Paul, Weiss Helps NYC Taxi Drivers Restructure Debt to Keep Their Medallion

The Ninth Circuit Court of Appeals held that in a solvent debtor case, unsecured creditors have an equitable right to postpetition interest at the applicable contractual or state law rate in order to be deemed unimpaired.

Asbestos litigation continues to rage on in the tort system with no likelihood of receding in the immediate future. In addition to the inherent costs associated with having to defend and settle asbestos claims, managing asbestos litigation can be a significant distraction for corporate officers and directors from running their businesses. The overhang of asbestos litigation can also severely dampen the value of an otherwise successful and profitable company.

In the latest issue of the Restructuring Department Bulletin, we highlight recent decisions impacting the restructuring arena, including an order in the Southern District of New York finding that U.S.

© 2022 Paul, Weiss, Rifkind, Wharton & Garrison LLP. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes. 1 | Paul, Weiss, Rifkind, Wharton & Garrison LLP paulweiss.com FEBRUARY 2022 | ISSUE NUMBER 1 Restructuring Department Bulletin Ken Ziman has joined Paul, Weiss as a Partner in the Restructuring Department Resident in Paul, Weiss’s New York office, Mr.

When a company receives notice that one of its customers has filed for bankruptcy, the initial response may be “Great, there goes the prospect of receiving payment of those outstanding invoices.” While that may be the ultimate outcome, the only way that result may be locked in with certainty is if the company fails to properly assert its claim against the debtor customer in the bankruptcy proceeding. Fortunately, in many instances, filing a proof of claim in a bankruptcy is a simple and straightforward process, and may not even require the assistance of counsel.

On August 5, 2021, the Eighth Circuit reversed a district court’s decision to dismiss a confirmation order appeal as equitably moot.[1] The doctrine of equitable mootness can require dismissal of an appeal of a bankruptcy court decision – typically, an order confirming a chapter 11 plan – on equitable grounds when third parties have engaged in significant irreversible transactions

On October 5, 2021, the Tenth Circuit joined the Second Circuit in concluding statutory fee increases that applied only to debtors filing for bankruptcy in judicial districts administered by the United States Trustee Program (the “US Trustee” or the “UST Program”) violated the U.S.

As a matter of practice, chapter 11 plans and confirmation orders routinely discharge administrative expense claims, including those that arise after confirmation of a plan but before its effective date. The Court of Appeals for the Third Circuit (the “Third Circuit”) recently affirmed the bankruptcy court’s statutory authority to do so in Ellis v. Westinghouse Electric Co., LLC, 2021 WL 3852612 (3d Cir. Aug. 30, 2021).

On July 26, 2021, the United States District Court for the District of Delaware (the “District Court”) affirmed the Delaware bankruptcy court’s order (the “Confirmation Order”) confirming the chapter 11 liquidation plan (the “Plan”) of Exide Holdings, Inc.