Fulltext Search
Bankruptcy Court in Delaware rules Caesars’ bankruptcy cases belong in Chicago despite involuntary petition in Delaware

In a battle over proper venue for the chapter 11 cases of In re Caesars Entertainment Operating Company, Inc.

USA, Delaware, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Bankruptcy, United States bankruptcy court
APCOA – the key highlights of 2014’s most discussed scheme

On 30 October 2014, the English High Court sanctioned the second scheme of arrangement for the APCOA group (the “Scheme”). APCOA has been one of the hottest names in the restructuring market in 2014. First, it broke new ground in relation to an “amend and extend” scheme in early 2014 when it established sufficient connection to England off the back of a change in governing law. Second, the Scheme was aggressively opposed and its sanction by the High Court was appealed to the Court of Appeal (although ultimately the appeal was withdrawn).

United Kingdom, Insolvency & Restructuring, Litigation, White & Case, High Court of Justice (England & Wales)
Second Circuit holds that equitable mootness doctrine applies to appeals from orders confirming liquidating chapter 11 plans

On October 29, 2014, the United States Court of Appeals for the Second Circuit affirmed the decision of the District Court for the Southern District of New York dismissing as equitably moot appeals filed by three individuals (the “Appellants”) in the chapter 11 case of In re BGI Inc. f/k/a Borders Group, Inc.

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Liquidation, Second Circuit, United States bankruptcy court
AIPPI's resolution on "IP Licensing and Insolvency": will this re-ignite legislative initiatives in Germany?

During its 44th congress in Toronto, on September 17, 2014, the International Association for the Protection of Intellectual Property (AIPPI) adopted a resolution on "IP Licensing and Insolvency". The resolution regarding "Question Q241" can be accessed via AIPPI's website using the following link:https://www.aippi.org/download/commitees/241/RS241English.pdf.

The Resolution 

Germany, Global, Insolvency & Restructuring, Intellectual Property, White & Case, Right of first refusal
District of Delaware attributes value to Debtor’s credit facility in denying a fraudulent transfer claim based on unreasonably small capital despite existing basis for lenders to terminate and subsequent termination of the facility

On September 30, 2014, in In re SemCrude, L.P.,1 the United States District Court for the District of Delaware, affirming the Bankruptcy Court’s decision, held that direct partnership distributions by debtor SemGroup, L.P. (the “Debtor”) and indirect partnership distributions by its general partner, SemGroup G.P., L.L.C., to certain limited and general partners could not be avoided as constructive fraudulent transfers.

USA, Delaware, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Line of credit
At her majesty‘s pleasure?

Directors of ‘can pay, won‘t pay’ award debtors face the prospect of an extended stay in England should they choose to defy a receivership order granted by the English Court in aid of enforcement.

Introduction

United Kingdom, Arbitration & ADR, Insolvency & Restructuring, Litigation, White & Case
Quadrant v. Vertin: duty to maximize value of an insolvent enterprise—business judgment rule applies to interested directors’ “risky” strategy to increase value, even though creditors bear the downside and the controller stands to benefit

In Quadrant Structured Products Company, Ltd. v. Vertin (October 1, 2014), Vice Chancellor Laster clarified the Delaware Chancery Court’s approach to breach of fiduciary duty derivative actions brought by creditors against the directors of an insolvent corporation.

USA, Delaware, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Business judgement rule, Delaware Court of Chancery
Second Circuit holds that a sale by a chapter 15 debtor in a foreign main proceeding of a claim against an obligor located in the U.S. must be reviewed by the U.S. Bankruptcy Court under section 363 of the Bankruptcy Code

On September 26, 2014, the United States Court of Appeals for the Second Circuit, overturning decisions by the Bankruptcy Court and the District Court for the Southern District of New York, held that the Bankruptcy Court was required to review under section 363 of the Bankruptcy Code the transfer of a claim by a chapter 15 debtor with a recognized foreign main proceeding pending in the British Virgin Islands (the “BVI”).1     In a case under chapter 15 of the Bankruptcy Code in which a foreign main proceeding has been recognized, section 1520(a)(2) of the Bankr

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, Title 11 of the US Code, Second Circuit, United States bankruptcy court
S.D.N.Y. Bankruptcy Court denies claim for make-whole premium and allows cram down of debtors’ chapter 11 plan paying secured creditors below-market interest rates on replacement notes

On August 26, 2014, the Honorable Robert D. Drain, Bankruptcy Judge of the United States Bankruptcy Court for the Southern District of New York, issued several bench rulings (the “Bench Rulings”) in connection with confirmation of a plan of reorganization in the chapter 11 cases of MPM Silicones, LLC, et al.

USA, New York, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, United States bankruptcy court
Fourth Circuit invalidates third-party release provision in chapter 11 plan

On June 27, 2014, in National Heritage Foundation, Inc. v. Highbourne Foundation, 1 the United States  Court of Appeals for the Fourth Circuit, agreeing with decisions by the Bankruptcy Court for the Eastern  District of Virginia and the District Court for the Eastern District of Virginia, which were issued upon  remand from a prior appeal, held that the third-party non-debtor release provision in the chapter 11 plan  of reorganization of National Heritage Foundation, Inc.  was invalid.

USA, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Debtor, Remand (court procedure), Fourth Circuit, Sixth Circuit