In chapter 11 reorganizations, Federal Rule of Bankruptcy Procedure 3003(c)(3) provides that “[t]he court shall fix and for cause shown may extend the time within which proofs of claim or interest may be filed” (commonly known as the bar date). For a creditor or interest holder to be subject to this bar date, they must have received notice to satisfy due process. A known creditor, one that is reasonably ascertainable, must receive “actual notice.” Simply receiving a court-approved bar date notice from the debtor is enough to satisfy this requirement for due process.

In a recent decision, Wortley v.

In a highly-anticipated decision on a long-running bondholder dispute, the US Court of Appeals for the Second Circuit issued its judgment last week in Marblegate Asset Management LLC v Education Management Corp. It concluded that “Section 316(b) [of the US Trust Indenture Act 1939] prohibits only non-consensual amendments to an indenture’s core payment terms”, i.e. the amount of principal and interest owed and the maturity date.

The Second Circuit issued its much anticipated decision in Marblegate Asset Management LLC v. Education Management Corp., holding that “Section 316(b) prohibits only non-consensual amendments to an indenture’s core payment terms.” At issue is whether the phrase “right . . . to receive payment” forecloses “more than formal amendments to payment terms that eliminate the right to sue for payment.” The Second Circuit held that it does not.

In this installment of “To Cap or Not to Cap,” which was previously featured on Weil’s Bankruptcy Blog in May of 2015 (see here), we reviewed a recent decision from the United States Court of Appeals for the Ninth Circuit. In Kupfer v.

The chapter 11 cases of Gawker Media, LLC and its debtor affiliates have given the bankruptcy vultures everything they could ever hope for in one case – celebrity, scandal, a cameo by the First Amendmen

Fans of Star Trek: The Next Generation will well-remember that a constant threat to the crew of the Starship Enterprise was The Borg, a multi-species civilization that operated as a collective consciousness, with all individuality extinguished. When confronting any other civilization, The Borg Collective always announced: “We are the Borg. Your biological and technological distinctiveness will be added to our own. Resistance is futile.”

Major legislative changes

Reform of English corporate insolvency framework

The Insolvency Service is reviewing responses to its consultation on significant reforms designed to improve the restructuring tools available to companies. These include:

Since Marblegate was decided in 2014, the only court to address claims under §316(b) of the Trust Indenture Act (“TIA”) in the context of a corporate restructuring transaction is

Section 1104(a)(2) of the Bankruptcy Code provides for the appointment of a chapter 11 trustee “if such appointment is in the interests of the creditors, any equity security holders, and other interests of the estate . . . .” While it is not often that we see a court displace management pursuant to section 1104(a)(2), it does happen on occasion. One such recent case is In re China Fishery Group Limited. Case No. 16-11895 (Bankr. S.D.N.Y. Oct. 28. 2016), where Judge James L. Garrity, Jr.