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Distressed companies open the liability toolbox to avoid full-blown bankruptcies

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USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, White & Case, Bankruptcy, Private equity, Coronavirus
Treatment of senior unsecured debt in European leveraged finance transactions: Court of Appeal confirms no duty to unsecured third party creditors on enforcement

In our recent note “Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement”, which can be viewed here, we addressed the increase in flexibility in European financings to incur senior unsecured debt and the risk that the lack of any agreed intercreditor arrangement may impair senior secured lenders’ ability to realise recoveries from a European Credit

United Kingdom, Aviation, Banking, Insolvency & Restructuring, Litigation, White & Case, Unsecured debt, Court of Appeal of England & Wales
Sixth Circuit rules in favor of bank and resolves conflict among bankruptcy courts concerning whether the arrearage amount on mortgages includes fees and costs permitted by the contract terms and non-bankruptcy law

Deutsche Bank held an under-secured home mortgage from a Chapter 13 debtor. The debtor was in arrears, but wanted to retain possession and control of her home. Thus, in her Chapter 13 plan, the debtor proposed to cure the arrearage, as required by 11 U.S.C. § 1322(e). The problem, however, was that the parties could not agree on the arrearage amount.

USA, Banking, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Costs in English law, Debtor, Collateral (finance), Statutory interpretation, Federal Reporter, Mortgage loan, Attorney's fee, US Congress, Deutsche Bank, Westlaw, US Code, United States bankruptcy court, Sixth Circuit