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    Protecting yourself from automotive industry reorganization efforts
    2009-05-06

    The Chapter 11 bankruptcy filing by Chrysler, LLC and its affiliates, as well as General Motors' struggle to reach an out-of-court reorganization with its creditors, is likely to create a ripple effect that could cause all tiers of the automotive supply chain as well as businesses connected to the supply chain to stretch payables or seek their own bankruptcy protection.

    Filed under:
    USA, Insolvency & Restructuring, Porter Wright Morris & Arthur LLP, Bankruptcy, Limited liability company, Supply chain, General Motors, Chrysler
    Location:
    USA
    Firm:
    Porter Wright Morris & Arthur LLP
    SEC files fraud lawsuit against Reserve Primary Fund’s founders
    2009-05-06

    The Securities and Exchange Commission announced yesterday that it has filed civil fraud charges against several entities and individuals who operate the Reserve Primary Fund, including its founder Bruce Bent and his son Bruce Bent II, “for failing to provide key material facts to investors and trustees about the fund’s vulnerability after as

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Fraud, Entrepreneurship, Mutual fund, Pro rata, US Securities and Exchange Commission, Lehman Brothers, Trustee
    Authors:
    Christy Prendergast
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Chrysler bankruptcy judge approves GMAC as preferred lender for dealers
    2009-05-13

    Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Retail, Collateral (finance), Limited liability company, Consent, Preferred stock, Ally Financial, Chrysler
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Eighth Circuit affirms Bankruptcy Appellate Panel's interpretation of reinsurance agreement
    2009-05-27

    As previously reported (3/17/08 post), this case involves the interpretation of the terms of a reinsurance contract and the duties of the parties under that contract. In the most recent development, the Eighth Circuit affirmed the Bankruptcy Appellate Panel’s judgment affirming in part, and reversing in part, a prior decision of the bankruptcy court regarding the reinsurance contract at issue.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Jorden Burt LLP, Bankruptcy, Debtor, Reinsurance, Eighth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Authors:
    John Black
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Sale of Chrysler LLC’s assets is imminent – update number 3
    2009-05-27

    Judge Arthur J. Gonzalez presided over hearings May 20, 2009, in this mega bankruptcy case. There were 21 matters on the agenda, as well as an emergency motion, that were heard or adjourned to a later date, in approximately two and a half hours of hearings (click here for a link to the audio file provided by the Clerk of the U.S. Bankruptcy Court for the Southern District of New York; it may take a moment to load before playing).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Faegre Drinker Biddle & Reath LLP, Bankruptcy, Debtor, Unsecured debt, Constitutionality, Secured loan, US Federal Government, United Automobile Workers, Chrysler, United States bankruptcy court
    Location:
    USA
    Firm:
    Faegre Drinker Biddle & Reath LLP
    Weathering the storm: retiree benefits and Section 1114
    2009-05-27

    Retiree benefits are often a central issue in bankruptcy cases. For many employers the high cost of retiree medical benefits has been a significant contributing factor to the Chapter 11 filing and a matter of ongoing concern if the debtor is to be able to successfully reorganize. Understandably, employees, retirees and unions are equally concerned about the status of retiree benefits. Their obvious interest is to attempt to prevent the erosion of benefits that had been expected to be available during retirement.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Bankruptcy, Debtor, Trade union, Retirement, Good faith, Business judgement rule, At-will employment, Unilateralism, US Congress, US Code, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Additional risks landlords should consider when taking letters of credit from commercial lease tenants
    2009-05-25

    In the last decade, commercial landlords have favored obtaining from tenants standby letters of credit over security deposits because standby letters of credit provided added security in the event of a tenant’s bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Real Estate, Pillsbury Winthrop Shaw Pittman LLP, Bankruptcy, Letter of credit, Credit (finance), Landlord, Leasehold estate
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    Court awards ASARCO damages in action against parent company
    2009-05-20

    On August 30, 2008, the United States District Court for the District of Northern Texas issued its ruling on whether Americas Mining Corporation (“AMC”) (and its parent Grupo Mexico) had caused ASARCO LLC (“ASARCO”), a wholly owned subsidiary of Grupo Mexico, to fraudulently transfer stock of Southern Peru Copper Company (“SPCC”) from ASARCO to AMC. The Court determined that AMC was liable for (1) intentional fraudulent transfer, (2) aiding and abetting breach of fiduciary duty under New Jersey law; and (3) civil conspiracy under Arizona law. See ASARCO LLC v.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Share (finance), Bankruptcy, Breach of contract, Dividends, Fiduciary, Interest, Market liquidity, Subsidiary, Conspiracy (civil), United States bankruptcy court
    Authors:
    Alan W Kornberg , Matthew Scheck
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    General Growth Properties bankruptcy court enters final order on cash collateral, cash management, and DIP financing issues
    2009-05-18

    Our May 11th memo entitled “General Growth Properties Bankruptcy Court Defers Final Ruling on Cash Collateral, Cash Management and DIP Financing Issues” concluded that the ultimate impact of the bankruptcy filings of General Growth Properties, Inc. and its affiliates would depend in large part on how the cash collateral and DIP Loan issues were resolved. On May 13th, Judge Allan L. Gropper, the U.S. Bankruptcy Judge before whom these bankruptcies are pending, entered final orders on the pending cash collateral, cash management and debtor-in-possession financing motions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Limited liability company, Debt, Mortgage loan, Limited partnership, Subsidiary, Commercial mortgage-backed security, Secured loan, United States bankruptcy court
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    The GGP case—what it means for lenders
    2009-06-03

    On April 16, General Growth Properties, Inc. and certain of its affiliates (“GGP”) filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York. GGP operates a national network of approximately 200 shopping centers. To the surprise of many, most of GGP’s property-specific SPE subsidiaries (“SPE Debtors”) also filed for bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Collateral (finance), Fiduciary, Debt, Credit risk, Mortgage loan, Foreclosure, Real estate investment trust, Maturity (finance), Cashflow, Subsidiary, Secured loan, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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