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    2012 year in review – Part 2
    2012-12-27

    August 31, 2012: Second Circuit Adopts Abuse of Discretion Standard of Review for Equitable Mootness Decisions

    Filed under:
    USA, California, Missouri, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Second Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    General Growth Properties bankruptcy court upholds ipso facto loan provisions and awards secured creditors postpetition default interest
    2011-10-20

    In two recent decisions in the General Growth Properties, Inc., et al. chapter 11 cases, the United States Bankruptcy Court for the Southern District of New York upheld certain loan provisions which provided for an automatic event of default and imposition of a default rate of interest upon the commencement of a bankruptcy case, and held that certain creditors were entitled to receive postpetition interest at the contractual default rate.  General Growth Properties, Inc. and its affiliated debtors own, develop, and operate regional shopping malls across the United States.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Interest, Limited partnership, Joint venture, Maturity (finance), Default (finance), Secured creditor, Accrued interest, Title 11 of the US Code, United States bankruptcy court, US District Court for SDNY
    Authors:
    Audrey Aden Doline
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Third Circuit prohibits Visteon from terminating benefits plan in bankruptcy
    2010-09-22

    On July 13, 2010, a three-judge panel of the United States Court of Appeals for the Third Circuit unanimously held that auto-parts supplier Visteon Corporation could not terminate health and life insurance benefits for approximately 2,100 retirees during its chapter 11 bankruptcy unless Visteon followed the specific requirements laid out in section 1114 of the Bankruptcy Code, even if Visteon would have had the unilateral right to terminate these benefits outside bankruptcy.1 The Court found that a debtor may terminate any retiree benefits in bankruptcy only if,inter alia, the debt

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Trade union, Retirement, Life insurance, Liquidation, Good faith, Collective bargaining, Defined benefit pension plan, Title 11 of the US Code, US Congress, Pension Benefit Guaranty Corporation, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Chrysler and GM: courts extend law on sales, recharacterization
    2009-09-30

    Earlier this year, Courts from the Bankruptcy Courts for the Southern District of New York to the United States Supreme Court issued a number of rulings approving the asset sales by Chrysler and General Motors. Although popular and industry media have been replete with stories regarding the facts of these cases, this article provides an in-depth analysis of the Courts’ rulings on several key issues of interest to debtors and creditors in future bankruptcies.

    Summary of Key Rulings

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Liquidation, Bridge loan, US Department of the Treasury, United Automobile Workers, General Motors, Chrysler, SCOTUS, Second Circuit, United States bankruptcy court
    Authors:
    Peter M. Friedman
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    General Growth Properties bankruptcy court defers final ruling on cash collateral, cash management and DIP financing issues
    2009-05-11

    Following several weeks of speculation about how pending cash collateral, cash management, and debtor-in-possession financing motions might affect basic principles of structured finance, the bankruptcy court deferred a final ruling on the motions and extended the interim cash collateral order. In so doing, Judge Allan L. Gropper of the United States Bankruptcy Court for the Southern District of New York suggested that CMBS lenders organize themselves so that common issues can be identified and resolution expedited.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Legal personality, Debtor, Collateral (finance), Fiduciary, Interest, Debt, Limited partnership, Bad faith, Default (finance), Subsidiary, Commercial mortgage-backed security, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Mandatory subordination of claims under Section 510(b): three new Delaware decisions
    2008-05-31

    Section 510(b) of the Bankruptcy Code provides that claims for “damages arising from the purchase or sale of . . . a security” of the debtor or an affiliate of the debtor are subordinated to any claims not based on stock. 11 U.S.C. § 510(b). Because there is rarely enough value in a bankrupt company to satisfy all claims, a determination that a particular claim is subject to mandatory subordination under section 510(b) means that, as a practical matter, the claim is unlikely to receive any distribution from the estate.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Shareholder, Employee Retirement Income Security Act 1974 (USA), Debtor, Security (finance), Breach of contract, Fraud, Fiduciary, Consideration, Arbitration award, Liquidation
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    The Bankruptcy Court for the Southern District of New York adopts a strict market valuation approach to pre-petition solvency analysis
    2007-10-25

    In a recent decision, the United States Bankruptcy Court for the Southern District of New York found that the Statutory Committee of Unsecured Creditors (the “Committee”) of Iridium, a failed Motorola spin-off venture, was unable to prove that Iridium was insolvent or had unreasonably small capital during the four-year period prior to commencement of its bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Public company, Bankruptcy, Debtor, Debt, Legal burden of proof, Cashflow, Valuation (finance), Discounted cash flow, Motorola, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    2012 year in review – part 1
    2012-12-21

    March 9, 2012: Publication of Dynegy Examiner’s Report

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Fiduciary, Debt, United States bankruptcy court, Eleventh Circuit, US District Court for SDNY
    Authors:
    Peter M. Friedman , Joseph Zujkowski
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Preservation of claims post-confirmation: uncertainty remains in the Fifth Circuit
    2011-10-12

    On July 22, 2011, Bankruptcy Judge Craig A.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Confidentiality, Bankruptcy, Debtor, Interest, Limited liability company, Motion to compel, Standing (law), United States bankruptcy court, Fifth Circuit, Trustee
    Authors:
    Matthew J. Oliver
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Second Circuit moots appeal of 363 sale in WestPoint Stevens
    2010-08-13

    In a recent decision in the chapter 11 case of WestPoint Stevens, Inc.,1 the United States Court of Appeals for the Second Circuit interpreted section 363(m) of the Bankruptcy Code to render an appeal of sale under section 363 of the Bankruptcy Code statutorily moot. The Second Circuit held that because the Bankruptcy Court had not stayed the order authorizing the sale, a stay of only one aspect of the sale rendered moot of the sale in its entirety.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Interest, Debt, Good faith, Remand (court procedure), Title 11 of the US Code, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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