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    Sixth Circuit: privately held stock buyout protected as 'settlement payments'
    2009-10-15

    In a decision with potentially broad implications, the U.S. Court of Appeals for the Sixth Circuit recently determined that payments made to former shareholders of a privately held company in a leveraged buyout transaction are protected as "settlement payments" pursuant to section 546(e) of the Bankruptcy Code.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Reed Smith LLP, Public company, Bankruptcy, Shareholder, Debtor, Security (finance), Federal Reporter, Privately held company, Debt, Leveraged buyout, Debtor in possession, Title 11 of the US Code, Eighth Circuit, United States bankruptcy court, Sixth Circuit
    Authors:
    Stephen T Bobo
    Location:
    USA
    Firm:
    Reed Smith LLP
    Distressed portfolio companies: potential litigation aftermath for sponsors
    2009-11-04

    Introduction
    Fraudulent Leveraged Buy-Outs
    Operating Company/Property Company
    Dividend Recapitalizations
    Deepening Insolvency
    Comment


    Introduction

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Arnold & Porter, Bankruptcy, Unsecured debt, Private equity, Dividends, Debt, Leveraged buyout, Default (finance), Leverage (finance), Buyout
    Location:
    USA
    Firm:
    Arnold & Porter
    Third Circuit says “settlement payment” exemption under Bankruptcy Code Section 546(e) includes private company LBOs
    2010-01-05

    Elaborating on its Resorts decision of ten years ago concerning payments to shareholders in a public leveraged buyout,1 the Court of Appeals for the Third Circuit recently ruled in In re Plassein Int’l, Corp.2 that the “settlement payment” exemption of section 546(e) of the Bankruptcy Code also insulates selling shareholders in a private LBO from fraudulent transfer liability.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Share (finance), Shareholder, Security (finance), Fraud, Safe harbor (law), Privately held company, Debt, Leveraged buyout, Default (finance), Secured loan, Title 11 of the US Code, Third Circuit
    Authors:
    Alan W Kornberg , Stephen J. Shimshak
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Leveraged buyouts and fraudulent transfers: how susceptible are you to avoidance?
    2010-02-10

    As the economy boomed in 2005-2007 and leverage increased to staggering levels, LBOs took a prominent place in the deal economy. During that time, investors completed 313 LBOs in the United States for approximately $630 billion.1 Following the recent economic downturn, many of those LBOs have become sources of controversy in a number of bankruptcies and restructurings - prominent examples include Tribune Co. and Lyondell Chemical Co.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, White Collar Crime, Cadwalader Wickersham & Taft LLP, Bankruptcy, Conflict of laws, Debtor, Fraud, Employment contract, Debt, Economy, Leveraged buyout, Leverage (finance), Circumstantial evidence, Title 11 of the US Code, Third Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Any Port in a Storm - the Safe Harbor of Section 546(e)
    2016-04-28

    A bankruptcy court wrote that filing for bankruptcy is “powerful magic.”  By finding federal preemption of state law fraudulent transfer claims, the Second Circuit Court of Appeals’ decision in the long-running Tribune case showed just how powerful this magic can be.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Squire Patton Boggs, Federal preemption, Bankruptcy, Balance sheet, Leveraged buyout, Tender offer, United States bankruptcy court
    Authors:
    Kate Thomas
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Strategic Use of Bankruptcy Examiner Requests
    2010-04-28

    Seeking to have an independent examiner investigate a debtor or its management can be a powerful tool available to creditors and other interested parties in a bankruptcy case. Typically, a party might request that an examiner be appointed if the debtor or its management is suspected of fraud or other misconduct. The low cost associated with making the request, together with recent positive outcomes for requesting creditors, may help to increasingly popularize the use of examiner requests by parties seeking leverage in bankruptcy plan negotiations.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Shareholder, Debtor, Fraud, Debt, Liquidation, Leveraged buyout, Debtor in possession, Title 11 of the US Code, Delaware Supreme Court, United States bankruptcy court, Sixth Circuit, US District Court for SDNY, Trustee
    Authors:
    Andrew M. Simon
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Bidders beware: private-equity club deals could be challenged in bankruptcy
    2007-10-01

    The aggregate value of private-equity acquisitions worldwide in 2006 exceeded $660 billion. If this number seems mind-boggling, consider that this record-breaking volume of transactions appears well on the way to being eclipsed in 2007. Even with corporate financing for leveraged buyouts harder to come by as a consequence of the sub-prime mortgage fallout, there is, by some estimates, $300 billion sitting globally in private-equity funds. Already on tap or completed in 2007: a $32 billion takeover of energy company TXU Corp.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Jones Day, Bankruptcy, Debtor, Private equity, Subprime lending, Anti-competitive practices, Leveraged buyout, Buyout, Title 11 of the US Code, Bell Canada, Daimler AG, The Home Depot
    Location:
    USA
    Firm:
    Jones Day
    Autodis: a surgical restructuring à la française
    2009-07-30

    The recent restructuring of Autodis, a French car parts company, is a perfect illustration of the positive consequences of the reform of the French bankruptcy code in effect since February 15, 2009. The combined use of the French conciliation procedure for the operating company and the French safeguard procedures for the holding companies were agreed upon between the debtor and its creditors pursuant to the first pre-pack agreement executed in France.

    Background

    Filed under:
    France, Insolvency & Restructuring, Jones Day, Bond (finance), Bankruptcy, Shareholder, Credit (finance), Debtor, Debt, Investment banking, Leveraged buyout, Write-off, United States bankruptcy court
    Authors:
    Laurent Assaya , Frédéric Gros
    Location:
    France
    Firm:
    Jones Day
    Lyondell: is the safe harbor closed to former shareholders of LBOs?
    2014-02-10

    In a recent decision by the United States Bankruptcy Court for the Southern District of New York, Weisfelner, v. Fund 1, et al. (In re Lyondell Chem. Co.), 2014 Bankr. LEXIS 159 (Bankr. S.D.N.Y.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Mintz, Shareholder, Leveraged buyout, United States bankruptcy court, US District Court for SDNY
    Authors:
    Joseph R. Dunn
    Location:
    USA
    Firm:
    Mintz
    A skilled examiner can make all the difference
    2010-11-29

    The U.S. Bankruptcy Code provides for the appointment of a bankruptcy examiner to investigate the debtor with respect to allegations of fraud, dishonesty, incompetence, misconduct or mismanagement. The right examiner, with a clearly defined mission, will have a major influence on the bankruptcy process. The difference between a successful financial restructuring or liquidation-resulting in substantial recoveries for the key constituencies-and a time-consuming (and asset-consuming) meltdown, can depend on the approach of the examiner and the examiner's support team.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, White Collar Crime, Wiley Rein LLP, Bankruptcy, Debtor, Unsecured debt, Fraud, Debt, Liquidation, Leveraged buyout, US Department of Justice, Lehman Brothers, Enron, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware, US District Court for SDNY, Trustee
    Authors:
    H. Jason Gold , Rebecca L. Saitta
    Location:
    USA
    Firm:
    Wiley Rein LLP

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