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    Planning for valuation issues: the sooner the better
    2010-05-19

    Value is the central feature of any real estate restructuring, whether you are a debtor in need of cash, a creditor looking to recover collateral or an equity holder considering an additional investment.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Real Estate, Pillsbury Winthrop Shaw Pittman LLP, Debtor, Collateral (finance), Valuation (finance)
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    The 'flip' flap: Lehman bankruptcy judge invalidates payment priority clause
    2010-05-13

    Introduction

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bankruptcy, Collateral (finance), Swap (finance), Public limited company, Default (finance), Secured loan, Lehman Brothers, Title 11 of the US Code, Court of Appeal of England & Wales, High Court of Justice (England & Wales), United States bankruptcy court
    Authors:
    Robert J. Rosenberg , Guy Dempsey , Adam J. Goldberg , Amber L. Haywood
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    FDIC Notice of Proposed Rulemaking for safe harbor protection for securitizations
    2010-05-12

    On May 11, the Board of Directors of the FDIC approved a Notice of Proposed Rulemaking (the “NPR”) proposing a rule which would govern the treatment by the FDIC, as conservator or receiver of a failed insured depository institution (a “Bank”), of financial assets previously transferred by such Bank in a securitization or participation transaction. The proposed rule would create a safe harbor to confirm legal isolation of these financial assets if certain conditions are satisfied.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Securitization & Structured Finance, Orrick, Herrington & Sutcliffe LLP, Collateral (finance), Safe harbor (law), Board of directors, Interest, Accounting, Depository institution, Secured creditor, Federal Deposit Insurance Corporation (USA), FSAB, Credit rating agency, GAAP
    Authors:
    Howard S. Altarescu , Mark M. Racic
    Location:
    USA
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Lehman Brothers Holdings Inc. files complaint against JPMorgan Chase Bank, N.A.
    2010-05-27

    Yesterday, Lehman Brothers Holdings Inc. (LBHI) and the Official Committee of Unsecured Creditors of LBHI (the Committee) filed a complaint against JPMorgan Chase Bank, N.A. (JPMorgan) in the U.S. Bankruptcy Court for the Southern District of New York.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Clearing (finance), Collateral (finance), Threatened species, Leverage (finance), Brokerage firm, JPMorgan Chase, Lehman Brothers, United States bankruptcy court
    Authors:
    Matthew C. Sippel
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Vendors beware: the importance of confirming the existence of a cash collateral order after Marathon Petroleum Co., LLC. v. Cohen
    2010-05-26

    The Eleventh Circuit recently affirmed the avoidance of nearly $2 million in postpetition payments made by debtor Delco Oil, Inc. (the "Debtor") to its petroleum supplier Marathon Petroleum Company, LLC ("Marathon").[1] The Eleventh Circuit held that funds received by Marathon from the Debtor constituted cash collateral that the Debtor had spent without the permission of either its secured lender, CapitalSource Finance ("CapitalSource"), or the bankruptcy court and, therefore, could be avoided under sections 549(a) and 363(c)(2) of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, BakerHostetler, Bankruptcy, Debtor, Collateral (finance), Accounts receivable, Limited liability company, Personal property, Secured loan, Title 11 of the US Code, United States bankruptcy court, Eleventh Circuit
    Authors:
    Eric R. Goodman
    Location:
    USA
    Firm:
    BakerHostetler
    Foreclosure on UCC collateral speeds lender’s takeover of troubled real estate
    2010-05-26

    A recent bankruptcy New York court decision1 highlights a less commonly used option for lenders to take control of troubled real estate projects. The lender obtained relief from the automatic stay to foreclose on membership interests pledged to secure its mezzanine loan instead of foreclosing on its mortgage against the underlying real property.  

    Here is the case, and what lenders can learn from it.  

    The Case

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Real Estate, Herrick Feinstein LLP, Bond (finance), Bankruptcy, Debtor, Collateral (finance), Injunction, Hedge funds, Mortgage loan, Foreclosure, Condominium, Default (finance), Secured loan, Uniform Commercial Code (USA), United States bankruptcy court
    Authors:
    Stephen Selbst , Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    Sellers of goods and services to bankrupt debtor beware
    2010-06-08

    Companies that plan to sell goods or services to a debtor in bankruptcy should be aware of a recent case decided by the Court of Appeals for the Eleventh Circuit, holding that a trustee may avoid a debtor’s post-petition transfers of cash collateral if such transfers were made without the consent of the secured party or court order.1

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case, Bankruptcy, Debtor, Collateral (finance), Personal property, Secured creditor, Trustee, United States bankruptcy court, Eleventh Circuit
    Authors:
    Shiva S. Delrahim
    Location:
    USA
    Firm:
    White & Case
    Roll-up financing gains prominence
    2010-06-15

    A “roll-up” is a form of postpetition financing which has the effect of elevating the priority of prepetition debt. In a roll-up, the prepetition debt of the postpetition, new money lenders is rolled into the debtor in possession financing, thus affording the prepetition debt superpriority status and, in many circumstances, ensuring the rolled-up debt is paid in full on the effective date of the plan of reorganization, (unless the lender consents to different treatment under the plan).1

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bond market, Debtor, Unsecured debt, Collateral (finance), Debt, Maturity (finance), Liquidation, Default (finance), Line of credit, Debtor in possession, Secured loan, General Motors
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Philly news: Third Circuit upholds bidding procedures denying lenders opportunity to credit bid
    2010-06-15

    The Third Circuit Court of Appeals recently affirmed the District Court’s ruling in In re Philadelphia Newspapers, LLC.1 The Court allowed Philadelphia Newspapers, LLC to require all-cash bids for the asset sale under their proposed plan. This precluded secured creditors from credit bidding, as long as the plan provided those creditors with the “indubitable equivalent” of the value of their claims.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Credit (finance), Debtor, Collateral (finance), Interest, Limited liability company, Secured creditor, Secured loan, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Southern district moots appeal of general growth dip financing
    2010-06-15

    The United States District Court for the Southern District of New York recently addressed an objection to the debtor-in-possession financing approved by the United States Bankruptcy Court for the Southern District of New York in the bankruptcy of General Growth Properties.1 The District Court’s decision, which holds that reversal on appeal of an order approving DIP financing does not invalidate the financing or liens granted by the postpetition lenders, if provided in good faith also addresses both the timeliness of the appeal and the merits of the arguments raised therein, provides a detai

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Debt, Good faith, Secured loan, Goldman Sachs, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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