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
Introduction
United Kingdom, Insolvency & Restructuring, Chadbourne & Parke LLP, Shareholder, Debtor, Unsecured debt, Marketing, Debt, Liability (financial accounting), Secured creditor, Liquidator (law), Valuation (finance), Insolvency Act 1986 (UK)
Introduction
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Shareholder, Unsecured debt, Retirement, Liability (financial accounting), Tax deduction, Holding company, Investment funds, The Pensions Regulator (UK), Lehman Brothers, Insolvency Act 1986 (UK), Pensions Act 2004 (UK), High Court of Justice (England & Wales)
Background
United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Chadbourne & Parke LLP, Bankruptcy, Collateral (finance), Default (finance), Collateralized debt obligation, Deed of trust (real estate), Credit default swap, Lehman Brothers, Insolvency Act 1986 (UK), Trustee, Court of Appeal of England & Wales, High Court of Justice (England & Wales), United States bankruptcy court