Skip to main content
Enter a keyword
  • Login
  • Home

    Main navigation

    Menu
    • US Law
      • Chapter 15 Cases
    • Regions
      • Africa
      • Asia Pacific
      • Europe
      • North Africa/Middle East
      • North America
      • South America
    • Headlines
    • Education Resources
      • ABI Committee Articles
      • ABI Journal Articles
      • Covid 19
      • Conferences and Webinars
      • Newsletters
      • Publications
    • Events
    • Firm Articles
    • About Us
      • ABI International Board Committee
      • ABI International Member Committee Leadership
    • Join
    Lyondell Chemical Company – the impact of tight credit markets on debtor-in-possession financings
    2009-08-26

    In the fourth quarter of 2008, global credit markets were virtually frozen, leading many distressed businesses and their constituents to take measures to avoid bankruptcy filings at almost all costs. Without access to debtor-in-possession (DIP) financing, bankruptcy most often results in liquidation – and with lenders reluctant to provide new money, even in exchange for superpriority and/or priming liens, total collapse became an increasingly common result.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bond market, Bankruptcy, Libor, Credit (finance), Debtor, Unsecured debt, Collateral (finance), Debt, Economy, Liquidation, Secured loan, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Andrew M. Simon
    Location:
    USA
    Firm:
    Squire Patton Boggs
    The triangular setoff after SemCrude
    2009-08-26

    An opinion issued earlier this year by the Delaware Bankruptcy Court in In re SemCrude, L.P., et al. (Bankr. Del., No. 08-11525; January 9, 2009) may end much of the practice of so-called “triangular setoffs” by creditors in bankruptcy cases. The Court in SemCrude found that creditors violate section 553 of the Bankruptcy Code by setting off amounts among multiple debtors, even when exercising contractual assignment rights. This ruling is likely to have far-reaching impact given the dearth of case law on this fairly common contractual provision.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Unsecured debt, Security (finance), Safe harbor (law), Federal Reporter, Debt, Liability (financial accounting), DuPont, Chevron Corporation, US Code, Title 11 of the US Code, Second Circuit, Delaware Supreme Court, United States bankruptcy court
    Authors:
    Andrew M. Simon
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Weathering the storm: recent court decision exposes the reach of a corporate family’s financial distress to its bankruptcy-remote special purpose entities and their lenders
    2009-08-25

    In the recent heyday of real estate and structured finance, the use of “bankruptcy–remote” special purpose entities (SPEs) as borrowers was a fundamental underwriting requirement by lenders in many loans, and a critical factor considered by ratings agencies, to shield lenders and their collateral from the potentially adverse impact of bankruptcy filings by their borrowers’ parents and siblings.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Haynes and Boone LLP, Public company, Bankruptcy, Debtor, Fiduciary, Debt, Real estate investment trust, Holding company, Bad faith, Subsidiary, Commercial mortgage-backed security, Mortgage-backed security, Credit rating agency, United States bankruptcy court
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Bankruptcy remote SPE structures have weaknesses
    2009-09-17

    The U.S. Bankruptcy Court for the Southern District of New York recently declined to dismiss the Chapter 11 petitions of several subsidiaries of General Growth Properties, Inc. (GGP) demonstrating that special purpose entities (SPEs), designed to avoid bankruptcy, can be subject to bankruptcy proceedings despite having strong cash flows, no debt defaults and "bankruptcy remote" structures.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Foley & Lardner LLP, Bankruptcy, Shareholder, Debtor, Security (finance), Debt, Mortgage loan, Bad faith, Cashflow, Default (finance), Commercial mortgage-backed security, Secured loan, United States bankruptcy court
    Authors:
    Deirdre B. Ruckman
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Bankruptcy court allows General Growth's "bankruptcy-remote" SPEs to remain in Chapter 11 despite creditors' objections
    2009-09-10

    In a decision made on August 11, 2009, the U.S. Bankruptcy Court for the Southern District of New York allowed solvent, special purpose entity subsidiaries of a bankrupt parent company, General Growth Properties, Inc., to maintain their Chapter 11 bankruptcy cases, raising several important issues related to the use of special purpose entities structured to be "bankruptcy-remote."

