In In re Nuverra Environmental Solutions, Inc., 834 Fed. App'x 729 (3d Cir. 2021), the U.S. Court of Appeals for the Third Circuit handed down a long-awaited ruling that could have addressed, but ultimately did not address, the validity of "gifting" chapter 11 plans under which a senior creditor class gives a portion of its statutorily entitled recovery to one or more junior classes as a means of achieving consensual confirmation.
Section 365(h) of the Bankruptcy Code provides special protection for tenants if a trustee or chapter 11 debtor-in-possession ("DIP") rejects an unexpired lease under which the debtor was the lessor by giving the tenant the option of retaining possession of the leased premises. Although the provision clearly describes what rights a tenant has if it makes such an election, it does not unequivocally address the extent of the electing tenant's obligations under the rejected lease or any related agreements. The U.S.
In response to the emergence of the COVID-19 pandemic in Australia in 2020, the federal government injected an unprecedented level of stimulus into the Australian economy and introduced temporary law reforms aimed at protecting against an anticipated "tidal wave" of insolvencies. These temporary law reforms included a moratorium on civil liability for insolvent trading for directors and increased thresholds and time frames for responding to statutory demands.
There is longstanding controversy concerning the validity of release and exculpation provisions in non-asbestos trust chapter 11 plans that limit the potential exposure of various parties involved in the process of negotiating, implementing and funding the plan. The U.S. Bankruptcy Court for the Eastern District of Washington recently contributed to the extensive body of case law addressing these issues in In re Astria Health, 623 B.R. 793 (Bankr. E.D. Wash. 2021).
Introduction
Business Bankruptcy Filings
Public Company Bankruptcies
Notable Bankruptcy Rulings
Legislative Developments
WHITE PAPER A Multifaceted Maze: The FCA’s Role and Powers in Distressed Situations The last five years have seen a substantial increase in the number and variety of regulated firms operating in the United Kingdom, with the development in particular of financial services provided by new technology firms, asset managers, challenger banks, payment providers and e-money issuers. At the same time, an increasing number of UK Financial Conduct Authority (“FCA”) regulated firms have entered into insolvency proceedings.
On October 26, 2020, the U.S. Bankruptcy Court for the Southern District of Texas issued a long-awaited ruling on whether natural gas exploration and production company Ultra Petroleum Corp. ("UPC") must pay a make-whole premium to noteholders under its confirmed chapter 11 plan and whether the noteholders are entitled to postpetition interest on their claims pursuant to the "solvent-debtor exception." On remand from the U.S.
Introduction
Priority of Income Tax Claims
Affirmative Insurance
The Bankruptcy Court's Ruling
The District Court's Ruling
Outlook
In This Issue:
The Year in Bankruptcy: 2020
A brief chronicle of the year's notable developments in corporate bankruptcy and restructuring. [read more …]
Focus on Health Care Provider Bankruptcies
知的財産法：改正個人情報保護法に関する動き 競争法／独禁法①：公取委、フランチャイズ・ガイドライン改正案の公表 競争法／独禁法②：ドイツ競争法の重要な改正 エネルギー・インフラ：発電側基本料金制度に関する続報 労働法：「男性の育児休業取得促進策等について」の建議について 会社法：会社法施行規則及び会社計算規則の一部改正－定時株主総会におけるウェブ開示によるみなし提供制度の対象範囲の拡大特例－ 危機管理：日本監査役協会が「企業集団における不祥事防止を切り口とした監査体制強化の在り方」を公表 一般民事・債権管理：「事業者を支える融資・再生実務のあり方に関する研究会」による論点整理の公表（新たな担保権「事業成長担保権（仮称）」の提言） M&A：中小企業庁、産業競争力強化法等の一部を改正する等の法律案の概要を公表 ファイナンス・ディスクロージャー：経済産業省「事業報告等と有価証券報告書の一体的開示FAQ（制度編）」 税務：国税庁、「在宅勤務に係る費用負担等に関するFAQ（源泉所得税関係）」を公表 中国・アジア（中国）：「外国の法律及び措置の不当な域外適用の阻止に関する規則」の公布 新興国（UAE）：オンショアの外資規制緩和を含む会社法の改正 国際訴訟・仲裁：ICC、SIAC等の近時の動向