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    Sovereign debt update
    2015-05-28

    The long-running dispute over the payment of Argentina’s sovereign debt, on which the South American nation defaulted for the second time in July 2014, continues to be particularly active.

    Filed under:
    Argentina, USA, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Mark G. Douglas
    Location:
    Argentina, USA
    Firm:
    Jones Day
    Delaware Bankruptcy Court: No Implied Assumption of Executory Contracts in Bankruptcy
    2022-01-14

    The ability of a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") to assume, assume and assign, or reject executory contracts and unexpired leases is an important tool designed to promote a "fresh start" for debtors and to maximize the value of the bankruptcy estate for the benefit of all stakeholders. However, the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure ("Bankruptcy Rules") establish strict requirements for the assumption, assignment, and rejection of contracts and leases. The U.S.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Jones Day, Medicare
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    After a Peak Comes the Fall: Australian Federal Court Rejects "Peak Indebtedness Rule"
    2021-07-30

    In Short

    The Situation: The Full Court of the Federal Court has changed industry practice in Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (in liq) (receivers and managers appointed) [2021] FCAFC 64 by holding that the "peak indebtedness rule" is not available to liquidators when assessing the value of running accounts in unfair preference claims. 

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Jones Day, Corporations Act 2001 (Australia)
    Authors:
    Roger Dobson , Katie Higgins , Lucas Wilk , Maria Yiasemides
    Location:
    Australia
    Firm:
    Jones Day
    Another Court Adopts Majority View in Approving Bankruptcy Trustee's Use of Tax Code Look-Back Period in Avoidance Actions
    2021-02-04

    The ability of a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") to avoid fraudulent transfers is an important tool promoting the bankruptcy policies of equality of distribution among creditors and maximizing the property included in the estate.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Jones Day, Medicare, Internal Revenue Service (USA), US Securities and Exchange Commission
    Authors:
    Daniel J. Merrett (Dan) , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Grounded: Virgin Australia Reaffirms the Australian Takeovers Panel’s Narrow Role in Distressed Transactions
    2020-09-16

    In Short

    The Situation: In Australia, the Takeovers Panel ("Panel") is the primary forum for hearing disputes in relation to takeover bids and other corporate control transactions involving public companies. In light of the current COVID-19-led financial distress being experienced by many companies, understanding when the Panel will be the appropriate forum to consider disputes in relation to a company in administration is important. This question arose in the course of the current Virgin Australia Group administration.

    Filed under:
    Australia, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Jones Day, Private equity, Coronavirus, Australian Securities Exchange
    Location:
    Australia
    Firm:
    Jones Day
    "Single-Satisfaction Rule" Does Not Preclude Bankruptcy Trustee's Recovery of Mortgage Loan Proceeds After Avoidance of Mortgage Lien
    2020-02-15

    Under the "single-satisfaction rule," although a bankruptcy trustee or a chapter 11 debtor-in-possession ("DIP") may seek to avoid and recover avoidable transfers of a debtor's property from more than one transferee, the aggregate recovery is limited to the value of the property transferred. The U.S. Court of Appeals for the Second Circuit examined this rule in Jones v. Brand Law Firm PA (In re Belmonte), 931 F.3d 147 (2d Cir. 2019).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Jones Day
    Authors:
    Mark G. Douglas , Furqaan M. Siddiqui
    Location:
    USA
    Firm:
    Jones Day
    Foreign Debtor’s COMI Shift Dooms Bid for Chapter 15 Recognition
    2019-08-19

    In In re O’Reilly, 598 B.R. 784 (Bankr. W.D. Pa. 2019), the U.S. Bankruptcy Court for the Western District of Pennsylvania denied the petition of a foreign bankruptcy trustee for recognition under chapter 15 of the Bankruptcy Code of a debtor’s Bahamian bankruptcy case. Although the Bahamian bankruptcy was otherwise eligible for chapter 15 recognition, the U.S.

    Filed under:
    Bahamas, USA, Insolvency & Restructuring, Litigation, Jones Day, Debtor, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit
    Authors:
    Dan T. Moss , Mark G. Douglas
    Location:
    Bahamas, USA
    Firm:
    Jones Day
    The Year in Bankruptcy: 2018
    2019-02-26

    Rumors of another recession multiplied as the tumultuous second year of the Trump administration came to a close. Highlights of 2018 included a simmering trade war with China; political upheaval after the House of Representatives was retaken by Democrats in the midterm elections; mayhem in financial markets; and, in December, the beginning of the longest government shutdown in U.S. history, triggered by lawmakers’ refusal to provide $5.7 billion in funding for a U.S.-Mexican border wall.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Charles M. Oellermann , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Bankruptcy Court Lacks Power to Substantively Consolidate Nondebtor, Nonprofit Entities With Archdiocese Debtor
    2018-08-16

    In the wake of scandal-driven bankruptcies filed by nearly 20 U.S. Roman Catholic dioceses and religious orders, scrutiny has been increasingly brought to bear on the benefits and burdens that federal bankruptcy laws offer to eleemosynary (nonprofit) corporations. Nonprofits seek bankruptcy protection for a variety of reasons.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Debtor
    Authors:
    Charles M. Oellermann , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Chapter 11 Plan Not Providing for Payment of Make-Whole Premium Impaired Noteholders
    2017-11-22

    In In re Ultra Petroleum Corp., 2017 BL 335015 (Bankr. S.D. Tex. Sept. 21, 2017), the U.S. Bankruptcy Court for the Southern District of Texas ruled that certain private-placement noteholders were entitled to receive a "make-whole" premium in excess of $200 million under a chapter 11 plan that rendered the noteholders’ claims unimpaired.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, US District Court for Southern District of Texas
    Authors:
    Brad B. Erens , Timothy Hoffmann
    Location:
    USA
    Firm:
    Jones Day

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