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    Tribal gaming enterprise held ineligible to file for Chapter 11
    2012-09-24

    Since the passage of the Indian Gaming Regulatory Act in 1988, casinos owned by Native American tribes have proliferated across tribal lands and have generated billions of dollars in revenue annually.  While casinos such as Mohegan Sun and Foxwoods are among the largest and well-known tribal casinos, over 60 exist in the State of California, where many dozen small properties have sprung up throughout the state in recent years, in some cases built in part with the proceeds of high-yield bond debt.  This recent growth spurt juxtaposed with the prolonged downturn in consumer spending

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Litigation, Cadwalader Wickersham & Taft LLP, Collateral (finance), Option (finance), Personal property, Casino
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Chapter 11 secured loans: “lien stripping” lives
    2012-08-21

    In re Heritage Highgate, Inc., 679 F.3d 132 (3rd Cir. 2012) –

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Unsecured debt, Collateral (finance), Interest
    Location:
    USA
    Firm:
    Troutman Pepper
    Sixth Circuit voids reaffirmation agreement under Kentucky law
    2012-08-09

    In Salyersville Nat’l Bank v. Bailey (In re Bailey), 664 F.3d 1026 (6th Cir.

    Filed under:
    USA, Kentucky, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Debtor, Unsecured debt, Collateral (finance), Debt, Unsecured creditor, United States bankruptcy court, Sixth Circuit
    Authors:
    Ali Razzaghi
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Syndicated loans: when does a no vote count as yes?
    2012-08-10

    In re Rosewood at Providence, LLC, 470 B.R. 619 (Bankr. M.D. Ga. 2011) –

    Filed under:
    USA, Banking, Insolvency & Restructuring, Troutman Pepper, Surety, Debtor, Collateral (finance), Limited liability company, Broadcast syndication
    Location:
    USA
    Firm:
    Troutman Pepper
    Radlax: Supreme Court speaks on credit bidding
    2012-08-10

    RadLAX Gateway Health Co. v. Amalgamated Bank, __ U.S. __, 132 S. Ct. 2065, 182 L. Ed. 2d 967 (2012) –

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Credit (finance), Debtor, Collateral (finance)
    Location:
    USA
    Firm:
    Troutman Pepper
    Section 506(a): why “wait-and-see” won’t work to value secured-creditor claims
    2012-08-01

    Section 506(a) of the Bankruptcy Code contemplates bifurcation of a debtor's obligation to a secured creditor into secured and unsecured claims, depending on the value of the collateral securing the debt. The term "value," however, is not defined in the Bankruptcy Code, and bankruptcy courts vary in their approaches to the meaning of the term. In In re Heritage Highgate, Inc., 679 F.3d 132 (3d Cir.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Debtor, Unsecured debt, Collateral (finance), Fair market value, Secured creditor, United States bankruptcy court, Third Circuit
    Authors:
    Lauren M. Buonome , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Trend watch: the safety of reorganization financing
    2012-07-13

    Chapter 11 creditors’ committees and debtors continue to challenge lenders’ prepayment premiums, commitment fees and post-bankruptcy interest claims in reorganization cases. Nevertheless, courts regularly reject these challenges in well-reasoned decisions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Line of credit, Bankruptcy Appellate Panel
    Authors:
    Michael L. Cook , David M. Hillman
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Supreme Court protects the right of secured lenders to credit bid Radlax Gateway Hotel, LLC v. Amalgamated Bank
    2012-07-02

    In 2009, the owners and management of The Philadelphia Inquirer, one of the nation's largest daily circulation newspapers, proposed a bankruptcy plan that attacked secured creditors' rights to bid their loans. When the District Court and the Third Circuit both approved the tactic, the plan gained national attention.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, BakerHostetler, Collateral (finance), Secured creditor
    Authors:
    Ferve E. Ozturk , Scott J. Bogucki
    Location:
    USA
    Firm:
    BakerHostetler
    Supreme Court upholds the right to “credit bid” in Radlax Gateway Hotel, LLC, et al. v. Amalgamated Bank
    2012-06-25

    The secured lender industry experienced a collective sigh of relief on May 29 after the Supreme Court ruled in RadLAX Gateway Hotel, LLC, et al. v. Amalgamated Bank that credit bidding remains a viable option to protect collateral in a cramdown bankruptcy plan. Expressly inscribed in Sections 363(k) and 1129(b)(2)(A) of the Bankruptcy Code, credit bidding has long been understood as a fairly uncontroversial right; until recently.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mintz, Debtor, Collateral (finance), Secured creditor
    Authors:
    Eric R. Blythe
    Location:
    USA
    Firm:
    Mintz
    Supreme Court decides credit bidding issue
    2012-06-20

    In our last issue, we reported that the Supreme Court was poised to resolve a split between judicial circuits over the right of a secured creditor to credit bid in a Chapter 11 plan context. Specifically, the Third, Fifth and Seventh Circuits split on the issue of whether a Chapter 11 plan can be crammed down over the secured lender’s objection, where the plan provides for the sale or transfer of the secured lender’s collateral with the proceeds going to the secured lender without the secured lender having the right to credit bid for its collateral up to the full amount of its claim.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Collateral (finance), Statutory interpretation, Secured creditor
    Authors:
    Lawrence Mittman , John D. Penn
    Location:
    USA
    Firm:
    Haynes and Boone LLP

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