Recharacterization

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Supreme Court of the United States, Fourth Circuit
Deepening the Divide on Whether Avoidance Provisions Apply to Foreign Transfers

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Fourth Circuit, US District Court for the Southern District of New York
Ninth Circuit Applies Replacement Value in Cramdown Even If Lower Than Liquidation Value

The Bottom Line

USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US HUD, Ninth Circuit