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    Homebuilder bankruptcy cases - what you need to know
    2007-10-26

    With the recent decline in housing and real estate generally, companies in the homebuilding and construction markets face serious challenges. Some projects have already been forced into Chapter 11 and others will almost certainly require either a bankruptcy filing or out-of-court restructure. In the event a bankruptcy is filed, vendors, contractors, subcontractors and other interested parties should be aware of the impact of important bankruptcy code provisions on their relationship with troubled companies.

    Automatic Stay

    Filed under:
    USA, Construction, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Letter of credit, Surety, Debtor, Interest, Limited liability company, Foreclosure, Subcontractor, Consolidation (business), Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Issues facing business partners of bankrupt government contractors
    2013-09-30

    The economic impact of forced budget cuts from the sequester and other government funding crises—ranging from a government shutdown to the federal debt limit—and congressional gridlock place disproportionate pressure on smaller- or second tier-government contractors.  Business partners of a  financially infirm contractor must prepare for when a contract business partner, co-venturer, or teaming partner falls over the fiscal cliff and files for bankruptcy protection.  In this article, we will provide an over

    Filed under:
    USA, Insolvency & Restructuring, Projects & Procurement, Wiley Rein LLP, Bankruptcy, Debtor
    Authors:
    Alexander M. Laughlin , John T. Farnum
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Hospital's bankruptcy examiner identifies millions of dollars in unauthorized payments; cites law firm for breach of duty
    2011-02-15

    In a case illustrating the effective use of a bankruptcy examiner, the examiner appointed by the court in the North General Hospital bankruptcy case has concluded that the hospital made over $3 million in unauthorized post-bankruptcy filing payments to the detriment of unsecured creditors. Prior to its bankruptcy filing, North General Hospital and certain related corporate debtors operated a hospital in the Harlem section of Manhattan.

    Filed under:
    USA, Healthcare & Life Sciences, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Debtor, Unsecured debt, Breach of contract, Fiduciary, Debt, Liquidation, Severance package, Title 11 of the US Code, Chief financial officer
    Authors:
    H. Jason Gold , Rebecca L. Saitta
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Liquidation of troubled businesses
    2009-03-06

    Liquidations of struggling enterprises can take several forms. While many people are familiar with the concept of a "bankruptcy liquidation," the structure of a liquidation in bankruptcy may vary depending upon the specific type of case. Additionally, bankruptcy is not the only forum for liquidation of distressed companies, only the most common. This article provides a synopsis of some of the various types of liquidations.

    Chapter 11 Liquidations

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Retail, Debtor, Unsecured debt, Collateral (finance), Liquidation, Balance sheet, Liquidator (law), Secured loan, Title 11 of the US Code
    Location:
    USA
    Firm:
    Wiley Rein LLP
    WARN Act class action status sought in Aegis Mortgage Company bankruptcy
    2007-09-07

    One week after Aegis Mortgage Corp. filed for chapter 11 in Delaware, a group of former employees filed their complaint seeking class certification over allegations that Aegis Mortgage Corporation, Aegis Wholesale Corporation and Cerberus Capital Management, L.P.—all allegedly acting as their employer—violated the Worker Adjustment and Retraining Notification (WARN) Act when they failed to give over 400 employees 60 days' notice prior to a mass termination by Aegis Mortgage on August 7, 2007.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Wage, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Debtor, Unsecured debt, Class action, Mortgage loan, Debtor in possession, Worker Adjustment and Retraining Notification Act 1988 (USA), United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Supreme Court declines to review equitable mootness standard
    2013-05-03

    On April 29, 2013, the Supreme Court of the United States declined to hear an appeal of the Second Circuit's decision dismissing, as equitably moot, appeals arising out of the bankruptcy of Charter Communications and let stand the opinion in In re Charter Communications, Inc., 691 F.3d 476 (2d Cir. 2012). As a result, the application of the equitable mootness doctrine, as it applies to bankruptcy appeals, will continue to vary among jurisdictions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bond (finance), Debtor, Federal Reporter, SCOTUS, Second Circuit
    Authors:
    Dylan G. Trache
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy preference actions-an updated primer
    2010-12-10

    In November of 2010, the trustee for the Circuit City Stores, Inc., liquidating trust filed more than 500 adversary proceedings against creditors seeking the recovery of alleged preferential payments. The extent of the trustee's success in recovering these payments will impact the overall distribution to creditors. Creditors in bankruptcy cases should be aware that preference litigation allows a trustee or debtor-in-possession to recover payments received by a creditor during the period immediately preceding the bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Debtor, Interest, Division of property, Debt, Legal burden of proof, Liquidation, Balance sheet, US Code, Title 11 of the US Code, Trustee
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Chapter 11 permits modification and extension of loans without consent of the lender
    2009-01-09

    As a result of the meltdown of the financial markets, lenders are severely constricting new credit facilities and refusing to renew expiring facilities. The Bankruptcy Code's chapter 11 provides a powerful mechanism for an otherwise viable business to restructure and extend its outstanding debt and in many cases, reduce interest rates on loan facilities.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Collateral (finance), Discrimination, Interest, Debt, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    New bankruptcy law benefits trade creditors
    2007-07-26

    More than a year and a half has passed since the Bankruptcy Code was significantly revised pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) which became effective (with some exceptions) on October 17, 2005. While the full impact of BAPCPA will not be fully realized for years to come, it is already apparent that trade creditors stand to benefit significantly as a result of these amendments.

    Expanded Administrative Expense and Reclamation Rights

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Contractual term, Bankruptcy, Debtor, Consumer protection, Debt, Debtor in possession, Uniform Commercial Code (USA), US District Court for SDNY, Trustee
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Priority of payments provision allows insurer to make settlement payments on covered claims against directors and officers
    2012-10-25

    The United States Bankruptcy Court for the District of Nebraska has held that an insurer may make settlement payments for claims against a debtor’s directors and officers where any claims of the debtor are subordinate to those of the directors and officers under the terms of the policy.  The court stated that under these circumstances “the issue of whether the policies are property of the bankruptcy estate is irrelevant.”  In re TierOne Corp., 2012 WL 4513554 (Bankr. D. Neb. Oct. 2, 2012).

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Debtor, Federal Deposit Insurance Corporation (USA), United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP

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