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    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
    Second Circuit vacates settlement between creditors’ committee and secured lenders, relying on absolute priority rule
    2007-03-07

    A court-approved pre-plan settlement that would have resolved a dispute between a Chapter 11 creditors’ committee and the debtor’s secured lenders over the lenders’ liens was vacated by the U.S. Court of Appeals for the Second Circuit on March 5. Motorola, Inc. v. Official Committee of Unsecured Creditors and J.P. Morgan Chase Bank, N.A. (In re Iridium Operating LLC). The settlement also would have funded massive litigation against the debtor’s former parent, Motorola Inc.

    Motorola’s Successful Argument

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Remand (court procedure), Second Circuit, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Third Circuit upholds denial of secured creditors’ right to credit bid under reorganization plan
    2010-03-25

    The U.S. Court of Appeals for the Third Circuit held, in a split decision, on March 22, 2010, that secured creditors do not have a statutory right to credit bid1 their debt at an asset sale conducted under a “cramdown” reorganization plan. In re Philadelphia Newspapers, LLC, et al., --- F.3d ----, 2010 WL 1006647 (3d Cir. March 22, 2010) (2-1).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Statutory interpretation, Federal Reporter, Limited liability company, Debt, Liability (financial accounting), Fair market value, Secured creditor, Secured loan, United States bankruptcy court, Third Circuit
    Authors:
    Michael L. Cook , Adam C. Harris , Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Lehman Brothers bankruptcy court strikes waterfall subordination provisions conditioned on bankruptcy
    2010-01-28

    On Jan. 25, 2010, the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) held that a trust deed provision reversing a priority of payment waterfall upon the bankruptcy of a credit support provider under a swap agreement is unenforceable under the U.S. Bankruptcy Code (the “Bankruptcy Code”).

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Schulte Roth & Zabel LLP, Bankruptcy, Collateral (finance), Interest, Swap (finance), Public limited company, Default (finance), Collateralized debt obligation, Deed of trust (real estate), Bankruptcy of Lehman Brothers, Title 11 of the US Code, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Grocery retailer, Penn Traffic, files for bankruptcy with hopes of finding a buyer
    2009-11-23

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Retail, Debtor, Unsecured debt, Collateral (finance), Good faith, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Are you looking for redemption in bankruptcy?
    2017-01-31

    What is “redemption” in bankruptcy?

    Filed under:
    USA, Florida, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Personal property
    Authors:
    Heather L. Ries
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    SDNY rules that distribution of liquidated swap agreement collateral is protected by the safe harbor in Bankruptcy Code Section 560
    2016-09-05

    In the recent decision of Lehman Bros. Special Fin. Inc. v. Bank of Am. Nat’l Assoc. (In re Lehman Bros. Holdings Inc.), 2016 WL 3621180 (Bankr. S.D.N.Y. June 28, 2016), the U.S.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Collateral (finance), Safe harbor (law), Liquidation, Collateralized debt obligation, Lehman Brothers, United States bankruptcy court, US District Court for SDNY, Trustee
    Authors:
    Carl D. Neff
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Bankruptcy remote financings in jeopardy after Michigan appellate court decision
    2012-04-19

    The proliferation of limited recourse financings popularized in the commercial mortgage backed securities (CMBS) loan market through the financial innovation of loan securitization may be in jeopardy following the decision of the Michigan Court of Appeals in Wells Fargo, N.A. vs. Cherryland Mall Limited Partnership.1   If the Michigan decision is widely followed, an array of unanticipated consequences may arise that could have profound effects on the debt capital markets generally and on single purpose entity (SPE) borrowers in particular.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Surety, Debtor, Collateral (finance), Default (finance), Commercial mortgage-backed security, Mortgage-backed security
    Location:
    USA
    Firm:
    Fox Rothschild LLP

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