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.
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.
Substantial Contribution to the Case
On June 6, 2014, in Lewis Brothers Bakeries Incorporated and Chicago Baking Company v.
Background
Yesterday the UK Financial Conduct Authority (the “FCA”) published the final text of some significant changes to the Listing Rules.1 The changes, which will come into force on 16 May 2014, are intended to enhance the effectiveness of the UK listing regime, particularly in situations where the rights of minority shareholders are at risk of being abused, and to address concerns in relation to the potential influence of
controlling shareholders on UK listed companies, while ensuring that London remains an attractive listing
venue.
Assignees of Loan Only Entitled to One Collective Vote on Plan
A new Statement of Insolvency Practice 16 ("SIP 16") relating to pre-packaged sales in administration ("Pre-Packs") came into force on 1 November 2013.
In October 2013, the Ontario Court of Appeal released its decisions in Nortel Networks Corporation (Re) and Northstar Aerospace Inc. (Re). These decisions throw yet another wrench into the gears for owners and past owners of contaminated properties and the directors and officers of corporations owning such properties.
Background to Nortel