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FTX joins growing list of high-profile and intertwined crypto-related chapter 11 filings

Crypto investors were dealt another blow on November 11 when FTX, the world’s second-largest cryptocurrency exchange, filed for chapter 11 bankruptcy relief in the District of Delaware, along with more than 130 related companies and affiliates. The bankruptcy was spawned by liquidity issues brought on by the sudden collapse in value of FTX’s crypto assets. Starting on November 6, customers simultaneously attempted to withdraw their funds and assets from the exchange, causing a situation akin to a classic bank run that led to an estimated $32 billion in value quickly evaporating.

USA, Banking, Insolvency & Restructuring, IT & Data Protection, Thompson Hine LLP, Bankruptcy, Cryptocurrency, US Securities and Exchange Commission
Out-of-court restructuring to exit asbestos litigation: alternative to chapter 11

Asbestos litigation continues to rage on in the tort system with no likelihood of receding in the immediate future. In addition to the inherent costs associated with having to defend and settle asbestos claims, managing asbestos litigation can be a significant distraction for corporate officers and directors from running their businesses. The overhang of asbestos litigation can also severely dampen the value of an otherwise successful and profitable company.

USA, Insolvency & Restructuring, Litigation, Thompson Hine LLP, Bankruptcy, Out-of-court restructuring
Consolidated Appropriations Act of 2021 Amends Bankruptcy Code

As discussed in previousposts, the Consolidated Appropriations Act of 2021 (the “Act”) was signed into law on December 27, 2020, largely to address the harsh economic impact of the COVID-19 pandemic.

USA, Insolvency & Restructuring, Litigation, Mintz, Coronavirus
Consolidated Appropriations Act of 2021 Amends Bankruptcy Code

Part 2: Amendments Affecting Mortgage Lenders and Landlords

As discussed in a previous post, the Consolidated Appropriations Act of 2021 (the “Act”), which was enacted on December 27, 2020 in response to the economic distress caused by the COVID-19 pandemic, amended numerous provisions of the Bankruptcy Code. This post discusses amendments specifically affecting landlords.

USA, Insolvency & Restructuring, Litigation, Real Estate, Mintz, Coronavirus
Consolidated Appropriations Act of 2021 Amends Bankruptcy Code Part 1: Amendments Clarifying Debtors’ Rights to Other Pandemic Relief

On December 27, 2020, in response to the economic distress caused by the COVID-19 pandemic and to supplement the CARES Act enacted in March 2020, the Consolidated Appropriations Act of 2021 (the “Act”) was enacted. In addition to providing $900 billion in pandemic relief, the Act benefits both debtors and creditors by temporarily modifying the following sections of the Bankruptcy Code, which may be of particular interest to creditors:

USA, Insolvency & Restructuring, Litigation, Mintz, Coronavirus, Paycheck Protection Program, CARES Act 2020 (USA)