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    A federal district in Pennsylvania dismisses a putative FDCPA class action based on the filing a proof a claim on a time-barred debt in a chapter 13 Bankruptcy
    2015-04-23

    I recently wrote about a decision from a federal district court in Alabama that sidestepped the Eleventh Circuit’s Crawford[1]decision by finding that the Bankruptcy Code (the “Code”) and the Fair Debt Collection Practices Act (“FDCPA”) were in irreconcilable conflict, and the FDCPA gave way to the Code on the question of whether the mere act of filing a proof of claim on a stale debt in a Chapter 13 bankruptcy violated the FDCPA.[2]

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Spencer Fane LLP, Class action, Debt, Fair Debt Collection Practices Act 1977 (USA)
    Authors:
    Patrick T. McLaughlin
    Location:
    USA
    Firm:
    Spencer Fane LLP
    Recent case law impacting debt transactions
    2015-04-08

    Two recent decisions of the US District Court for the Southern District of New York may complicate future debt exchange offers. The cases address the validity, under the Trust Indenture Act of 1939, as amended (the Act), of indenture amendments that delete substantive covenant protections in the context of out-of-court debt restructurings. Such amendments are a common feature of debt exchange and cash tender offers and are often essential to achieve a restructuring outside of bankruptcy court.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Arnold & Porter, Debt
    Authors:
    Christopher J. Konieczny , Christopher P. Peterson
    Location:
    USA
    Firm:
    Arnold & Porter
    Distressed debt: loan to own investment strategies after Fisker
    2015-04-07

    In a “loan-to-own” investment, an investor acquires secured debt at a discount to leverage the face amount of the debt in an asset purchase or debt-to-equity swap. For example, if an investor can buy US$50 million worth of debt for US$25 million, it can, in a bankruptcy proceeding, bid on the underlying assets that secure the debt at a 50 percent discount, because the investor can credit bid the face value of the debt as the equivalent of cash in a sale of collateral in bankruptcy, thus creating a competitive advantage over cash or strategic bidders.

    Filed under:
    USA, Insolvency & Restructuring, Dentons, Bankruptcy, Debt, Secured loan
    Authors:
    Oscar N. Pinkas
    Location:
    USA
    Firm:
    Dentons
    Tender offer approved to implement classwide debt exchange outside plan of reorganization
    2015-03-31

    Debt-for-equity swaps and debt exchanges are common features of out-of-court as well as chapter 11 restructurings. For publicly traded securities, out-of-court restructurings in the form of "exchange offers" or "tender offers" are, absent an exemption, subject to the rules governing an issuance of new securities under the Securities Exchange Act of 1933 (the "SEA") as well as the SEA tender offer rules.

    Filed under:
    USA, Delaware, Capital Markets, Insolvency & Restructuring, Litigation, Jones Day, Public company, Debt, Tender offer
    Authors:
    Charles M. Oellermann , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Ninth Circuit holds discharged debts are still debts for purposes of determining eligibility to file under chapter 12
    2015-03-31

    In a case of first impression, the Ninth Circuit held that the unsecured portion of a secured debt, for which the 

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Holland & Hart LLP, Debtor, Debt, Ninth Circuit
    Location:
    USA
    Firm:
    Holland & Hart LLP
    Small business bankruptcy
    2015-03-26

    If your small business is struggling with debt, bankruptcy relief may be an option.

    You’re lying awake at night wondering how you’re going to make payroll.  Many of your suppliers are threatening to switch you to cash on delivery (COD) or to cancel your account all together.  You know the IRS will soon be knocking on your door to collect taxes.  You’re in financial trouble and you think, “What am I going to do?”

    Filed under:
    USA, Insolvency & Restructuring, DelCotto Law Group PLLC, Bankruptcy, Debtor, Debt, Liquidation
    Location:
    USA
    Firm:
    DelCotto Law Group PLLC
    Seventh Circuit says finding of intent must be explicit for preclusive effect in non-dischargeability action
    2015-03-24

    The Bankruptcy Code exempts from discharge those debts arising from willful and malicious injuries caused by the debtor. 11 U.S.C. § 523(a)(6). Because debtors have a habit of filing bankruptcy soon after a judgment for such an injury is entered against them, bankruptcy courts often give a prior (state or federal) judgment issue-preclusive effect when the creditor seeks to have the debt declared non-dischargeable under § 523(a)(6).

    Filed under:
    USA, Wisconsin, Insolvency & Restructuring, Litigation, Real Estate, Foley & Lardner LLP, Debt, Seventh Circuit
    Authors:
    Rachel M. Blise
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Courts rule in favor of discharge injunctions – even for sold debt
    2015-02-17

    The “discharge injunction” of Section 524 of the Bankruptcy Code is one of the most, if not the most, important features of United States bankruptcy law. Debtors in bankruptcy must complete detailed paperwork regarding their assets and liabilities and either turn over their non-exempt assets to a bankruptcy trustee or execute a payment plan that repays all or a portion of their debt.

    Filed under:
    USA, Insolvency & Restructuring, Dinsmore & Shohl LLP, Credit history, Bankruptcy, Debtor, Injunction, Debt, Bankruptcy discharge, Title 11 of the US Code
    Authors:
    John M. Spires
    Location:
    USA
    Firm:
    Dinsmore & Shohl LLP
    Distressed municipal debt-considerations for local governments
    2015-02-11

    A confluence of factors, including high debt, spiraling pension obligations, and lower sales and property tax revenues, has forced more municipalities to face insolvency than any time since the 1930s. The two largest municipal bankruptcies in history — Jefferson County, Ala., and Detroit, Mich. — recently ended. With the economy improving, we may never see the wave of municipal bankruptcies some commentators predicted.

    Filed under:
    USA, Insolvency & Restructuring, Bradley Arant Boult Cummings LLP, Bankruptcy, Debtor, Property tax, Debt
    Location:
    USA
    Firm:
    Bradley Arant Boult Cummings LLP
    ABI Commission proposes changes that would change bankruptcy for secured creditors
    2014-12-19

    Changes may be coming to the Bankruptcy Code that may affect secured creditors.[1] In 2012, the American Bankruptcy Institute established a Commission to Study the Reform of Chapter 11 (the “ABI Commission”). The ABI Commission is composed of many well-respected restructuring practitioners, including two of the original drafters of the Bankruptcy Code, whose advice holds great weight in the restructuring community.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Debtor, Collateral (finance), Debt, Foreclosure, Secured creditor, Title 11 of the US Code
    Authors:
    B. Taber Cathcart , David A. Wender , Lorraine Sarles
    Location:
    USA
    Firm:
    Alston & Bird LLP

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