“… [A]ny sale of [a foreign] debtor[’s] property [in the U.S.] outside of the ordinary course of business can be approved by the bankruptcy court only after notice, hearing, and a finding of good business reasons to permit the sale,” held the U.S. Court of Appeals for the Second Circuit on May 22, 2017. In re Fairfield Sentry Ltd. (“Sentry II”), 2017 U.S. App. LEXIS 8860, at *11 (2d Cir. May 22, 2017).

The Bankruptcy Code (“Code”) “requires the use of replacement value rather than a hypothetical [foreclosure] value … that the reorganization is designed to avoid,” held a divided U.S. Court of Appeals for the Ninth Circuit on May 26, 2017.

“[T]he debtor … did not retain sufficient rights in the assigned rents under Michigan law for those rents to be included in the bankruptcy estate,” held the U.S. Court of Appeals for the Sixth Circuit on May 2, 2017. In re Town Center Flats LLC, 201 U.S. App. LEXIS 7733, *2 (6th Cir. May 2, 2017). Relying on Michigan law and the language of the relevant documents, the court reversed the bankruptcy court’s holding that gave the Chapter 11 debtor access to the assigned rents as operating funds during its reorganization.

Relevance

Claims held by employees of a Chapter 11 debtor based on “restricted stock units (‘RSUs’) … must be subordinated [under Bankruptcy Code § 510(b)] to the claims of general creditors because … (i) RSUs are securities, (ii) the claimants acquired them in a purchase, and (iii) the claims for damages arise from those purchases or the asserted rescissions thereof,” held the U.S. Court of Appeals for the Second Circuit on May 4, 2017. In re Lehman Brothers Holdings, Inc., 2017 U.S. App. LEXIS 7920, *6 (2d Cir. May 4, 2017).

A continuación vamos a explorar diversos problemas que se plantean a propósito del apartado 9 de la disposición adicional 4.ª de la Ley Concursal, cuando existen garantes personales (o garantes reales por deuda ajena) en un proceso de refinanciación homologable por dicha disposición.

1. El crédito contingente contra el garante que refinancia por la disposición adicional 4.ª

Below we will explore several problems that arise in connection with para. 9 of the 4th Additional Provision ("AP") of the Insolvency Act ("LCon") when there are personal guarantors – or collateral-providers for third party debt – within refinancing arrangement ‘homologation’ (court-sanctioning) proceedings under said 4th AP.

1. Contingent claim against the guarantor who refinances under the 4th AP.

The U.S. Bankruptcy Court for the Southern District of New York, after a lengthy trial, dismissed on April 21, 2017 a litigation trustee’s multibillion-dollar bankruptcy-related claims arising out of a December 2007 merger, finding that:

La Dirección General de Tributos analiza las reglas de valoración aplicables en supuestos de aportaciones de capital realizadas por compensación de créditos en aquellos casos en los que la capitalización se efectúa en diferentes plazos y de forma sucesiva.

The financial crisis has brought significant regulatory changes for credit institutions, many of them aimed at strengthening their capital requirements and creating safety buffers to absorb losses and recapitalise unsound and failing institutions.

The latest is an instrument known as senior non-preferred debt, which is midway between senior debt and subordinated/Tier 2 debt. This instrument will not qualify as Tier 1 or Tier 2 capital, but will be eligible to compute for purposes of TLAC/MREL requirements and will be cheaper for banks than pure subordinated debt.

Siguen sin resolverse satisfactoriamente las cuestiones laborales y de la Seguridad Social en relación con la transmisión de unidad productiva en concurso.