    GGP Business Model and 2009 Bankruptcy Filings

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Sheppard Mullin Richter & Hampton LLP, Bankruptcy, Debtor, Security (finance), Market liquidity, Debt, Mortgage loan, Joint venture, Maturity (finance), Refinancing, Cashflow, Default (finance), Subsidiary, Commercial mortgage-backed security, Parent company, Secured loan, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Bankruptcy court addresses SPEs’ rights to Chapter 11 in General Growth Properties
    2009-09-30

    Last month, in a significant ruling in the General Growth Properties, Inc. (“GGP”) bankruptcy case, the United States Bankruptcy Court for the Southern District of New York denied motions to dismiss, as bad faith filings, the bankruptcy cases of 20 purported bankruptcyremote special purpose entity (“SPE”) subsidiary debtors.1

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Public company, Bankruptcy, Debtor, Debt, Real estate investment trust, Good faith, Balance sheet, Bad faith, Refinancing, Business judgement rule, Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    The hottest trend: refinancing
    2009-09-24

    For the fashion industry, one of the must-have, but hard to come by, items this season is a favorable refinancing deal. The recent volatility in the fashion market has reflected not just the ever-changing tastes of the cognoscenti, but also the rapidly shifting economic landscape confronting designers and retailers. The fashion industry has suffered acutely in the global financial crisis as consumers curb their spending, particularly in the luxury goods market. In fact, analysts have estimated that 12% of fashion companies will not survive the recession.  

    Filed under:
    USA, Insolvency & Restructuring, Sheppard Mullin Richter & Hampton LLP, Bond (finance), Bankruptcy, Retail, Debt, Refinancing, Line of credit
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    Apex Oil: environmental cleanup liability survives bankruptcy
    2009-09-22

    In U.S. v. Apex Oil, a three-judge panel of the Seventh Circuit ruled 3-0 that EPA’s cleanup injunction against the corporate successor to a chemical company was not discharged in Chapter 11 because the injunction does not create a right to payment and, consequently, is not a ‘debt’ under the Bankruptcy Code.

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Bracewell LLP, Environmental remediation, Bankruptcy, Costs in English law, Injunction, Debt, US Environmental Protection Agency, Title 11 of the US Code, Sixth Circuit, Seventh Circuit
    Location:
    USA
    Firm:
    Bracewell LLP
    BAP decision in City of Vallejo Chapter 9 case becomes final
    2009-10-15

    An opinion issued earlier this year by the Ninth Circuit Bankruptcy Appellate Panel in the largest municipal bankruptcy since Orange County has become final.

    The BAP decision in the City of Vallejo, California, case became final when the appellant city labor unions voluntarily withdrew their further appeal to the Ninth Circuit. The appeal to the BAP had followed an eight-day bankruptcy court trial over whether Vallejo was eligible to be a chapter 9 debtor. On June 26, 2009, the BAP issued an opinion affirming the bankruptcy court's determination that Vallejo was eligible.

    Filed under:
    USA, California, Insolvency & Restructuring, Litigation, Public, Reed Smith LLP, Bond (finance), Bankruptcy, Debtor, Trade union, Accounting, Debt, Good faith, Balance sheet, Cashflow, US GAAP, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Authors:
    Mike C. Buckley
    Location:
    USA
    Firm:
    Reed Smith LLP
    NY decision dents special-purpose entity shield
    2009-10-15

    A fundamental component in the commercial mortgage-backed securities ("CMBS") market is the lender's reliance that the loan is made to a "bankruptcy remote" special purpose entity ("SPE"). The loan documents and operating agreements relating to an SPE typically require that the SPE maintain separate existence and contain restrictions that limit the SPE's debt and ensure separateness.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Reed Smith LLP, Corporate governance, Bankruptcy, Debtor, Debt, Maturity (finance), Bad faith, Refinancing, Default (finance), Commercial mortgage-backed security, Mortgage-backed security, Memorandum opinion, Secured loan, Credit crunch, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Scott M. Esterbrook
    Location:
    USA
    Firm:
    Reed Smith LLP

    Pagination

    • First page « First
    • Previous page ‹‹
    • …
    • Page 161
    • Page 162
    • Page 163
    • Page 164
    • Current page 165
    • Page 166
    • Page 167
    • Page 168
    • Page 169
    • …
    • Next page ››
    • Last page Last »
    Home

    Quick Links

    • US Law
    • Headlines
    • Firm Articles
    • Board Committee
    • Member Committee
    • Join
    • Contact Us

    Resources

    • ABI Committee Articles
    • ABI Journal Articles
    • Conferences & Webinars
    • Covid-19
    • Newsletters
    • Publications

    Regions

    • Africa
    • Asia Pacific
    • Europe
    • North Africa/Middle East
    • North America
    • South America

    © 2025 Global Insolvency, All Rights Reserved

    Joining the American Bankruptcy Institute as an international member will provide you with the following benefits at a discounted price:

    • Full access to the Global Insolvency website, containing the latest worldwide insolvency news, a variety of useful information on US Bankruptcy law including Chapter 15, thousands of articles from leading experts and conference materials.
    • The resources of the diverse community of United States bankruptcy professionals who share common business and educational goals.
    • A central resource for networking, as well as insolvency research and education (articles, newsletters, publications, ABI Journal articles, and access to recorded conference presentation and webinars).

    Join now or Try us out for 30 days