La sentencia del Tribunal Supremo de 8 abril 2016 realiza unas interesantes consideraciones sobre la compensación en el concurso.

Article 93(2)(3) of the Spanish Insolvency Act¹ (abbrev. LC) states that companies that belong to the same group of companies as the insolvent debtor shall be regarded as parties related to such debtor.

A Chicago bankruptcy court declined to dismiss the Chapter 11 case of a “bankruptcy remote” limited liability company even though the debtor failed to obtain the unanimous consent of its members as required by its operating agreement. See In re Lake Mich. Beach Pottawattamie Resort, LLC, Case No. 15bk42427, 2016 Bankr. LEXIS 1107 (Bankr. N.D. Ill. April 5, 2016).

1. A common problem with re financing arrangements homologated (i.e., sanctioned by a court) pursuant to the 4th additional provision of the Spanish Insolvency Act (abbrev. LCon) is becoming apparent of late where the signatories to such an arrangement undertake to open or keep open lines of credit or otherwise provide the debtor with new resources and, once such arrangement has been homologated, funding needs complementary or different to those contained in the homologated refinancing arrangement arise.

1. Está convirtiéndose en un problema usual en las refinanciaciones homologadas de la disposición adicional cuarta de la Ley Concursal (LCon) en las que los firmantes se comprometen a abrir o a mantener líneas de créditos o de alguna manera a facilitar al deudor recursos nuevos que, obtenida la aprobación judicial, se presenten luego necesidades previstas o imprevistas de financiación suplementaria o distinta de la plasmada en el acuerdo de refinanciación aprobado.

La Tesorería General de la Seguridad Social viene oponiéndose a que se le aplique el artículo 176 bis.2 de la Ley Concursal en aquellos créditos cuyo vencimiento resultara anterior a la entrada en vigor de la reforma de la citada norma. Se entiende que ha de considerarse el pago de la deuda contra la masa a su respectivo vencimiento, en aplicación de la norma que estaba en vigor cuando se generó la deuda o, al menos, cuando se reclamó por parte de la Tesorería General de la Seguridad Social dicha deuda a la administración concursal.

Challenges, Risks and New Developments in the Distressed Oil & Gas Industry MARK A. PLATT, Partner 214 932 6433 | [email protected] Dallas, TX JOHN H. THOMPSON, Partner 202 857 2474 | [email protected] Washington, DC The authors thank the following colleagues for their assistance with this material: Courtney A.

Today, the Second Circuit reissued the latest in a line of cases adopting an expansive reading of the safe harbor under Section 546(e) of the Bankruptcy Code. In re Tribune Co. Fraudulent Conveyance Litig., Case 13-3992, Doc. 356-1 (2d Cir. Mar. 29, 2016). (This opinion was originally issued on March 24 and withdrawn on March 28. The opinion released today contains minor, non-substantive alterations to the text on pages 8, 22, 26, and 40. In all other respects, it is identical to the opinion withdrawn last week).

In a case of first impression, the Seventh Circuit recently issued an opinion that may cause landlords and their advisors to re-evaluate the consequences of terminating a financially distressed commercial tenant’s lease prior to bankruptcy. Official Comm. of Unsecured Creditors of Great Lakes Quick Lube LP v. T.D. Investments I, LLP (In re Great Lakes Quick Lube LP), --- F.3d ---, 2016 WL 930298 (7th Cir. Mar. 11, 2016) (Posner, J.).

1. Employment in a Member State of workers resident therein by companies declared insolvent that, notwithstanding formal registration in a third country, have their real seat in said Member State