What happens when a creditor class fails or refuses to vote on confirmation of a Subchapter V plan? Does that prevent a consensual confirmation?
We have a recent answer from In re Creason, Case No. 22-00988, Western Michigan Bankruptcy Court (opinion issued 2/23/2023).
Facts
The Subchapter V Debtor is a sole-proprietor dentist.
Introduction
Section 365(n) of the United States Bankruptcy Code (11 U.S.C. Title 11) protects the rights of intellectual property (IP) non-debtor licensees. Section 365 of the Bankruptcy Code allows a debtor –in-possession, or a trustee (e.g., a software vendor) to: (a) assume, (b) assign, or (c) reject certain executory contracts – which would typically include software licenses. A debtor in possession’s decision to assume, assign, or reject an executory contract is subject to court approval, certain deadlines and other requirements detain Section 365 of the Bankruptcy Code.
The Court of King's Bench for Saskatchewan has rejected another attempt by a rural municipality to gain priority in an oil and gas receivership. This follows the recent Alberta Decision in Orphan Well Association v Trident Exploration Corp, 2022 ABKB 839, where the Alberta Court of King's Bench confirmed that the abandonment and reclamation obligations owed to the Orphan Well Association and the Alberta Energy Regulator rank in priority to claims of municipalities for unpaid property taxes in insolvency proceedings.
Key Points
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Looking at the most recent figures on corporate insolvencies makes for worrying reading for landlords and occupiers alike, with overall numbers now exceeding pre-pandemic levels. Overall, corporate insolvencies increased by 17% in England and Wales since February 2022 and were a third higher than in February 2020.
Earlier today, Southern District of Texas Bankruptcy Judge David R. Jones (the “Court”) issued an oral ruling on motions for summary judgment regarding the propriety of Serta’s 2020 “uptier” liability management transaction (the “Transaction”). As described below, the Court ruled that the term “open market purchase” in the governing credit agreements was unambiguous, and that the Transaction “very clearly” was an open market purchase.
The sudden and spectacular failure of three regional banks within a week has pushed all other business stories off the front pages and has financial markets anxiously asking where the fallout stops. As unique as the underlying causes of each failure were, at their core these were all good old-fashioned bank runs triggered by liquidity issues.