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PIF revisited - no right not to be diluted
2011-10-07

On 5 October 2011 Justice Barrett of the Supreme Court of NSW handed down a decision in Centro Retail Limited and Centro MCS Manager Limited in its capacity as Responsible Entity of the Centro Retail Trust [2011] NSWSC 1175 (“Centro”) where he found that the responsible entity of Centro Retail Trust would be justified in modifying the constitution of the trust without unitholder approval to a insert a provision permitting the issue of units at a price different to that provided for by the pre-existing provisions.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Retail, Security (finance), Investment funds, Market value, Net asset value, Constitutional amendment, Corporations Act 2001 (Australia), Constitution, Australian Securities Exchange, ING Group, Federal Court of Australia, New South Wales Supreme Court
Location:
Australia
Firm:
King & Wood Mallesons
View Original Article
Harrisburg City Council responds to objections to Chapter 9 eligibility
2011-11-15

As expected the Harrisburg City Council has filed a reply to the numerous objections to the Chapter 9 filing of Harrisburg initiated by the City Council.  The City Council’s brief (harrisburg response.pdf) appears to be the only timely filed reply to the objections to the Chapter 9 filing. 

Filed under:
USA, Pennsylvania, Insolvency & Restructuring, Litigation, Public, Mintz, Bankruptcy, Solicitor, US Constitution, Constitution, United States bankruptcy court
Authors:
William W. Kannel
Location:
USA
Firm:
Mintz
View Original Article
Defense costs advanced under interim funding agreement deemed property of debtor's estate
2009-07-27

The United States District Court for the Southern District of New York has affirmed a bankruptcy court's ruling that defense costs advanced by an insurer to a debtor under an Interim Fee Advancement and Non-Waiver Agreement (the Interim Agreement) were not held in trust and, therefore, constituted property of the debtor's estate. Great Am. Ins. Co. v. Bally Total Fitness Holding Corp. (In re Bally Total Fitness of Greater N.Y.), No. 09-CV-4052, 2009 WL 1684022 (S.D.N.Y. June 15, 2009).

Filed under:
USA, New York, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Debtor, Waiver, Beneficial interest, Constitution, United States bankruptcy court, US District Court for SDNY
Location:
USA
Firm:
Wiley Rein LLP
View Original Article
A perpetual headache: ‘flip’ clause declared unenforceable by US Bankruptcy Court
2010-01-28

The US Bankruptcy Court has issued a declaratory judgment that the relevant clause flipping priority from the swap counterparty to the noteholders constituted an ipso facto provision and was therefore unenforceable – a judgment that produces a different result under US law to that established by the Court of Appeal in the Perpetual Trustee case from November 2009.

Filed under:
United Kingdom, USA, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Swap (finance), Constitution, Trustee
Location:
United Kingdom, USA
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Lehman court finds payment priority provision is unenforceable ipso facto clause, and must be part of swap for safe harbor protection
2010-01-29

On January 25, 2010, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York ruled that provisions in a CDO indenture subordinating payments due to Lehman Brothers Special Financing Inc., as swap provider, constituted unenforceable ipso facto clauses under the facts and circumstances of this case. The Court also held that, because the payment priority provisions were not contained in the four corners of a swap agreement, the Bankruptcy Code’s safe harbor protections, which generally permit the operation of ipso facto clauses, did not apply.

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Safe harbor (law), Swap (finance), Deed, Default (finance), Collateralized debt obligation, Title 11 of the US Code, Constitution, Lehman Brothers, United States bankruptcy court, US District Court for SDNY
Authors:
Mark C. Ellenberg , Leslie W. Chervokas
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP
View Original Article
Trustee in Meridian Automotive Systems files preference complaints
2011-08-21

On August 7,  2009, Meridian Automotive Systems ("Meridian") filed a voluntary petition for relief under chapter 7 of the United States Bankruptcy Code.  Soon after Meridian filed its petition for bankruptcy, the Office of the United States Trustee appointed George L. Miller to serve as the chapter 7 trustee (the "Trustee") for the Meridian bankruptcy estates.  Approximately one month before Meridian filed for bankruptcy, on July 6, 2009, Meridian entered in to an agreement to sell substantially all of its assets (the "Asset Purchase Agreement" or "APA") to Ventra Greenwich Holdings, Corp.

Filed under:
USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor, Interest, Debt, Liability (financial accounting), Title 11 of the US Code, Constitution, United States bankruptcy court, Third Circuit, Seventh Circuit, Trustee
Authors:
L. Jason Cornell
Location:
USA
Firm:
Fox Rothschild LLP
View Original Article
Dubai Financial Support Fund to spearhead restructuring of Dubai World
2009-11-27

The Government of Dubai issued a press release on 25 November 2009 confirming that, through its Supreme Fiscal Committee (SFC), it has authorised the Dubai Financial Support Fund (DFSF) to spearhead the restructuring of Dubai World with immediate effect. Aidan Birkett, Managing Director of Corporate Finance at Deloitte, has been appointed as Chief Restructuring Officer (CRO) to "oversee the restructuring process and ensure the continuity of Dubai World's operation".  

Filed under:
United Arab Emirates, Insolvency & Restructuring, Dentons, Legal personality, Debtor, Debt, Maturity (finance), Constitution, Deloitte, Chief executive officer
Location:
United Arab Emirates
Firm:
Dentons
View Original Article

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