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    Chapter 9 Bankruptcy—Preemption of Puerto Rico Recovery Act
    2015-12-04

    Puerto Rico v. Franklin CA Tax-Free Trust, No. 15-233
    Acosta-Febo v. Franklin CA Tax-Free Trust, No. 15-255

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Mayer Brown, American Recovery and Reinvestment Act 2009 (USA)
    Location:
    Puerto Rico, USA
    Firm:
    Mayer Brown
    German insolvency law – an overview
    2014-11-05

    German insolvency law is governed by a comprehensive Insolvency Code which entered into force on January 1, 1999 and has been amended from time to time, the last major reform being the Act for the Further Facilitation of the Restructuring of Companies (ESUG) which largely came into force as of 1 March 2012. Further modifications were implemented in a second reform which came into force on 1 July 2014.There is only one primary uniform insolvency procedure which applies to both individuals and companies. In the following, we focus on companies.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Mayer Brown, Legal personality, Debtor
    Location:
    Germany
    Firm:
    Mayer Brown
    Creditors rewarded with priority claim against bankruptcy estate for costs of preserving assets incurred before notice of petition
    2013-12-13

    In the bankruptcy proceedings in respect of Mr Gabriel Ricardo Dias-Azedo (the "Bankrupt"), the Court of First Instance recently exercised its discretion under sections 37(2) and 97 of the Bankruptcy Ordinance (Cap. 6) (BO) in favour of two creditors and granted them a priority claim against the Bankrupt's estate for their costs in preserving his assets incurred before receiving notice of the bankruptcy petition.

    Background

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Default judgment
    Authors:
    Richard M. Tollan , Edmund M. S. Ma
    Location:
    Hong Kong
    Firm:
    Mayer Brown
    Pensions regulator statement: FSDs and insolvency
    2012-07-30

    The Pensions Regulator (the “Regulator”) has published a statement setting out its approach to the issuing of financial support directions (“FSDs”) in insolvency situations. The statement is designed to calm fears following the decision in the joined Nortel and Lehman cases that the “super priority” of FSDs could have a negative impact on the corporate rescue and lending industries.

    Background

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Mayer Brown, Defined benefit pension plan, The Pensions Regulator, Lehman Brothers
    Authors:
    Devi Shah , Andrew Block
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Court of Appeal confirms financial support directionsissued in insolvency have super priority
    2011-10-17

    The Court of Appeal has confirmed that the costs of complying with Financial Support Directions (“FSDs”) proposed to be issued to certain Nortel and Lehman companies by the Pensions Regulator (“TPR”) qualify as “super priority” administration expenses, payable in priority to unsecured creditors, floating charge holders and the administrators’ own fees.

    The question

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Unsecured debt, Debt, Liquidation, Precondition, Defined benefit pension plan, Sponsor (commercial), The Pensions Regulator, Court of Appeal of England & Wales, Trustee
    Authors:
    Devi Shah
    Location:
    USA
    Firm:
    Mayer Brown
    There are some things adjudication cannot do…
    2010-07-26

    An adjudicator can only deal with one dispute under one contract. In Enterprise v McFadden the adjudicator could not therefore deal with a claim to a net balance arising out of mutual dealings on four separate subcontracts (one of which was not even a construction contract) under Rule 4.90 of the Insolvency Rules 1986. Tripartite adjudication is not possible so the adjudication could not cope with a cross claim which would have involved joining assignors.

    Filed under:
    United Kingdom, Arbitration & ADR, Construction, Insolvency & Restructuring, Litigation, Mayer Brown, Accounting, High Court of Justice
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Southern District of New York Holds That Bankruptcy Court Lacks Statutory Authority to Approve Non-Consensual Third-Party Releases
    2022-01-31

    In a December 16, 2021, decision,1 Judge Colleen McMahon of the US District Court for the Southern District of New York reversed the bankruptcy court order confirming the Chapter 11 plan of Purdue Pharma, L.P.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Mayer Brown, US District Court for SDNY
    Authors:
    Sean T. Scott , Aaron Gavant , Tyler R. Ferguson
    Location:
    USA
    Firm:
    Mayer Brown
    Be Careful What You Wish For: Jevic Court Denies Chapter 7 Trustee’s Substitution Request, Potentially Ending Action Versus Prepetition Lenders
    2021-07-27

    Perhaps proving the maxim that people should be careful what they wish for, in a second significant ruling stemming from theJevic Holding Corp. bankruptcy case, on May 5, 2021, the US Bankruptcy Court for the District of Delaware found that Jevic’s Chapter 7 trustee, appointed following the conversion of the debtors’ cases from Chapter 11 to Chapter 7, did not have standing to continue claims originally brought against the debtors’ prepetition lenders by the Chapter 11 creditors’ committee.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, SCOTUS
    Authors:
    Sean T. Scott , Aaron Gavant , Samuel R. Rabuck
    Location:
    USA
    Firm:
    Mayer Brown
    Opinion of Interest - In re Cinemex: COVID or Not, Parties Still Bound by Lease Terms
    2021-03-04

    In a recent opinion issued in the Cinemex theater bankruptcy cases, In re Cinemex USA Real Estate Holdings, Inc., Case No. 20-14695-BKC-LMI, 2021 WL 564486 (Bankr. S.D. Fla. Jan. 27, 2021), Judge Laurel M. Isicoff of the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Mayer Brown, Bankruptcy, Coronavirus
    Location:
    USA
    Firm:
    Mayer Brown
    BJ Services, LLC, et al.: Not-So-Smooth Sailing for Credit Bidders
    2020-11-03

    BJ Services, a Texas-based provider of hydraulic fracturing (i.e., “fracking”) and cementing services for upstream oil and gas companies, filed for chapter 11 protection on July 20, 2020, in the US Bankruptcy Court for the Southern District of Texas, along with three of its affiliates. Their chapter 11 filings were prompted by unsuccessful restructuring negotiations with one of their equity sponsors—CSL Capital Management—which would have provided a $75 million new money investment, including $30 million in the form of DIP financing, in exchange for the majority of the reorganized equity.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Fracking, United States bankruptcy court
    Authors:
    Kyle J. Tum Suden , Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown

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