Skip to main content
Enter a keyword
  • Login
  • Home

    Main navigation

    Menu
    • US Law
      • Chapter 15 Cases
    • Regions
      • Africa
      • Asia Pacific
      • Europe
      • North Africa/Middle East
      • North America
      • South America
    • Headlines
    • Education Resources
      • ABI Committee Articles
      • ABI Journal Articles
      • Covid 19
      • Conferences and Webinars
      • Newsletters
      • Publications
    • Events
    • Firm Articles
    • About Us
      • ABI International Board Committee
      • ABI International Member Committee Leadership
    • Join
    Lehman bankruptcy – procedures for the settlement or assumption and assignment of derivative contracts
    2008-11-17

    On November 13, 2008, Lehman Brothers Holdings Inc. and its affiliated debtors in Chapter 11 (collectively, “Lehman”) filed a motion (the “Motion”) seeking Bankruptcy Court approval of procedures (the “Procedures”) for the assumption and assignment of derivative contracts not yet terminated by its various counterparties, as well confirmation of Lehman’s right to enter into settlement agreements for the termination of derivative contracts that have been terminated by its counterparties post-petition.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Collateral (finance), Consideration, Margin (finance), Dispute resolution, Liquidation, Default (finance), Credit rating, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Bankruptcy of a dealer – an overview of derivatives issues
    2008-10-21

    This alert describes issues to consider when a derivatives dealer counterparty becomes insolvent.We address below issues involving termination of a master agreement, close-out netting of underlying trades and collateral. Even though this alert focuses on the bankruptcy of a dealer, many of the issues would also arise in connection with the bankruptcy of most non-dealer counterparties.

    1. Existence of an Event of Default and Termination

    a. Existence of an Event of Default

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Credit (finance), Surety, Debtor, Collateral (finance), Security (finance), Safe harbor (law), Default (finance), Lehman Brothers
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Recent decision interpreting LSTA standard terms and conditions
    2008-07-16

    On April 9, 2008, in the M. Fabrikant & Sons, Inc. bankruptcy case pending in the Southern District of New York, Chief Judge Stuart M. Bernstein held that a seller of bank debt under the standard LSTA claims transfer documents transfers all of its rights except for those explicitly retained, including unmatured contingent claims, thus giving broad construction to the term “Transferred Rights” under the standard LSTA trade documents.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Contractual term, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Debt, Attorney's fee, Secured loan, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    On the Continuing Viability of Debt-for-Debt Exchange Offers
    2016-12-21

    In a recent decision in the Southern District of New York, the court addressed a challenge to a secured-for-unsecured debt exchange offer that raised and answered a host of questions on the potential vulnerability of offers of this type. In Waxman v. Cliffs Natural Resources (SDNY December 6, 2016), the court dealt with standing to pursue a challenge; TIA §316(b) after Marblegate and MeehanCombs/Caesars; the no-action clause and allegations of conflict of interest of the trustee; the remedies clause; and discrimination against non-QIBs.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Collateral (finance), Second Circuit
    Authors:
    Abbe L. Dienstag
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Enforceability of Subordination Provisions in Synthetic CDOs - Lehman Revisited
    2016-08-16

    On June 28, 2016, Judge Chapman of the U.S. Bankruptcy Court for the Southern District of New York ruled in Lehman Brothers Special Financing Inc. v. Bank of America National Association, et al.(Adv. Proc. No. 10-03547 (Bankr. S.D.N.Y.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Surety, Collateral (finance), Swap (finance), Liquidation, Default (finance), Collateralized debt obligation, Title 11 of the US Code, Bank of America, International Swaps and Derivatives Association, Lehman Brothers, United States bankruptcy court, US District Court for SDNY
    Authors:
    Fabien Carruzzo
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    No Turnover of the Make-whole Amount in the EFH Bankruptcy
    2016-08-16

