On October 31, 2010, Wolverine Tube, Inc. ("Wolverine") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of Wolverine's President in Support of Debtors' Petitions (the "Declaration"), the company's bankruptcy filing resulted from several factors, most notably a drop in cash due to volatility in commodity prices and high debt obligations. See Declaration at pp. 2-3.

Introduction

Introduction

What is “redemption” in bankruptcy?

In my May 26th post, I raised several questions that unsecured creditors in any Chapter 11 case should know the answers to and take action where appropriate. One of those questions is “Am I entitled to priority payment?” This is also important to answer in a Chapter 7 case.

This is the second of a three-part series on letters of credit by attorneys in Fox Rothschild’s Financial Restructuring & Bankruptcy Practice. In Part I, we focused on the advantages of letters of credit as a credit enhancement tool. Here, in Part II, we explore the use of letters of credit as collateral in bankruptcy proceedings.

On October 17, 2012, Back Yard Burgers, Inc.

Introduction

Summary

On August 7,  2009, Meridian Automotive Systems ("Meridian") filed a voluntary petition for relief under chapter 7 of the United States Bankruptcy Code.  Soon after Meridian filed its petition for bankruptcy, the Office of the United States Trustee appointed George L.