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    Business Restructuring Review | March-April 2020
    2020-04-15

    In This Issue:

    U.S. Supreme Court: Creditors May Immediately Appeal Denials of Automatic-Stay Relief

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Jones Day, Title 11 of the US Code, SCOTUS
    Authors:
    Paul M. Green , Charles M. Oellermann , Dan T. Moss , Brad B. Erens , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Delaware Bankruptcy Court Adopts Interim Modalities for Court Communication in Cross-Border Bankruptcies
    2019-09-23

    After discussions among judges from several jurisdictions, including Argentina, Australia, Bermuda, the British Virgin Islands, Canada, the Cayman Islands, England and Wales, Singapore, and the United States, at the initial meeting of the Judicial Insolvency Network (the "JIN") in October 2016, the JIN developed Guidelines for Communication and Cooperation Between Courts in Cross-Border Insolvency Matters (the "Guidelines").

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Jones Day, United States bankruptcy court
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Bankruptcy Court in Chapter 15 Case Refuses to Extend Comity to Gibbs Rule in Enforcing Croatian Settlement Modifying English-Law Debt
    2019-04-16

    For more than a century, courts in England and Wales have refused to recognize or enforce foreign court judgments or proceedings that discharge or compromise debts governed by English law. In accordance with a rule (the "Gibbs Rule") stated in an 1890 decision by the English Court of Appeal, creditors holding debt governed by English law may still sue to recover the full amount of their debts in England even if such debts have been discharged or modified in connection with a non-U.K.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Jones Day, Debt, Comity, Second Circuit, United States bankruptcy court, US District Court for SDNY
    Authors:
    Dan T. Moss , Mark G. Douglas
    Location:
    United Kingdom, USA
    Firm:
    Jones Day
    Fifth Circuit Adopts Flexible Approach to Collateral Valuation in Cramdown Chapter 11 Cases
    2018-10-10

    In In re Houston Regional Sports Network, L.P., 886 F.3d 523 (5th Cir. 2018), the U.S. Court of Appeals for the Fifth Circuit held that bankruptcy courts have flexibility in selecting the date on which to value collateral, "so long as the bankruptcy court takes into account the purpose of the valuation and the proposed use or disposition of the collateral at issue." In so holding, the Fifth Circuit rejected the proposition that a bankruptcy court must value collateral as of either the bankruptcy petition date or the effective date of a cramdown chapter 11 plan.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Jones Day
    Location:
    USA
    Firm:
    Jones Day
    Fraudulent Transfer Avoidance Recovery Not Limited to Total Amount of Creditor Claims
    2018-02-02

    Courts disagree as to whether the amount that a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP" ) can recover in fraudulent transfer avoidance litigation should be capped at the total amount of unsecured claims against the estate. A Delaware bankruptcy court recently weighed in on this issue in PAH Litigation Trust v. Water Street Healthcare Partners, L.P. (In re Physiotherapy Holdings, Inc.), 2017 WL 5054308 (Bankr. D. Del. Nov. 1, 2017). Noting the absence of any guidance on the question from the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Jones Day, Debtor in possession, Title 11 of the US Code, Federal Deposit Insurance Corporation (USA), United States bankruptcy court, US District Court for District of Delaware, US District Court for SDNY
    Authors:
    Jane Rue Wittstein , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Judicial Guidance about "Perfection by Possession" under Australia's Personal Property Securities Act
    2017-09-15

    The Federal Court of Australia has provided judicial guidance about what constitutes taking possession by seizure under the Personal Property Securities Act 2009 (Cth) ("PPSA"). Knauf Plasterboard Pty Ltd v Plasterboard West Pty Ltd (In Liquidation) (Receivers and Managers Appointed) [2017] FCA 866 indicates that a receiver taking possession of personal property in accordance with a valid security agreement will not perfect a security interest by way of possession.

    Background

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Jones Day, Federal Court of Australia
    Authors:
    Lucas Wilk , Roger Dobson , Katie Higgins , Evan J. Sylwestrzak
    Location:
    Australia
    Firm:
    Jones Day
    Singapore, U.K., Delaware, and New York Courts Adopt Guidelines for Communication and Cooperation Between Courts in Cross-Border Insolvency Matters
    2017-05-31

    On February 1, 2017, the Supreme Court of Singapore and the U.S. Bankruptcy Court for the District of Delaware announced that they had formally implemented Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency Matters (the "Guidelines"). The U.S. Bankruptcy Court for the Southern District of New York adopted the Guidelines on February 17, 2017.

    Filed under:
    Singapore, United Kingdom, USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Stakeholder (corporate), Liquidator (law), United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Corinne Ball , Sushma Jobanputra , Ben Larkin
    Location:
    Singapore, United Kingdom, USA
    Firm:
    Jones Day
    Another Appellate Court Rejects Lubrizol Approach to Effect of Rejection of Trademark License in Bankruptcy
    2017-01-27

    Only a handful of courts have had an opportunity to address the ramifications of rejection of a trademark license since the U.S. Court of Appeals for the Seventh Circuit handed down its landmark decision in Sunbeam Prods., Inc. v. Chicago Am. Manuf., LLC, 686 F.3d 372 (7th Cir. 2012), cert. denied, 133 S. Ct. 790 (2012). A bankruptcy appellate panel for the First Circuit recently did so in Mission Prod. Holdings, Inc. v. Tempnology LLC (In re Tempnology LLC), 559 B.R. 809 (B.A.P. 1st Cir. 2016).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Trademarks, Jones Day, Seventh Circuit
    Authors:
    Ben Rosenblum , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Bankruptcy Court Denies Aeropostale's Motions for Equitable Subordination and to Limit Credit Bidding
    2016-09-13

    Secured lenders have welcomed a ruling recently handed down by the U.S. Bankruptcy Court for the Southern District of New York in the chapter 11 cases of Aéropostale, Inc. and its affiliates (collectively, "Aéropostale"). In In re Aéropostale, Inc., 2016 BL 279439 (Bankr. S.D.N.Y. Aug. 26, 2016), Bankruptcy Judge Sean H.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Bruce Bennett , Brad B. Erens
    Location:
    USA
    Firm:
    Jones Day
    Quicksilver Drops Motion to Reject Midstream Agreements in Connection with Closing of Sale to BlueStone Natural Resources
    2016-04-11

    On April 7, 2016, Quicksilver Resources Inc. ("Quicksilver") announced that it closed the sale of its U.S. assets for $245 million to BlueStone Natural Resources II ("BlueStone") in connection with Quicksilver's bankruptcy cases and pursuant to an Asset Purchase Agreement that was approved by Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware in January 2016.

    Filed under:
    USA, Delaware, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Thomas A. Howley , Jeffrey A. Schlegel , Omar Samji , Paul M. Green
    Location:
    USA
    Firm:
    Jones Day

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