As reported in Reed Smith’s March 2015 client alert, insolvency practitioners currently enjoy an exemption from the provisions of Part 2 of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO).
The Insurance Commissioner of Pennsylvania has placed Lincoln General Insurance Company into liquidation in Pennsylvania. As a result, the Insurance Commissioner as Liquidator takes over the property, business, and affairs of Lincoln General; collects assets; resolves claims; and ultimately, distributes assets to creditors, including policyholders and claimants.
arnoldporter.com PIECES OF THE PUZZLE A Newsletter from Arnold & Porter’s Private Client Services Team Bankruptcy 101 for Investors: Acquiring a Debtor’s Assets in a Bankruptcy Case By Lisa Hill Fenning The first article in this series discussed the immediate impact of a bankruptcy filing on investors and creditors, including the scope of the automatic stay and early case events. This article focuses upon the disposition of a debtor’s assets and business as the result of a bankruptcy filing: how and when the assets or business may be sold, and what to do if you want to buy them.
In a September 18, 2015 order, the U.S. District Court for the Southern District of New York affirmed a bankruptcy court order denying administrative claim treatment to Hudson Energy Services, LLC (“Hudson”) for its retail sales of electricity to the debtor.1 The decision does not address any “safe-harbor” or forward contract issues, but is among a number of decisions providing for inconsistent treatment of such sales.
In a recent decision related to the SemCrude bankruptcy, the federal district court upheld the Bankruptcy Court’s rulings on the efficacy of certain common risk-mitigation tools used in the energy trading and marketing business – namely product payment netting and cross-product setup upon liquidation and closeout. The decision comes amid long-running challenges from producers who had sold product to the SemGroup entities on credit.
The case of Re Vanguard Energy Pte Ltd was heard in Singapore recently, with judgment handed down by the High Court on 9 June 2015.
Of significance to liquidators and underlining the importance of this case to the insolvency profession in Singapore, Judicial Commissioner Chua Lee Ming stated that “it is undeniable that litigation funding has an especially useful role to play in insolvency situations”.
Key Points This decision brings clarity to liquidators taking appointments in Singapore on a number of aspects.
Law360, New York (July 17, 2015, 11:24 AM ET) -- On June 26, 2015, the U.S. District Court for the Middle District of Florida issued an opinion on consolidated appeals arising from the Bayou Shores SNF LLC bankruptcy case with potentially broad implications for health care bankruptcy cases. At the heart of the dispute before the district court was whether the bankruptcy court had jurisdiction to enjoin the termination of, and subsequently authorize the assumption of, certain Medicare and Medicaid provider agreements.
On June 26, 2015, the District Court for the Middle District of Florida issued an opinion on consolidated appeals arising from the Bayou Shores SNF, LLC bankruptcy case with potentially broad implications for healthcare bankruptcy cases. At the heart of the dispute before the District Court was whether the Bankruptcy Court had jurisdiction to enjoin the termination of, and subsequently authorize the assumption of, certain Medicare and Medicaid provider agreements in the bankruptcy case. As discussed below, the District Court held the Medicare jurisdictional bar set fort
On 7 November 2014, OW Bunker A/S (“OW”), a global supplier and trader of marine fuel, filed for bankruptcy in Denmark. Further bankruptcies of OW subsidiaries and affiliates swiftly followed, including the bankruptcy of certain U.S. and Singapore-based OW entities.
On April 8, 2015, we distributed a Corporate Alert outlining two important decisions of the US District Court for the Southern District of New York and their potential effects on future debt exchange offers.1 Since then, the Education Management court has issued a final ruling on the following question, as stated by the court in its most recent decision: “does a debt restructuring violate Section 316(b) of the Trust Indenture Act (the Act) when it does not modify any indenture term explicitly governing the right to receive interest or principal on