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Supreme Court To Hear Dispute Over Debt Recharacterization

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Supreme Court of the United States, Fourth Circuit
Refusing to Fund Into a Bankruptcy: Lessons From Lyondell for Lenders

In the May 2017 issue of Debt Dialogue, we discussed the recent decision by Judge Martin Glenn of the U.S.

USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
Ruling and the Material Adverse Event Default

In February 2017, Judge Katherine Polk Faila of the Southern District of New York issued a bench ruling1 in Cumulus Media Holdings Inc. v. JPMorgan Chase Bank, N.A. (S.D.N.Y. Feb. 24, 2017), in which she found that a proposed exchange of senior notes for revolver commitments would violate certain covenants of the issuer’s credit agreement protecting the term loan lenders.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, JPMorgan Chase, US District Court for the Southern District of New York
Deepening the Divide on Whether Avoidance Provisions Apply to Foreign Transfers

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Fourth Circuit, US District Court for the Southern District of New York
IRS Can Pursue “Responsible Persons” for Unpaid Trust Fund Taxes and Automatic Stay Cannot Be Used to Enjoin Collection Against Non-Debtor Officers and Directors

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Puerto Rico, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, Internal Revenue Service (USA), Eighth Circuit, Third Circuit, First Circuit
Receivers, Unions and the Lifting of the Stay: Are the Floodgates Open or Have They Merely Sprung A Leak?

In what may prove either to be a landmark decision or a mere outliner confined to its unique facts, the Court of Appeal for Ontario (the "Court of Appeal") in Romspen Investment Corporation v. Courtice Auto Wreckers Limited, et al.1 has overturned an earlier decision and lifted the stay of proceedings against a court-appointed receiver to allow a union to proceed with a certification application and an unfair labour practice complaint against the receiver.

Canada, Ontario, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Ontario Superior Court of Justice
Jurisdiction Retention Clause in Sale Order Can’t Provide Bankruptcy Court Subject Matter Jurisdiction for Contract Disputes between Non-Debtors

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, First Circuit
Ninth Circuit Applies Replacement Value in Cramdown Even If Lower Than Liquidation Value

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USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, US HUD, Ninth Circuit
Funds Talk: June 2017

Funds Talk: June 2017

 

Topics covered in this issue include:

USA, New York, Capital Markets, Derivatives, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Litigation, Securitization & Structured Finance, Tax, Kramer Levin Naftalis & Frankel LLP, Computer security, FINRA, Seventh Circuit
Lyondell Chemical Company: Litigation Trust’s Fraudulent Conveyance Claims Fail

Just one year after Lyondell Chemical Company (Lyondell) and Basell AF (Basell) consummated a nearly $20 billion merger of their businesses, the merged business of LyondellBasell Industries (LBI) “failed in a colossal manner.”1 As part of the bankruptcy process that followed, a court-appointed litigation trust (the Trust) filed suit for the benefit of unsecured creditors against numerous parties involved in the merger, bringing actual a

USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP