When a debtor files for bankruptcy, it’s axiomatic that all creditors, wherever located, must immediately cease their efforts to collect on debts owed to them by that debtor, right? Not necessarily so, says the United States Court of Appeals for the Seventh Circuit, insofar as those creditors and their collateral are located outside of the United States.

The Bankruptcy Protector

The United States Court of Appeals for the Fifth Circuit entered its (second) opinion in the case of In re Ultra Petroleum Corporation, Case No. 21-20008, on October 14, 2022, potentially widening a circuit split on the issue of “make-whole” payments. With the circuit split potentially growing, this issue could be ripe for a grant of certiorari.

The Bankruptcy Protector

Howard Morris and Sonya Van de Graaff, Morrison & Foerster LLP and Katten Muchin Rosenman LLP

This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

Scope of the chapter

Ross Miller, Simmons & Simmons LLP

This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

Introduction

Kon Asimacopoulos and Gabe Harley, Kirkland & Ellis International LLP

This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

Introduction

Darren Azman and Natalie Rowles, McDermott Will & Emery

This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

Introduction

Jacqueline Ingram and Sarah Levin, Milbank LLP

This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

Christopher J Howard, Sullivan & Cromwell LLP

This is an extract from the third edition of GRR's The Art of the Ad Hoc. The whole publication is available here.

Introduction