In connection with recognition, PT Bakrie’s foreign representative sought an order from the Bankruptcy Court enforcing its Indonesian PKPU Plan. The foreign representative argued that the plan provided a discharge of the debtor, and all other parties, from any liability in respect of the intercompany loans at issue. By seeking enforcement of the PKPU Plan, the foreign representative effectively sought a release of non-debtor third parties from liability to the Objecting Noteholders and others, including in respect of the approximate $161 million stipulated judgment.

In the recent opinion In re PT Bakrie Telecom TBK, 2021 WL 1439953, the Bankruptcy Court for the Southern District of New York provided some further guidance on what constitutes a “collective proceeding” for purposes of achieving recognition of a foreign proceeding under Chapter 15 of the Bankruptcy Code. This post will address the collective nature of the proceeding at issue. In a future post we will address other important elements of Judge Lane’s decision.

In HighPoint Resources Corporation, Case No. 21-10565-CSS (Bankr. D. Del. 2021), the U.S. Trustee’s office filed an objection (Dkt. No. 48) to the rapid confirmation of the Debtors’ plan of reorganization, among other things, indicating its concern regarding the recent trend of expedited pre-packaged plans because of their failure to provide interested parties with adequate notice.

Expedited Pre-Packs

The second webinar in our series brought together WFW Real Estate Partner , George Nicholas, Global Head of Hotels at Savills, Felicity Black-Roberts, VP Acquisitions and Development – Europe and North Africa at Hyatt and Yannis Ermilios, Managing Director – Portfolio Management at Colony Capital. The panel debated the potential for M&A in the hotel sector, as it lined up to be the fastest-recovering of the real estate segments.

BITE SIZE KNOW HOW FROM THE ENGLISH COURTS

The Commercial Disputes Weekly will be taking a short break, returning on 6 April.

We appreciate that our clients, partners and friends are currently facing unprecedented challenges as a result of the spread of the COVID-19 virus. Click here for a message from our Managing Partners, and here for all of our latest updates and articles on the subject. If you have any questions or require support, please do not hesitate to speak to your usual contact at WFW.

Early evening on February 23, 2021, Belk Inc. and its affiliates (collectively, “Belk”) filed their Chapter 11 bankruptcy petitions in the Bankruptcy Court for the Southern District of Texas. Less than seventeen hours later, Judge Marvin Isgur confirmed Belk’s pre-packed plan of reorganization. Belk is not the first Chapter 11 bankruptcy case to accomplish plan confirmation within the first twenty-four hours after filing a petition, and it certainly won’t be the last. In 2019, Sungard Availability Services Capital, Inc.

With an increase in airline restructuring activity caused by the Covid-19 pandemic, aircraft financiers, lessors and their lawyers around the world have been analysing whether a restructuring plan under Part 26A of the Companies Act 2006 (a ‘Plan’) can be used by debtors to modify, without the creditors’ consent, their obligations under certain leases and security agreements to which the Cape Town Convention applies.

Alerts and Updates

The Court’s decision provides greater certainty for creditors who passively retain estate property that they obtained pre-petition.

Alerts and Updates

The rule becomes effective one year after it is published in the Federal Register.

On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a final rule revising Regulation F, 12 CFR part 1006, which implements the federal Fair Debt Collection Practices Act, 15 U.S.C. 1692, et seq. (FDCPA).

Alerts and Updates

The opinion is significant for a number of reasons, not least of which is that the Bankruptcy Court held that a make-whole premium is not a claim for unmatured interest as the Court of Appeals had intimated.