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    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 agreements, 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
    Enron’s prematurity redemptions of commercial paper are not avoidable in bankruptcy
    2011-09-13

    The U.S. Court of Appeals for the Second Circuit recently held that prematurity redemptions of commercial paper made by Enron Corp. shortly before it filed for bankruptcy were protected from avoidance by 11 U.S.C. § 546(e)’s safe harbor for securities transaction settlement payments. In re Enron Creditors Recovery Corp. v. Alfa., No. 09-5122-bk (2d Cir. June 28, 2011). In so doing, the Second Circuit resolved a clash between the Bankruptcy Code’s interest in avoiding preferential debt repayment and the securities industry’s interest in preserving transaction finality.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Chadbourne & Parke LLP, Bankruptcy, Security (finance), Safe harbor (law), Debt, Maturity (finance), Fair market value, Broker-dealer, Line of credit, Accrued interest, Coercion, Commercial paper, Enron, US Code, Second Circuit, United States bankruptcy court
    Authors:
    Scott S. Balber , Marcelo M. Blackburn
    Location:
    USA
    Firm:
    Chadbourne & Parke LLP
    Unable to show ‘indubitable equivalence’ where property appraisals diverge significantly
    2011-09-14

    In re Prosperity Park, LLC, 2011 WL 1878210 (Bankr. W.D.N.C. May 17, 2011)  

    CASE SNAPSHOT

    Filed under:
    USA, North Carolina, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Discrimination, Limited liability company, Debt, Legal burden of proof, Liquidation, Deed of trust (real estate), Secured loan
    Authors:
    Ann E. Pille
    Location:
    USA
    Firm:
    Reed Smith LLP
    Securing a loan to a broadcaster, Part 2 - bankruptcy cases and liens on licenses
    2011-09-06

    When an FCC licensee goes bankrupt, the question of how to treat the interests of secured lenders is the one that, from time to time, comes up for debate. Two recent cases deal with this issue – one appearing to be an aberration that would make lending to a broadcast licensee difficult if not impossible, while the second providing a more lender-friendly interpretation after a detailed analysis of the history of FCC and court precedent on this issue, affirming what most in the broadcast community have assumed, for most of the last two decades, is settled law. We

    Filed under:
    USA, Insolvency & Restructuring, Media & Entertainment, Davis Wright Tremaine LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Debt, Broadcasting, Intangible asset, Default (finance), Secured creditor, Federal Communications Commission (USA), United States bankruptcy court
    Authors:
    David D. Oxenford
    Location:
    USA
    Firm:
    Davis Wright Tremaine LLP
    Solyndra files bankruptcy in Delaware after shutting down operations
    2011-09-06

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Solar energy, Bankruptcy, Collateral (finance), Landlord, Accounts receivable, Option (finance), Debt, Liquidation, Debtor in possession, Preferred stock, Bridge loan, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Fifth Circuit shows reorganization investors how to get and keep an expense reimbursement order
    2011-09-09

    The U.S. Court of Appeals for the Fifth Circuit, on Aug. 16, 2011, affirmed the lower court’s decision authorizing reimbursement of expenses to qualified bidders for a reorganization debtor’s assets. In re Asarco, LLC, 2011 BL 213002 (5th Cir. Aug. 16, 2011). In the court’s view, the debtor provided “a compelling and sound business justification for the reimbursement authority.” Id. at *12.

    Facts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Federal Reporter, Debt, Due diligence, Judicial review, Business judgement rule, Trustee, Second Circuit, United States bankruptcy court, Fifth Circuit, Third Circuit
    Authors:
    Michael L. Cook , Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Seventh Circuit: failure to file proof of claim does not foreclose your rights
    2011-08-30

    The Bottom Line:

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Collateral (finance), Federal Reporter, Budget, Debt, Mortgage loan, Foreclosure, Secured creditor, In rem jurisdiction, US Code, United States bankruptcy court, Seventh Circuit
    Authors:
    Anita Wong
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Mets' owners swing for the fences against Madoff trustee
    2011-08-24

    Fred Wilpon, Saul Katz, and their families and affiliated enterprises (the “Wilpon/Katz Group”) last week formally requested the dismissal of the adversary proceeding commenced by Irving Picard, the trustee of Bernard L. Madoff Investment Securities LLC (“BLMIS”). In a two hour hearing before U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Fraud, Discovery, Debt, Mediation, Good faith, Title 11 of the US Code, Trustee, Second Circuit
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Employee rights after liquidation: FT Q&A
    2011-08-27

    I am a director and employee of a small media company which has now been put into liquidation by the chief executive due to mounting debts.  The company is due to close any time soon, which means I will then be unemployed.  What rights, if any, do I have as an employee and is there any scope for compensation.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Faegre Baker Daniels LLP, Wage, Unsecured debt, Employment tribunal, National Insurance, Debt, Liability (financial accounting), Liquidation, Unfair dismissal, Liquidator (law), Chief executive officer
    Authors:
    Victoria Pengelly
    Location:
    USA
    Firm:
    Faegre Baker Daniels LLP
    Foreclosure sale of non-debtor's property voided as violation of automatic stay
    2011-08-22

    Lenders and mortgage holders may be surprised to learn that a New York bankruptcy court voided the foreclosure sale of non-debtor property where the debtor filed for bankruptcy with no legitimate intent to reorganize. In a case of first impression, In re Ebadi1 addresses a common scenario: a foreclosure action against multiple parties, including a borrower not in bankruptcy and a guarantor in bankruptcy.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Herrick Feinstein LLP, Punitive damages, Bankruptcy, Debtor, Debt, Mortgage loan, Foreclosure, Vacated judgment, Default (finance), United States bankruptcy court
    Authors:
    Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP

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