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    Unsecured creditors may claim post-petition attorneys’ fees
    2009-11-24

    In a decision that will be of great interest to the creditor community, the US Court of Appeals for the Second Circuit held, on November 5, 2009, that the Bankruptcy Code does not bar an unsecured claim for post-petition attorneys’ fees that was authorized under a valid prepetition contract. The case, Ogle v. Fidelity & Deposit Company of Maryland,1 extends and clarifies the US Supreme Court’s March 2007 decision in the Travelers case,2 which opened the door for such a ruling.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Unsecured debt, Interest, Liquidation, Unsecured creditor, Title 11 of the US Code, SCOTUS, Second Circuit, Ninth Circuit, United States bankruptcy court
    Authors:
    Brian Trust , Frederick D. Hyman
    Location:
    USA
    Firm:
    Mayer Brown
    High Court rules on first contested UK standalone moratorium process
    2022-03-31

    The first case to consider the requirement of a monitor to terminate a moratorium if they think a company is unable to pay certain debts was heard by the High Court on 4 February 2021. The case provides further clarity on the UK standalone moratorium process and is an example of a moratorium being used in order to restrain secured creditor action.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown
    Authors:
    Devi Shah , Amy Halsall
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Recent CVAs, schemes and restructuring plans
    2021-09-30

    High Court sanctions scheme of arrangement proposed by the Provident Finance group

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown
    Authors:
    Alexandra Wood , Hannah Davies
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    May - the month of the CVA challenge
    2021-05-28

    Earlier this month, judgments were handed down in the landlord challenges to two Company Voluntary Arrangements ("CVAs"), New Look and Regis. The challenge to the New Look CVA was unsuccessful, although permission to appeal to the Court of Appeal has been given. Whilst the Regis challenge lead to the revocation of the CVA, the majority of the landlords' arguments failed. These judgments provide important guidance on the use of landlord CVAs and their terms.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Mayer Brown
    Authors:
    Alexandra Wood
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Navient Case Dismissed Confirming High Bar to Involuntary Bankruptcy Petitions
    2021-03-01

    Perhaps not unexpectedly, on February 25, 2021, a New York bankruptcy court dismissed the involuntary bankruptcy petition brought earlier in the month by three student loan borrowers against Navient Solutions (see our prior post on the borrowers’ petition here). Navient is the student loan servicing arm of Navient Corporation, one of the world’s largest student loan-originators.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Samuel R. Rabuck , Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    In re Ultra Petroleum Corp.
    2020-11-19

    On remand from the Fifth Circuit, in its October 26, 2020, decision in In re Ultra Petroleum Corp.,1 the US Bankruptcy Court for the Southern District of Texas ruled that (1) make-whole premiums are allowed by the Bankruptcy Code under appropriate circumstances and (2) a solvent debtor must pay pos

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Aaron Gavant , Sean T. Scott , Alexander F. Berk , Tyler R. Ferguson
    Location:
    USA
    Firm:
    Mayer Brown
    A Grounding in Thai Rehabilitation of Business
    2020-07-21

    This Legal Update provides an outline of the Thai rehabilitation process, by reference to the Thai Airways proceedings currently underway in Bangkok's Central Bankruptcy Court.

    Toward the end of this Legal Update, we also touch on how airlines could use US Chapter 11 proceedings, a process understood to have been mooted by Thai Airways.

    Filed under:
    Thailand, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Coronavirus
    Location:
    Thailand
    Firm:
    Mayer Brown
    Are Companies in Bankruptcy Eligible for PPP Loans under the US CARES Act?
    2020-05-15

    As discussed in an earlier Legal Update,1 substantial uncertainty exists over whether companies in bankruptcy are eligible for loans under the Paycheck Protection Program, or PPP, which was established by the CARES Act to support small businesses by offering SBA-guaranteed loans on advantageous terms. Several recent bankruptcy court decisions underscore this uncertainty.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus, Paycheck Protection Program, CARES Act 2020 (USA)
    Authors:
    Sean T. Scott , Aaron Gavant , Kyle J. Tum Suden
    Location:
    USA
    Firm:
    Mayer Brown
    Third Circuit Holds Bankruptcy Courts May Constitutionally Confirm a Chapter 11 Plan Containing Nonconsensual Third-Party Releases
    2020-01-06

    On December 19, 2019, the US Court of Appeals for the Third Circuit held in In re Millennium Lab Holdings II, LLC1that bankruptcy courts have the constitutional authority, well within the constraints of Stern v.

    Filed under:
    USA, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Mayer Brown, Medicare, Medicaid, Bankruptcy
    Authors:
    Brian Trust , Adam C. Paul , Thomas S. Kiriakos , Sean T. Scott , Alexander F. Berk
    Location:
    USA
    Firm:
    Mayer Brown
    Not so distant ripples in the pond: The Supreme Court’s Tempnology decision and equipment leasing
    2019-05-22

    On May 20, 2019, the Supreme Court decided Mission Product Holdings, Inc. v. Tempnology, LLC, No. 17-1657. In an 8-1 decision, and in a majority opinion authored by Justice Kagan, the Court held that the debtor-licensor’s rejection of a trademark license under Section 365 of the Bankruptcy Code “has the same effect as a breach outside bankruptcy” and, as such, the debtor, through such a rejection, could not rescind the non-debtor’s licensee’s right to continue to use the trademarks; in short, the debtor-licensor’s rejection of the license “cannot revoke the license.” Slip Op. at 16-17.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown
    Location:
    USA
    Firm:
    Mayer Brown

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