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    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
    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
    Third Circuit issues important ruling on collateral valuation and lien-stripping in Chapter 11 cases
    2012-05-29

    The United States Court of Appeals for the Third Circuit recently issued an important decision on the valuation of collateral of secured creditors and “lien-stripping” in Chapter 11 cases. In In re Heritage Highgate, Inc.,1 the court held that in a Chapter 11 case, the value of a secured creditor’s collateral under §506(a) of the Bankruptcy Code2 was the fair market value of the property as established by expert testimony and it was permissible to “strip the lien” of the creditor where it was unsupported by collateral value.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Collateral (finance), Liquidation, Third Circuit
    Authors:
    Michael H. Reed
    Location:
    USA
    Firm:
    Troutman Pepper
    Sixth Circuit bankruptcy panel: replacement lien in post-petition rent is not adequate protection if lender already has lien
    2011-01-14

    The Bankruptcy Appellate Panel for the Sixth Circuit (BAP) recently held that a mortgagee that held a collateral assignment of rents on property in which the debtor had no equity was not adequately protected by cash collateral orders entered by the bankruptcy court that granted the lender a "replacement lien" on post-petition rents.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Troutman Pepper, Bond (finance), Bankruptcy, Debtor, Collateral (finance), Interest, Mortgage loan, Conveyancing, Default (finance), Secured loan, Bank of America, United States bankruptcy court, Sixth Circuit, Bankruptcy Appellate Panel
    Authors:
    Michael H. Reed , Michael J. Custer
    Location:
    USA
    Firm:
    Troutman Pepper
    Spotlight on security documents: the landlord waiver
    2011-09-30

    Having enforceable security over all of a borrower’s assets is obviously of primary importance to a lender.  However, where a borrower occupies leased premises, ensuring the lender has quick and reliable access to the collateral is equally important, especially if the landlord proves to be unco-operative after a borrower’s default.  Although court-ordered access to a borrower’s leased premises can be sought after a borrower’s loan default, a landlord waiver obtained prior to an initial advance of a loan can bring some added certainty to the realization process outside of a bankrup

    Filed under:
    Canada, Insolvency & Restructuring, Real Estate, Gowling WLG, Bankruptcy, Debtor, Collateral (finance), Landlord, Leasehold estate, Waiver, Consent, Personal property, Default (finance)
    Authors:
    Richard C. Dusome
    Location:
    Canada
    Firm:
    Gowling WLG
    Perfection of security interests when assets move jurisdictions
    2017-05-17

    When a financing statement is registered to perfect a security interest in collateral, it is the responsibility of the secured party to monitor the registration to ensure that a new financing statement is filed if the goods move jurisdictions. A recent decision by the Ontario Superior Court of Justice1 emphasizes this point.

    Facts

    Filed under:
    Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, DLA Piper, Bankruptcy, Debtor, Collateral (finance), Secured creditor, Personal Property Security Act 1990 (Canada), Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    DLA Piper
    Limitations in use of purchase-money security interest in cross-collateralization
    2010-06-29

    A recent decision of the Alberta Queen’s Bench1 has raised some questions about purchase-money security interest (“PMSI”) proceeds and cross-collateralization of assets secured by these types of security interests. It has been suggested that this decision is unique and establishes that using a PMSI as collateral for other indebtedness of the debtor is dangerous. But is this decision really so radical?

    Facts:

    Filed under:
    Canada, Alberta, Asset Finance, Insolvency & Restructuring, Litigation, DLA Piper, Debtor, Collateral (finance), Waiver, Debt, Secured creditor, Personal Property Security Act 1990 (Canada), Royal Bank of Canada, KPMG, Trustee
    Authors:
    M. Sandra Appel
    Location:
    Canada
    Firm:
    DLA Piper
    Fifth Circuit corrects undervaluation of secured lender’s priority claim more than two years after consummation of reorganization plan
    2010-11-19

    The U.S. Court of Appeals for the Fifth Circuit, on Oct. 19, 2010, corrected a bankruptcy court’s calculation of a secured lender group’s superpriority administrative claim more than two years after consummation of the debtor’s Chapter 11 reorganization plan. In re SCOPAC et al., F.3d__, 2010 WL 4069525, at *2-3, *5-6 (5th Cir. Oct. 19, 2010) (Jones, Ch.J.) [“Pacific Lumber II”]; see alsoIn re Pacific Lumber Co., 584 F.3d 229, 242 (5th Cir. 2009) [“Pacific Lumber I”] (plan “substantially consummated within weeks of confirmation”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Collateral (finance), Federal Reporter, Foreclosure, Secured creditor, Valuation (finance), United States bankruptcy court, Fifth Circuit
    Authors:
    Michael L. Cook , Joseph E. Bain
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Court insulates lender's collateral from professional fee surcharge
    2007-07-23

    SRZ's reorganization group recently helped a lender avoid a surcharge against its collateral for legal fees. U.S. Bankruptcy Judge Arthur N. Votolato of the District of Rhode Island handed the lender the important victory on July 5, 2007, after an earlier trial. In re California Webbing Industries, Inc., 2007 WL 1953018 (Bankr. D. R. I., 7/5/07). In a detailed 22-page opinion, Judge Votolato held that the lender never consented to the use of its collateral to pay the fees of counsel for a Chapter 11 debtor and the creditors' committee in its failed reorganization case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Federal Reporter, Secured creditor, US Code, Second Circuit, United States bankruptcy court, Fifth Circuit, Trustee
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Bankruptcy court permits second lien creditor to oppose bid procedures for judicial sale
    2010-11-04

    A New York bankruptcy judge held on October 4, 2010, that second lien lenders could object to a debtor’s bid procedures approved by the first lien lenders despite the terms of an intercreditor agreement inIn re Boston Generating, LLC, No. 10-14419 (SCC) (Bankr. S.D.N.Y. Oct. 4, 2010).1 The intercreditor agreement provided the first lien lenders with the “exclusive right to…make determinations regarding the…sale” of the collateral. According to the court, however, the agreement did not expressly preclude the second lien lenders from objecting to bid procedures.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Waiver, Fiduciary, Debt, Unsecured creditor, Exclusive right
    Authors:
    David M. Hillman , Lawrence S. Goldberg , James T. Bentley
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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