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    Oregon court approves cram-down provisions of tree farmer’s plan of reorganization
    2013-09-26

    In In re Charles A. Grogan and Sarah A. Grogan, No. 11-65409 (Bankr. D. Ore. Sept. 10, 2013), the United States Bankruptcy Court for the District of Oregon confirmed the Debtors’ Third Amended Chapter 11 plan. The Debtors are Christmas tree farmers and their plan proposed to liquidate the majority of their Christmas tree farm and sell six major parcels of land. While the two main secured creditors were deemed to have rejected the plan, the court found the cram down standards of section 1129(b)(2)(A) were applicable.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, United States bankruptcy court
    Authors:
    Lorraine Sarles
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Downstream D
    2012-04-07

    LTR 201214013 applies a 55 year old ruling to treat a subsidiary liquidation as a downstream D reorganization, thus preserving the basis in the liquidating subsidiary’s stock, which would not be the case if it had liquidated under section 332.

    Facts. Holdco owns Parent, which owns Target Parent, which owns Target Sub. Holdco wants to wind up owning Target Sub directly, but evidently did not want to lose its basis in its Parent stock and wanted to maintain Parent in existence as an entity.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Alston & Bird LLP
    Authors:
    Jasper L. (Jack) Cummings , Jr.
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Ameris Bank assumes all of the deposits of First Bank of Jacksonville
    2010-10-25

    On Friday, the Florida Office of Financial Regulation closed First Bank of Jacksonville, headquartered in Jacksonville, Florida, and appointed the FDIC as receiver.

    Filed under:
    USA, Florida, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Sarah Whitlock
    Location:
    USA
    Firm:
    Alston & Bird LLP
    European Commission approves restructuring of Parex
    2010-09-15

    Today, the European Commission announced its approval, under EU State Aid rules, of the restructuring of Latvian bank, Parex, which was partially nationalized in November 2008.

    Filed under:
    European Union, Banking, Insolvency & Restructuring, Trade & Customs, Alston & Bird LLP, Shareholder, Subsidy, Subordinated debt, European Commission
    Authors:
    David E Brown
    Location:
    European Union, Latvia
    Firm:
    Alston & Bird LLP
    Roundbank assumes all of the deposits of Community Security Bank
    2010-07-25

    On Friday, the Office of the Minnesota Department of Commerce closed Community Security Bank, headquartered in New Prague, Minnesota, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with Roundbank, headquartered in Waseca, Minnesota, to assume all of the deposits of Community Security Bank.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Federal Deposit Insurance Corporation (USA)
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP
    FHFA proposes rules on GSE conservatorships and receiverships
    2010-07-08

    The Federal Housing Finance Agency (FHFA) has proposed new rules to "codify the terms of conservatorship and receivership operations for Fannie Mae, Freddie Mac and the Federal Home Loan Banks," as required by the Housing and Economic Recovery Act of 2008.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Shareholder, Breach of contract, Interest, Liability (financial accounting), American Recovery and Reinvestment Act 2009 (USA), Federal Deposit Insurance Corporation (USA), Federal Housing Finance Agency
    Authors:
    David E Brown
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Dubai World reaches agreement to restructure $23.5 billion in debt
    2010-05-21

    Yesterday, Dubai World, the struggling investment branch of the emirate of Dubai, announced that it had tentatively reached an agreement with a group of banks to restructure $23.5 billion in debt. The tentative agreement was reached with the Coordinating Committee, which represents approximately 60% of Dubai World's creditors. Dubai World needs the approval of all of its creditors to finalize the agreement.

    Filed under:
    United Arab Emirates, Banking, Insolvency & Restructuring, Alston & Bird LLP, Debt, Debt restructuring
    Authors:
    Sarah McElroy
    Location:
    United Arab Emirates
    Firm:
    Alston & Bird LLP
    Republicans circulate substitute summary of Financial Regulatory Reform Bill; cloture motion on Senate bill fails for third time
    2010-04-28

    Yesterday, Senate Republicans circulated a brief summary of the Financial Regulatory Improvement and Taxpayer Protection Act, a Republican substitute to the Restoring American Financial Stability Act of 2010 (S.3217) previously

    Filed under:
    USA, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, Insurance, Alston & Bird LLP, Bankruptcy, Consumer protection, Swap (finance), Liquidation, Default (finance), Federal Deposit Insurance Corporation (USA), US Congress, US Department of the Treasury, US Senate, Federal Reserve System, US Republican Party, US Senate Committee on Banking, Housing and Urban Affairs, US Democratic Party, United States bankruptcy court, US Secretary of the Treasury
    Authors:
    Darren Cooper
    Location:
    USA
    Firm:
    Alston & Bird LLP
    The National Bank and Trust Company assumes all of the deposits of American National Bank
    2010-03-20

    On Friday, the Office of the Comptroller of the Currency closed American National Bank, headquartered in Parma, Ohio, and the FDIC was named receiver.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation (USA)
    Authors:
    Darren Cooper
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Mutual of Omaha Bank assumes all of the deposits of Marco Community Bank
    2010-02-20

    On Friday, the Florida Office of Financial Regulation closed Marco Community Bank, headquartered in Marco Island, Florida, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Mutual of Omaha Bank., headquartered in Omaha, Nebraska, to assume all of the deposits of Marco Community Bank.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA)
    Authors:
    Lawanna Kimbro
    Location:
    USA
    Firm:
    Alston & Bird LLP

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