    In a pair of decisions in 2015, the United States Bankruptcy Court of the District of Delaware determined that neither the first lien notes trustee nor the second lien notes trustee of Energy Future Intermediate Holdings Corp. (“EFIH”), a subsidiary of Energy Future Holdings (“EFH”), was entitled to receive a make-whole on the repayment of the corresponding indebtedness resulting from the acceleration of that debt in the EFH bankruptcy case.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Collateral (finance), Interest, Debt, Liquidation, Title 11 of the US Code, United States bankruptcy court, Third Circuit, US District Court for District of Delaware, Trustee
    Authors:
    Jennifer R. Sharret
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Five Business Day Exchange Offers and the ‘Identical in All Material Respects’ Requirement
    2016-07-19

    Market participants involved in distressed exchange offers have become accustomed to grappling with the implications of Trust Indenture Act Section 316(b) in the context of potential exit consents, i.e., are the contemplated amendments to the indenture governing the securities subject to the exchange significant enough to impair or affect the right of a holder to receive payment of principal and interest on or after the due dates of the relevant note?

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Credit (finance), Collateral (finance), Security (finance), Interest, Debt, Maturity (finance), Bond credit rating, Distressed securities
    Authors:
    John Bessonette , Nathan Hyman
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Curing Substantive Ambiguities in Debt Documentation (and More)
    2016-07-19

    Virtually all public indentures contain provisions allowing the issuer to cure ambiguities and make other technical changes to the debt documentation without debtholder consent. When the purported ambiguities have substantive consequences, however, issuers may not be able to get away with an amendment that lacks debtholder approval. InGSO Coastline Credit Partners L.P. v. Global A&T Electronics Ltd. (NY App. Div. 1st Dept. May 3, 2016), a New York lower court bought into a “cure of ambiguity” argument and on that basis granted a motion to dismiss.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Shareholder, Credit (finance), Collateral (finance), Covenant (law), Debt, Line of credit, Secured loan
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    The ABCs of Chapter 15 -- Third Circuit upholds broad scope of recognition in cross-border cases
    2014-01-09

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Collateral (finance), Limited liability company, Liquidation, Liquidator (law), Unsecured creditor, Third Circuit
    Authors:
    Nathaniel Allard
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Flip-clauses reconsidered: Lehman Court departs from previous safe harbor rulings
    2016-06-30

    Court holds that distributions made pursuant to priority payment provisions contained in CDO transactions are protected by Section 560 of the Bankruptcy Code

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Safe harbor (law), Class action, Swap (finance), Liquidation, Default (finance), Collateralized debt obligation, Bankruptcy of Lehman Brothers, Bank of America, Lehman Brothers, United States bankruptcy court
    Authors:
    Brian D. Rance , Timothy Harkness , Linda H. Martin
    Location:
    USA
    Firm:
    Freshfields Bruckhaus Deringer LLP

    Pagination

    • First page « First
    • Previous page ‹‹
    • …
    • Page 64
    • Page 65
    • Page 66
    • Page 67
    • Current page 68
    • Page 69
    • Page 70
    • Page 71
    • Page 72
    • …
    • Next page ››
    • Last page Last »
    Home

    Quick Links

    • US Law
    • Headlines
    • Firm Articles
    • Board Committee
    • Member Committee
    • Join
    • Contact Us

    Resources

    • ABI Committee Articles
    • ABI Journal Articles
    • Conferences & Webinars
    • Covid-19
    • Newsletters
    • Publications

    Regions

    • Africa
    • Asia Pacific
    • Europe
    • North Africa/Middle East
    • North America
    • South America

    © 2025 Global Insolvency, All Rights Reserved

    Joining the American Bankruptcy Institute as an international member will provide you with the following benefits at a discounted price:

    • Full access to the Global Insolvency website, containing the latest worldwide insolvency news, a variety of useful information on US Bankruptcy law including Chapter 15, thousands of articles from leading experts and conference materials.
    • The resources of the diverse community of United States bankruptcy professionals who share common business and educational goals.
    • A central resource for networking, as well as insolvency research and education (articles, newsletters, publications, ABI Journal articles, and access to recorded conference presentation and webinars).

    Join now or Try us out for 30 days