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    Delaware Bankruptcy Court Declines to Bind Credit Bidders to the Mast
    2018-08-27

    Section 363(k) of the Bankruptcy Code grants secured creditors the right to credit bid up to the full amount of their claim as a form of currency to bid to purchase assets securing their claim from a debtor in connection with a stand-alone sale of assets under section 363(b). In a recent opinion from the Bankruptcy Court for the District of Delaware, In re Aerogroup International, Inc., Judge Kevin J.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Secured creditor, Debtor in possession, Third Circuit, US District Court for District of Delaware
    Authors:
    Matthew Goren , Kevin Bostel
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Bar Remains High for Substantial Contribution: Delaware Bankruptcy Court Denies § 503(b)(3) Claim
    2016-04-01

    At issue in In re Legacy Corp.was the right to allowance and payment as an administrative expense of the professional fees and expenses of the Movant, a holder of a prepetition gift card claim against the Debtors, for his involvement in the resolution and settlement of prepetition gift card holder claims.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Notice over Science: Delaware Bankruptcy Court Enforces Bar Date Against Asbestos Creditor Based on Actual Notice Standard
    2017-01-30

    In chapter 11 reorganizations, Federal Rule of Bankruptcy Procedure 3003(c)(3) provides that “[t]he court shall fix and for cause shown may extend the time within which proofs of claim or interest may be filed” (commonly known as the bar date). For a creditor or interest holder to be subject to this bar date, they must have received notice to satisfy due process. A known creditor, one that is reasonably ascertainable, must receive “actual notice.” Simply receiving a court-approved bar date notice from the debtor is enough to satisfy this requirement for due process.

    Filed under:
    USA, Delaware, Environment & Climate Change, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, US Environmental Protection Agency, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    ASARCO Update: Fee Premium Disallowed Under Baker Botts v. ASARCO and Boomerang Tube
    2016-03-21

    On February 25, 2016 we discussed decisions by two judges of the United States Bankruptcy Court for the District of Delaware adopting and expanding upon Judge Walrath’s decision in In re Boomerang Tube, Inc., which held that a bankruptcy estate may not compensate professionals under

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Bankruptcy Court Weights in on Delaware’s Prohibition on Deeping Insolvency Claims and Claims Against Directors Based on Relationship with Majority Shareholder
    2016-11-04

    Hoku, a publicly-owned Delaware corporation, filed for bankruptcy with just $8 million in assets compared to a relatively staggering $1.3 billion in liabilities, much of which was funded debt. In light of this significant insolvency, Hoku’s chapter 7 trustee brought various breach of fiduciary claims against Hoku’s board of directors, including one akin to a claim for “deepening insolvency.” As the case of Hopkins v.

    Filed under:
    USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Don’t Mess With Texas (Unless You Are Properly Venued in the Delaware Bankruptcy Court)! Texas Comptroller’s Motion to Transfer Venue of Chapter 11 Case is Denied
    2016-03-09

    “You should try the chicken fried steak.  It’s like a chicken and a steak got together and made a baby. A delicious, crispy baby.”

    – Hoyt Fortenberry, True Blood

    Filed under:
    USA, Delaware, Texas, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    EFIH First Lien Trustee Petitions for Certiorari to Resolve Circuit Split over Pre-Plan Settlements
    2016-08-17

    On August 3, 2016, Delaware Trust Company, as trustee for the EFIH first lien notes, filed a petition for certiorari with the United States Supreme Court, asking the Court to review the Energy Future Holding debtors’ settlement with the EFIH first lien noteholders.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, Third Circuit
    Authors:
    Debora Hoehne
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    The Saga Continues: A brief update on the EFIH First Lien Make Whole Litigation
    2016-03-02

    As avid blog readers know, we’ve posted extensively on make whole issues, including several articles covering the ongoing make whole litigations in the chapter 11 cases of Energy Future Holdings and its affiliated debtors, which can be found here, 

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Authors:
    Jessica Liou
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    A Setoff Question of First Impression
    2016-08-12

    The Bankruptcy Court for the District of Delaware recently faced a question of first impression: whether an allowed postpetition administrative expense claim can be used to set off preference liability. In concluding that it can, the court took a closer look at the nature of a preference claim.

    Facts and Arguments

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Fraud, Limited liability company, United States bankruptcy court, Third Circuit, US District Court for District of Delaware
    Authors:
    Moshe Fink
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Delaware Bankruptcy Judges Expand Boomerang Tube Holding that Professionals Cannot Contract Around Baker Botts v. ASARCO
    2016-02-25

    On February 8, 2016 we reported on the decision of Judge Walrath of the United States Bankruptcy Court for the District of Delaware in 

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP

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