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    New Wormhole in Chicago’s Pension Black Hole
    2016-04-18

    NASA defines a black hole as a place in space where gravity is relentless and pulls so much that not even light can get out.  And, so it goes with Chicago as it attempts to get out of its pension black hole. The recent Illinois Supreme Court opinion in Jones v. Municipal Employees’ Annuity and Benefit Fund of Chicago, 2016 IL 119618 (Ill. 2016) (“Jones”) may have created a wormhole or way through Chicago’s pension black hole.  That way through is collective bargaining, as discussed below.

    Filed under:
    USA, Illinois, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Collective bargaining, Illinois Supreme Court
    Authors:
    Karol K. Denniston
    Location:
    USA
    Firm:
    Squire Patton Boggs
    ABI chapter 11 Reform Commission series: labor and benefits
    2015-02-12

    In this installment of the Weil Bankruptcy Blog’s series on the ABI Commission Report, we consider the Commission’s recommendations on collective bargaining agreements under section 1113 and retiree benefits under section 1114 of the Bankruptcy Code.

    Section 1113: The Commission’s Considerations

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Weil Gotshal & Manges LLP, Breach of contract, Collective bargaining
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    When the stakes are high, union can’t gamble with gambling debtors – bankruptcy court approves casino’s rejection of CBA
    2014-10-28

    When evaluating a debtor’s bankruptcy or restructuring options, determining how to increase or preserve the debtor’s liquidity is crucial to the analysis. Well-advised debtors with significant labor liabilities will need to explore whether attaining cost savings through rejection of their collective bargaining agreements is a viable alternative.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Gambling, Collective bargaining, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Proposed chapter 11 venue legislation introduced
    2011-10-13

    A significant consideration in a prospective chapter 11 debtor’s strategic prebankruptcy planning is the most favorable venue for the bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Consideration, Administrative law, Collective bargaining, Stakeholder (corporate), Forum shopping, US House of Representatives, US House Committee on the Judiciary, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Jones Day
    Proposed Chapter 11 venue legislation introduced
    2011-10-01

    A significant consideration in a prospective chapter 11 debtor's strategic prebankruptcy planning is the most favorable venue for the bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Jones Day, Bankruptcy, Debtor, Consideration, Administrative law, Collective bargaining, Stakeholder (corporate), Forum shopping, US House of Representatives, US House Committee on the Judiciary, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Less stringent standard applies to rejection of collective bargaining agreements by municipalities in bankruptcy
    2009-04-20

    The devastating consequences of an enduring global recession for businesses and individuals alike have been writ large in headlines worldwide, as governments around the globe scramble to implement assistance programs designed to jumpstart stalled economies. Less visible amid the carnage wrought among the financial institutions, automakers, airlines, retailers, newspapers, homebuilders, homeowners, and suddenly laid-off workers is the plight of the nation's cities, towns, and other municipalities.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Public, Jones Day, Bond (finance), Bankruptcy, Debtor, Security (finance), Debt, Mortgage loan, Foreclosure, Collective bargaining, Balance sheet, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Choice of bankruptcy venue: sound strategy or forum shopping?
    2007-04-01

    One of the most significant considerations in a prospective chapter 11 debtor’s strategic pre-bankruptcy planning is the most favorable venue for the bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Consumer protection, Liquidation, Collective bargaining, Forum shopping, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Jones Day
    Newpage - a good old fashioned free-fall Chapter 11 case
    2011-09-16

    Last week’s Chapter 11 filing by NewPage Corporation, a company with assets and liabilities in the billions of dollars, stands as a relative rarity in the current restructuring environment.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Trade union, Hedge funds, Debt, Liability (financial accounting), Collective bargaining, Balance sheet, Debtor in possession, Distressed securities, Bénéfice, US Environmental Protection Agency, Pension Benefit Guaranty Corporation
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Sections 1113 and 1114 — recent developments in the law regarding the rejection of collective bargaining agreements and the modification of retiree benefits
    2008-10-31

    The rejection of collective bargaining agreements or modification of retiree benefits under Bankruptcy Code §§ 1113 and 1114, respectively, were again of central importance in a number of airline cases.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, White & Case LLP, Collective bargaining
    Location:
    USA
    Firm:
    White & Case LLP
    Hostess court authorizes rejection of Bakers’ Union collective bargaining agreements
    2012-11-07

    Last month the drama surrounding Hostess’s efforts to reject various collective bargaining agreements drew to a close (pending appeal).  Bankruptcy Judge Robert Drain (in an unpublished decision) authorized Hostess to reject its existing CBAs with affiliates of the Bakery, Confectionery, Tobacco and Grain Workers International Union, and modify the terms of its expired CBAs with the Bakers’ Union on an interim basis.  The Bakers Union was the last of Hostess’s major unions holding out and refusing to accept modifications to its CBAs.  See Transcript of Hearing, In re Hoste

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Trade union, Collective bargaining
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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