Fulltext Search
Court of Appeal summaries (December 6- 11)

Hello again for another week,

Canada, Employment & Labor, Family, Healthcare & Life Sciences, Insolvency & Restructuring, Legal Practice, Litigation, Non-profit Organizations, Private Client & Offshore Services, Real Estate, Blaney McMurtry LLP
Third Circuit approves use of structured dismissal, but rarely

On May 21, 2015, the United States Court of Appeals for the Third Circuit (the "Third Circuit") held that in rare instances a bankruptcy court may approve a "structured dismissal"- that is, a dismissal "that winds up the bankruptcy with certain conditions attached instead of simply dismissing the case and restoring the status quo ante" - that deviates from the Bankruptcy Code's priority scheme. See Official Committee of Unsecured Creditors v. CIT Group/Business Credit Inc. (In re Jevic Holding Corp.), Case No.

USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, United States bankruptcy court, Third Circuit
District Court holds hedge funds not eligible assignees under loan agreement and thus not entitled to vote on plan

Overview

USA, Washington, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Hedge funds, Default (finance)
Supreme Court offers some financiers protection, creates new risks for others, in its decision on Sun Indalex, LLC v. United Steelworkers

The Supreme Court of Canada, in a decision that has implications for borrowers and lenders alike, particularly where pension funds are involved, has raised some new hurdles for the country’s banks and their business customers and, at the same time, has bolstered protection for lenders of last resort who finance insolvent companies.

The court’s decision in Sun Indalex Finance, LLC v. United Steelworkers, issued earlier this year, addresses critical questions in insolvency law regarding pension funds and DIP financing. 

Canada, Ontario, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Blaney McMurtry LLP, Debtor, Liquidation, Debtor in possession, United Steelworkers, Bankruptcy and Insolvency Act 1985 (Canada)