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    "Phase 3" McConnell Coronavirus Relief Bill Introduced in the Senate
    2020-03-19

    What: This evening, March 19, Senate Majority Leader Mitch McConnell introduced a bill called the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. The proposed bill is intended to provide relief to various sectors of the U.S. economy. Of particular interest is the Coronavirus Economic Stabilization Act of 2020, set forth in Division C, Title I of the proposed bill, which provides assistance to severely distressed sectors of the U.S. economy, including (but not limited to) airline carriers.

    Who Does This Impact:

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Public, Kramer Levin Naftalis & Frankel LLP, Coronavirus, US Senate
    Authors:
    Kelly E. Porcelli
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Bankruptcy Court Clarifies Requirements for Recognition of a Foreign Proceeding Under Chapter 15
    2019-08-23

    The Bottom Line

    In In re PT Bakrie Telecom Tbk, Ch. 11 Case No. 18-10200 (SHL) (Bankr. S.D.N.Y. May 30, 2019), the Bankruptcy Court for the Southern District of New York denied a noteholder group’s request for summary judgment seeking denial of recognition of a foreign proceeding under Chapter 15 of the Bankruptcy Code because the debtor had sufficient property in the United States, the appointment of the foreign representative was effective and the Indonesian proceeding was a collective one.

    What Happened?

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Title 11 of the US Code, United States bankruptcy court, US District Court for SDNY
    Authors:
    Nancy M. Bello
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Insurance Rehabilitation Proceeding in Curaçao Recognized by New York Bankruptcy Court
    2019-01-09

    The Bottom Line

    In In re ENNIA Caribe Holding N.V., 18-12908 (Bankr. S.D.N.Y. Dec. 20, 2018), a bankruptcy court in the Southern District of New York recognized a foreign insurance company’s rehabilitation proceeding in Curaçao as a “foreign main proceeding,” pursuant to Chapter 15 of the Bankruptcy Code, over objections from the insurance company’s nondebtor parent company. In doing so, the court examined, among other things, what is required for a “collective proceeding” in a foreign insolvency.

    What Happened

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Ninth Circuit Affirms Creditors’ Ability to Buy Blocking Position of Unsecured Claims
    2018-06-15

    The Bottom Line

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Ninth Circuit
    Authors:
    Alana Katz
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Supreme Court Issues Decision on Section 546(e) Safe Harbor Provision Resolving Long-Standing Circuit Split
    2018-02-28

    On February 27, 2018, the Supreme Court handed down a unanimous opinion, authored by Justice Sotomayor, resolving a Circuit split over the interpretation of Section 546(e) of the Bankruptcy Code, the “safe harbor” provision that shields specified types of payments “made by or to (or for the benefit of)” a financial institution from avoidance on fraudulent transfer grounds.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, SCOTUS
    Authors:
    Andrew Wyatt Pollack
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Delaware Bankruptcy Court Approves Separate Classification and Disparate Gifted Consideration Between General Unsecured Creditors
    2017-08-15

    The Bottom Line

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP
    Authors:
    Priya K. Baranpuria
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Jurisdiction Retention Clause in Sale Order Can’t Provide Bankruptcy Court Subject Matter Jurisdiction for Contract Disputes between Non-Debtors
    2017-06-13

    The Bottom Line

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, First Circuit
    Authors:
    Tuvia Peretz
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Navigating Lehman II’s Reach: Means of Payment of Indenture Trustee Fees Under Chapter 11 Plans
    2017-02-28

    By now, both indenture trustees and offices of the U.S. Trustee around the country are undoubtedly familiar with the Southern District of New York’s 2014 opinion in the case of In re Lehman Brothers Holdings, Inc., 508 B.R. 283 (S.D.N.Y. 2014) (Lehman II), finding that individual committee members must establish a “substantial contribution” to the case under Section 503 of the Bankruptcy Code before the payment of their fees will be approved as part of a Chapter 11 plan. In the years since the Lehman II decision, however, U.S.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Title 11 of the US Code, Lehman Brothers, US District Court for SDNY
    Authors:
    Douglas Mannal , Rachael Ringer
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Ending the 10b-5 Hold-up: Aéropostale Rejects Debtor’s Attack on Traders
    2016-10-24

    In an August 2016 decision in the Aéropostale bankruptcy case,1 the Bankruptcy Court for the Southern District of New York held that allegations of insider trading did not justify equitable subordination and were not “cause” to deny a credit bid. The decision helps bridge the gap between the treatment of insider trading allegations in bankruptcy court and their treatment everywhere else.

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Kramer Levin Naftalis & Frankel LLP, Insider trading
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    New decision clarifies rules regarding derivative standing for creditors in Delaware Court of Chancery
    2015-05-21

    On May 4, 2015, the Delaware Court of Chancery issued an important decision regarding creditor standing to  maintain a derivative action on behalf of an insolvent corporation. In Quadrant Structured Products Company v. Vertin et al., C.A. No.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Shareholder, Fiduciary, Credit default swap, Derivative suit, Delaware Court of Chancery
    Authors:
    Gregory A. Horowitz , David E. Blabey, Jr , Tuvia Peretz
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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