Summary

How does the “indicative rulings” process work when a settlement occurs while a bankruptcy dispute is pending on appeal before a U.S. circuit court of appeals?  In such circumstance: 

In re Caesars Entertainment is one of the major-and-successful bankruptcy cases in the history of these United States. 

The Caesars bankruptcy was filed on January 15, 2015, in the Northern Illinois Bankruptcy Court with $18 billion of debt.  It achieved a confirmed plan two years later (on January 17, 2017).  The bankruptcy case finally closed within the last six months (on December 3, 2025), and its last docket entry [No. 9968] is dated January 12, 2026.

Mediation Controversy—Background

With the aim of improving the regulatory framework of corporate insolvency and address shortcomings of the 2014 Law on Bankruptcy (the “LOB 2014”), the National Assembly, at its morning session on 11 December 2025, passed the Law on Rehabilitation and Bankruptcy (the “New LORB”), which takes effect from 1 March 2026 and replaces the LOB 2014. In this article, we will discuss several remarkable changes introduced under the New LORB.

Applicable Legislation and Fundamental Principles

11 U.S.C. § 365(c)(2) says (emphasis added):

r 1 //./ r 2 Capital Market 06 Dispute Resolution 11 Fintech 19 International Trade/ WTO 26 Ministry of Corporate Affairs (MCA) 31 Restructuring and Insolvency 43 Sports and Gaming 51 White Collar Crime 03 Competition Law 09 Employment Law 17 Infrastructure and Energy 24 Media and entertainment 30 RBI & FEMA 41 RERA 48 Technology 55 r 3 SEBI CONSULTATION PAPER ON THE CONSOLIDATION OF FPI/DDP MASTER CIRCULAR (5 DECEMBER 2025) On 5 December 2025, SEBI released a consultation paper proposing a comprehensive consolidation and modernisation of the Master Circular governing Foreign Po

In August 2025, the Singapore International Arbitration Centre (SIAC) launched a Restructuring and Insolvency Arbitration Protocol, designed to provide a framework for arbitration of matters arising in the context of restructuring, adjustment of debt or insolvency.

In the recent decision of AlphaBow Energy Ltd. (Re) (“AlphaBow”),^[1] the Alberta Court of King’s Bench dismissed AlphaBow’s application to stay the Alberta Energy Regulator’s (“AER”) request for a security deposit for the duration of its restructuring proceedings.

Background