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The weakest link in intercreditor agreements breaks again in Momentive

Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United
Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. The Law Office of Salman M. Al-Sudairi is Latham & Watkins associated office in the

USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Collateral (finance), Limited liability partnership
Quadrant v. Vertin: duty to maximize value of an insolvent enterprise—business judgment rule applies to interested directors’ “risky” strategy to increase value, even though creditors bear the downside and the controller stands to benefit

In Quadrant Structured Products Company, Ltd. v. Vertin (October 1, 2014), Vice Chancellor Laster clarified the Delaware Chancery Court’s approach to breach of fiduciary duty derivative actions brought by creditors against the directors of an insolvent corporation.

USA, Delaware, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Business judgement rule, Delaware Court of Chancery
Second Circuit holds that a sale by a chapter 15 debtor in a foreign main proceeding of a claim against an obligor located in the U.S. must be reviewed by the U.S. Bankruptcy Court under section 363 of the Bankruptcy Code

On September 26, 2014, the United States Court of Appeals for the Second Circuit, overturning decisions by the Bankruptcy Court and the District Court for the Southern District of New York, held that the Bankruptcy Court was required to review under section 363 of the Bankruptcy Code the transfer of a claim by a chapter 15 debtor with a recognized foreign main proceeding pending in the British Virgin Islands (the “BVI”).1     In a case under chapter 15 of the Bankruptcy Code in which a foreign main proceeding has been recognized, section 1520(a)(2) of the Bankr

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, Title 11 of the US Code, Second Circuit, United States bankruptcy court
Spanish Insolvency Law reform extends to composition agreements

Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United
Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. The Law Office of Salman M. Al-Sudairi is Latham & Watkins associated office in the

Spain, Insolvency & Restructuring, Latham & Watkins LLP, Limited liability partnership
Recent developments in insolvency law

 

Italy, Insolvency & Restructuring, Latham & Watkins LLP, Debtor, Limited liability partnership
S.D.N.Y. Bankruptcy Court denies claim for make-whole premium and allows cram down of debtors’ chapter 11 plan paying secured creditors below-market interest rates on replacement notes

On August 26, 2014, the Honorable Robert D. Drain, Bankruptcy Judge of the United States Bankruptcy Court for the Southern District of New York, issued several bench rulings (the “Bench Rulings”) in connection with confirmation of a plan of reorganization in the chapter 11 cases of MPM Silicones, LLC, et al.

USA, New York, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, United States bankruptcy court
US Supreme Court’s sleight of hand in bankruptcy jurisdiction

Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United
Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. The Law Office of Salman M. Al-Sudairi is Latham & Watkins associated office in the

USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bankruptcy, Limited liability partnership, Personal jurisdiction, Supreme Court of the United States
Mercantile Courts of Catalonia’s conclusions clarify aspects of production unit sales

Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United
Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins practices in Saudi Arabia in association with the Law Office of Salman M.

Spain, Insolvency & Restructuring, Latham & Watkins LLP, Limited liability partnership
Fourth Circuit invalidates third-party release provision in chapter 11 plan

On June 27, 2014, in National Heritage Foundation, Inc. v. Highbourne Foundation, 1 the United States  Court of Appeals for the Fourth Circuit, agreeing with decisions by the Bankruptcy Court for the Eastern  District of Virginia and the District Court for the Eastern District of Virginia, which were issued upon  remand from a prior appeal, held that the third-party non-debtor release provision in the chapter 11 plan  of reorganization of National Heritage Foundation, Inc.  was invalid.

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, Remand (court procedure), Fourth Circuit, Sixth Circuit
Madoff bankruptcy decision offers protection for foreign investors

In re Madoff Securities Extends Morrison Framework to Prevent Avoidance of Purely Foreign Transfers under SIPA and the Bankruptcy Code

USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Security (finance), Securities fraud