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In Vacating Purdue Pharma’s Confirmation Order, the District Court Determines that the Plan’s Nonconsensual Third-Party Releases Are Not Statutorily Authorized

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USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
Clearing a Runway to Litigating Claims: The Principle of Comity and Pre-Litigation Discovery in Chapter 15 Cases

As cross-border restructurings proliferate, especially in the wake of the global COVID-19 pandemic, companies with global assets and operations may utilize chapter 15 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) to facilitate cooperation between U.S. and foreign bankruptcy courts and protect assets located in the U.S. One doctrine central to relief under chapter 15 is the principle of comity, which refers to the recognition one nation’s legal system accords to another nation’s judicial proceedings. In chapter 15 proceedings, U.S.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Coronavirus
The Third Circuit Lets the Katz Out of the Bag: No Sovereign Immunity for California in the Post-Confirmation Venoco Dispute

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USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, European Commission, Supreme Court of the United States
Prepetition Claim or Postpetition Claim? The Timing of a Claim When A Debtor’s Prepetition Wrongful Actions Continue Postpetition

Executive Summary

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Supreme Court of the United States
Krueger v. Experian, et al. - Sixth Circuit explores bounds of concreteness and traceability in the wake of transunion LLC v. Ramirez

Exploring the bounds of concreteness and traceability following the Supreme Court’s landmark decision in TransUnion LLC v. Ramirez, the Sixth Circuit in Krueger v. Experian, et al. recently reversed a grant of summary judgment in favor of a lender in a Fair Credit Reporting Act (FCRA) case, finding that the plaintiff had a sufficiently concrete injury to support Article III standing.

USA, Banking, Insolvency & Restructuring, Litigation, Snell & Wilmer LLP, Supreme Court of the United States
Bankruptcy debtor prevails over SBA in district of Arizona PPP loan dispute

The Paycheck Protection Program (“PPP”) was a forgivable loan program administered by the US Small Business Administration (“SBA”) that was created as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020. The PPP ended on May 31, 2021. Since the passage of the CARES Act, litigation has ensued over whether companies in bankruptcy are eligible to receive PPP loans.

USA, Arizona, Company & Commercial, Insolvency & Restructuring, Litigation, Snell & Wilmer LLP, Coronavirus, Paycheck Protection Program, Small Business Administration (USA), CARES Act 2020 (USA), Ninth Circuit
Bankruptcy No Sanctuary Against Government Enforcement Actions: NRA’s Chapter 11 Case Dismissed as Bad Faith Filing

Executive Summary

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Corporate governance
Debt or Equity? SDNY Bankruptcy Court Says “Debt” in a Recent Case Involving Recharacterization of a Party’s Debt Claim as Equity

Overview

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debt, Coronavirus, United States bankruptcy court
Avoiding Foreign Transfers Based on Foreign Law Claims: Fairfield Sentry Cases Illustrate Broad Scope of Safe Harbor in Chapter 15

A series of related decisions issued by the United States Bankruptcy Court for the Southern District of New York in the ongoing Fairfield Sentry U.S. redeemer litigation — Fairfield Sentry II,1Fairfield Sentry III,2 and Fairfield Sentry IV3 — provide insight into, among other things, the interplay between the safe harbor provision of section 546(e)4 of the Bankruptcy Code (the “Safe Harbor”) and chapter 15.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Executory or Not Executory? That is the Question - NJ Bankruptcy Court Rules That Court-Ordered Specific Performance Renders a Contract Non-Executory

In a recent decision, the U.S. Bankruptcy Court for the District of New Jersey denied a debtor’s motion to reject a contract as executory under section 365 of the Bankruptcy Code, holding that the prepetition entry of a court order which required specific performance of a contract rendered the contract non-executory and, therefore, non-rejectable. In re Bennett Enters., Case No. 20-23761 (JNP), 2021 Bankr. LEXIS 625 (Bankr. D.N.J. 2021) (“Bennett Enterprises”).

Background

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP