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    What Marblegate can teach US about the protections available to minority noteholders in an out-of-court restructuring
    2015-08-12

    Two recent decisions from the District Court for the Southern District of New York have renewed interest in the Trust Indenture Act and the ability of minority bondholders to use it as a shield to protect its rights in an out-of-court nonconsensual restructuring:  Marblegate Asset Management, LLC v.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Unsecured debt
    Authors:
    Jessica Liou
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Blurred lines: Seventh Circuit keeps alive claims based upon law firm’s alleged failure to advise on degrees of business risk
    2015-07-21

    Attorney.  Counselor.  Advisor.  As “the last bastion of the generalist,” the role of the restructuring attorney takes various forms and requires a restructuring attorney to wear many different hats – at times acting both as lawyer and business advisor.  This combination of business and law is very often what draws professionals to the practice area in the first place.  The line, however, between business and legal advisor is often blurry and imprecise, and a recent 

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Seventh Circuit
    Authors:
    Matthew Goren
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Clearing a Runway to Litigating Claims: The Principle of Comity and Pre-Litigation Discovery in Chapter 15 Cases
    2021-12-27

    As cross-border restructurings proliferate, especially in the wake of the global COVID-19 pandemic, companies with global assets and operations may utilize chapter 15 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) to facilitate cooperation between U.S. and foreign bankruptcy courts and protect assets located in the U.S. One doctrine central to relief under chapter 15 is the principle of comity, which refers to the recognition one nation’s legal system accords to another nation’s judicial proceedings. In chapter 15 proceedings, U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Coronavirus
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    DeepOcean: The UK’s First Cross Class Cram Down Restructuring Plan
    2021-03-03

    On 28 January, the English High Court handed down the first ever judgment sanctioning a restructuring plan under Part 26A of the Companies Act 2006 (“CA 2006”) (“Plan”) invoking the new cross class cram down procedure introduced into UK law in June 2020.

    Filed under:
    European Union, United Kingdom, USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
    Location:
    European Union, United Kingdom, USA
    Firm:
    Weil Gotshal & Manges LLP
    Doncasters’ Restructuring Successfully Implemented
    2020-03-20

    Background

    On 6 March 2020, the restructuring of Doncasters Group's 1.22 billion funded debt was completed. Following a successful non-core disposals program, the Doncasters Group (a leading worldwide supplier of high quality engineered components for the aerospace, industrial gas turbine and specialist automotive industries) operates from 12 principal manufacturing facilities based across the United Kingdom, the United States, Germany, Mexico and China.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
    Authors:
    Andrew Wilkinson , Gemma Sage , Nick Fortune , Mark Lawford
    Location:
    United Kingdom, USA
    Firm:
    Weil Gotshal & Manges LLP
    Sold or Rejected? To Be or Not to Be ― Executory
    2019-04-19

    Whether a contract is executory is an often-litigated issue in bankruptcy because of the treatment afforded to such contracts. Although the Bankruptcy Code does not define the term “executory contract,” most courts follow a variation of the definition provided by Professor Vern Countryman in a 1973 law review article.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Authors:
    Candace Arthur
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Wasn’t Me: The Insured vs. Insured Exclusion (“Side A”)
    2018-09-04

    In the novel A Frolic of His Own, by William Gaddis1, the protagonist, Oscar Crease, is run over by his own driverless car when it slips from park into neutral while Oscar is standing in front of the car trying to hot-wire it.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Lehman Waterfall I - UK Supreme Court Judgment
    2017-05-17

    The Supreme Court in London today gave judgment in the Waterfall I appeal, a dispute as to the distribution of the estimated £8 billion surplus of assets in the main Lehman operating company in Europe, Lehman Brothers International (Europe) (LBIE).

    LBIE entered administration on 15 September 2008 and has now paid its unsecured creditors dividends of 100p in the £. The Waterfall I Supreme Court appeal addressed some of the key issues as to who should receive the surplus, which we discuss below.

    “So-called” Currency Conversion Claims

    Filed under:
    United Kingdom, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Lehman Brothers, UK Supreme Court
    Authors:
    Mark Lawford , Rosalind Meehan
    Location:
    United Kingdom
    Firm:
    Weil Gotshal & Manges LLP
    To Cap or Not to Cap: Ninth Circuit Vacates Order of District Court and Revisits Section 502(b)(6)
    2017-01-11

    In this installment of “To Cap or Not to Cap,” which was previously featured on Weil’s Bankruptcy Blog in May of 2015 (see here), we reviewed a recent decision from the United States Court of Appeals for the Ninth Circuit. In Kupfer v.

    Filed under:
    USA, California, Arbitration & ADR, Insolvency & Restructuring, Litigation, Real Estate, Weil Gotshal & Manges LLP
    Authors:
    Lauren Tauro
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Desperate Times Call for Desperate Measures: Delaware Bankruptcy Court Doesn’t Answer in Syntax-Brillian, Denying Motion to Remove Trustee
    2016-07-26

    The Bankruptcy Code’s priority scheme provides that the shareholders generally cannot receive anything on account of their investment until all secured, priority and unsecured creditors are paid in full.

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

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