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    Second Liens Beware Delaware Bankruptcy Court Finds De Facto Claim Subordination Under Intercreditor Agreement
    2019-01-10

    Executive Summary

    On December 27, 2018, the United States Bankruptcy Court for the District of Delaware issued an opinion in In re La Paloma Generating Co., Case No. 16-12700 (Bankr. D. Del. Dec. 27, 2018) [Docket No. 1274], that should raise substantial concerns for junior secured creditors.

    In particular, the La Paloma opinion determined that:

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    The Fifth Circuit Considers Enforceability of “Golden Share” Provisions in Franchise Services
    2018-06-15

    In a recent decision, the Fifth Circuit narrowly held that federal law does not prevent a bona fide shareholder from exercising its voting right in the company’s charter to prevent the filing by the company of a bankruptcy petition merely because it is also an unsecured creditor. In re Franchise Servs. of N. Am., Inc., 891 F.3d 198, 203 (5th Cir. 2018).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Unsecured creditor, Fifth Circuit
    Authors:
    Ronit J. Berkovich
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Supreme Tax Court Abolishes German Restructuring Privilege
    2017-02-22

    Cancellation of debt a key element of most restructurings generally triggers taxable income. The German tax authorities had issued an administrative decree (the "Tax Restructuring Decree" - Sanierungserlass), however, declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debt income ("CODI") would not be taxed.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP
    Authors:
    Britta Grauke
    Location:
    Germany
    Firm:
    Weil Gotshal & Manges LLP
    UK High Court judgment on ISDA Default Rate calculations in Lehman Waterfall IIC, and supplemental judgment on statutory interest and currency conversion claims in Waterfall IIA and IIB
    2016-10-12

    The High Court in London handed down judgment on Part C of the Lehman Waterfall II Application on 5 October 2016.

    The judgment examines the extent of creditors’ entitlements to Default Rate interest on debts arising under ISDA Master Agreements governed by English law and New York law. As some £4.4 billion of LBIE’s admitted claims arise under ISDA Master Agreements and the debts were outstanding for more than five years, this judgment will materially influence the amount of money which must be applied in satisfaction of creditors’ entitlements to statutory interest.

    Filed under:
    United Kingdom, Banking, Derivatives, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Lehman Brothers
    Authors:
    Mark Lawford
    Location:
    United Kingdom
    Firm:
    Weil Gotshal & Manges LLP
    Federal Government Enacts New Restructuring Law for U.S. Territories and Their Instrumentalities
    2016-07-11

    On June 30, 2016, Congress passed and President Obama signed into law a new piece of federal legislation that will govern the restructuring of U.S. territories: Public Law No: 114-187. Although not limited to the Commonwealth of Puerto Rico, enactment of the new law, entitled the Puerto Rico Oversight, Management, and Economic Stability Act or “PROMESA,” represents a bipartisan achievement in the context of a worsening fiscal crisis in Puerto Rico.

    Filed under:
    Puerto Rico, USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Regulatory compliance, Federal preemption, Debt, Economic development, Cashflow, Title 11 of the US Code, US Congress, First Circuit
    Authors:
    Gabriel A. Morgan
    Location:
    Puerto Rico, USA
    Firm:
    Weil Gotshal & Manges LLP
    Keep Your Fights Out of Bankruptcy Court: Bad Faith Involuntary Petitions
    2016-06-09

    Creditors seeking to file an involuntary petition against a debtor may want to consider doing their due diligence before using it as a tool in their ongoing disputes with a debtor.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Due diligence, Bad faith, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Daniel Gwen
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Automatic Stay Releases Airplane Hostage and Shoots Down Landlord’s Administrative Expense
    2016-05-12

    Today we’ll begin with a two-part question: When do you suppose you could (i) hold a debtor’s property hostage without running afoul of the automatic stay and (ii) also collect on an administrative expense for postpetition rent for leased space used to store such property?

    If you don’t already know the answers to the above questions, perhaps an overview of a recent decision from the Bankruptcy Court for the District of New Jersey will provide some insight.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Real Estate, Weil Gotshal & Manges LLP, Debtor, Landlord
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    A Twist on Excusable Neglect
    2016-04-13

    Practitioners generally identify “excusable neglect” as the standard that bankruptcy courts apply in determining whether to allow a creditor’s untimely proof of claim. A creditor who lets the bar date pass finds itself in the undesirable position of having to persuade the bankruptcy court that its neglect to file a timely proof of claim was excusable.

    Filed under:
    USA, Kansas, Insolvency & Restructuring, Litigation, Real Estate, Weil Gotshal & Manges LLP, Debtor, United States bankruptcy court
    Authors:
    Moshe Fink
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    How Are Informal Proofs of Claim Like Informal Dress Codes? What You Can Get Away With May Depend on Whom You Ask
    2016-03-11

    “I’m inconsistent, even to myself.”

    -Bob Dylan

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Delaware Bankruptcy Court Holds That Committee Professionals Cannot Contract Around Baker Botts v. ASARCO
    2016-02-08

    Last June we covered the U.S. Supreme Court’s decision in Baker Botts LLP v.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP

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