On December 6, 2021, Strike, LLC of Woodlands, TX filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-90054) along with several affiliates.
On November 17, 2021, Alto Maipo SpA, a Chile-based run-of-the-river project, which uses the natural flow of a river to generate electricity without the construction of a dam, along with subsidiary Alto Maipo Delaware LLC, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11507). The company reports $1 billion to $10 billion in both assets and liabilities.
On November 16, 2021, Riverbed Technology, Inc., an information technology company headquartered in San Francisco, along with various affiliates, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11503). The company reports $1 billion to $10 billion in both assets and liabilities.
On November 11, 2021, Carlson Travel, Inc. of Minnetonka, MN filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-90017). Carlson Travel is a business travel management company offering traveler care, travel management, consulting, and booking services.
Whether—and in what circumstances—a debtor should pay creditors a make-whole premium continues to be litigated in bankruptcy courts. Last week, as reported by Bloomberg, Judge Dorsey (Delaware) ruled that the debtor – Mallinckrodt Plc – did not need to pay a make whole premium to first lien lenders in order to reinstate such obligations under the debtor’s chapter 11 plan.
On November 8, 2021, ORG GC Midco LLC of Houston, TX filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas (Case No. 21-90015).
On October 31, 2021, PWM Property Management LLC, along with several affiliates that own premium commercial space in New York and Chicago, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11445). The company reports $1 to 10 billion in assets and liabilities.
The English High Court has rejected a challenge to the CVA proposed by Caffè Nero in a decision that provides guidance on the use of the electronic voting procedure for votes on CVAs, the effectiveness of modifications made to a CVA during the process and the duties of the directors and nominees when considering last minute offers for a business in a restructuring scenario. Mr Justice Green rejected all grounds of challenge brought by Mr Ronald Young, a landlord to Nero Holdings Limited ("NHL").
In what could prove to be a landmark judgment, a Dubai court ruled earlier this month that the directors of a company in bankruptcy should be personally liable for the company’s debts, to the sum of almost AED 450,000,000 (around US$ 122,000,000).
Article 144 of Federal Law No.9 of 2016 (the “Bankruptcy Law”) allows a court to order directors to pay a bankrupt company’s debts where:
On October 26, 2021, Grupo Posadas S.A.B. de C.V., a Mexico City-based hospitality company, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Southern District of New York (Lead Case No. 21-11831). Grupo Posadas owns, leases, operates, and manages resorts, hotels, and villas in urban and coastal areas of Mexico under several owned brands.