Das produzierende Gewerbe in Deutschland wird derzeit erheblich in Mitleidenschaft gezogen. Grund sind massive Materialpreis- und Energiekostenerhöhungen aufgrund der mittelbaren Folgen der Corona-Pandemie, gestörten Lieferketten und dem Ukrainekrieg. Als Folge der Wirtschaftskrise sowie der Insolvenz eines bedeutenden Kunden hat sich auch die in Osnabrück ansässige Berner GmbH entschieden, ihren Restrukturierungskurs im Rahmen eines am 23.03.2023 beim zuständigen Amtsgericht in Osnabrück gestellten Antrages auf Einleitung eines Insolvenzverfahrens in Eigenverwaltung fortzusetzen.
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.
Delaware Judge Brendan Shannon has joined calls for reforming Section 546(e) of the bankruptcy code, echoing concerns that the section’s safe harbor from fraudulent transfer liability has allowed investors to “loot privately held companies to the detriment of their non-insider creditors with effective impunity.”[1]
Introduction
In a decision that once again evidences the Fifth Circuit’s strong stance on the finality of asset sales in bankruptcy absent a stay of the applicable order, on March 8, 2023 the United States District Court for the Southern District of Texas published a memorandum opinion and order affirming a bankruptcy court’s exercise of Bankruptcy Code provisions to strip subrogation rights of certain sureties (the “Sureties”) against an asset purchaser.
FTX. Blockfi. Voyager. Celsius Network. Genesis. Silvergate Capital Corp. Whether due to alleged corporate fraud or the waterfall effect of a downward spiraling industry, as the past year has unfolded more and more cryptocurrency giants—previously touted by pundits and celebrities as sound new age investments—have filed for relief under the United States Bankruptcy Code.
Small business owners commonly guaranty certain obligations of their businesses. This stages a potential domino effect if the business is unable to satisfy its obligations. A failed business triggers a creditor to pursue the personal guaranty of the business owner, which can cause the business owner to file a bankruptcy petition if they do not have the ability to satisfy the guaranty. In those scenarios, the guaranty liability is a primary cause of the business owner’s bankruptcy and discharging that guaranty liability is the primary goal.
Summary
The manufacturing sector in Germany is currently being hit hard. The reasons are massive increases in material prices and energy costs due to the indirect consequences of the Corona pandemic, disrupted supply chains and the Ukraine war. As a consequence of the economic crisis and insolvency of an important customer, Berner GmbH, based in Osnabrück, decided to continue its restructuring course within the framework of a petition filed on 23.03.2023 with the competent Osnabrück Local Court for the initiation of insolvency proceedings in self -administration.