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    Third Circuit Finds Make-Whole Is Unmatured Interest That Must Be Paid by Solvent Debtor
    2024-09-17

    The US Court of Appeals for the Third Circuit on September 10, 2024 issued its anticipated opinion in In re The Hertz Corp., with a majority holding that make-whole premiums constitute unmatured interest disallowed by the US Bankruptcy Code, but also finding that solvent debtors must pay creditors their full claims as dictated by contract, including make-whole and post-petition interest, before distributions can be made to equity.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Coronavirus, Supreme Court of the United States
    Authors:
    Andrew J. Gallo
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Amendments Proposed to SGX Listing Rules to Support Company Restructuring
    2024-02-27

    The Singapore Exchange Regulation (SGX RegCo) recently launched a public consultation on its proposed enhancements to Singapore’s corporate restructuring and trading resumption frameworks. Proposed changes to the Mainboard Rules and Catalist Rules (collectively, the Listing Rules) include inclusion of a practice note to provide guidance to issuers with listed securities suspended from trading on the expectations of SGX RegCo and amendments to streamline the application process for resumption of trading for suspended issuers.

    Filed under:
    Singapore, Capital Markets, Insolvency & Restructuring, Morgan, Lewis & Bockius LLP, Insolvency
    Authors:
    Bernard Lui , Chrystle Kuek , Lianne Chia
    Location:
    Singapore
    Firm:
    Morgan Lewis Stamford LLC
    What to Know About Environmental Liabilities in Bankruptcy
    2023-12-14

    One of the primary goals of bankruptcy law is to provide debtors with a fresh start by imposing an automatic stay and allowing for claims of reorganizing debtors to be discharged. In environmental law, a primary goal is to ensure that the “polluter pays” for environmental harms. These two goals collide when an entity with environmental liabilities enters bankruptcy. The result is often outcomes that are the exception, rather than the rule, with many unsettled areas of law that can be dealt with by bankruptcy courts in varying ways.

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Mediation, Due diligence, Supreme Court of the United States
    Authors:
    Andrew J. Gallo , Duke K. McCall, III
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Default Rate Interest in the Wake of Golden Seahorse Chapter 11 Decision
    2023-11-07

    Can a debtor reinstate a defaulted loan under a Chapter 11 plan without paying default rate interest? This question was analyzed thoroughly in a recent Southern District of New York Bankruptcy Court decision by Judge Philip Bentley.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Holiday Inn
    Authors:
    Michael Luskin
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Update: ‘Control’ for UK Sanctions Addressed in Hellard Case
    2024-07-24

    Asset freeze measures enacted by the United Kingdom against designated persons (DPs) can, under certain circumstances, extend to entities “owned or controlled” by DPs. To date, there have been few—and at times partly contradictory—English court cases addressing the “ownership and control” criteria under the UK sanctions regime. The latest judgment in Hellard v OJSC Rossiysky Kredit Bank sought to reconcile the previous guidance provided by the courts in the Mints and Litasco cases.

    Filed under:
    Russia, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Morgan, Lewis & Bockius LLP, Anti-money laundering, Office of Financial Sanctions Implementation (UK)
    Authors:
    Bruce Johnston , Konstantin Kochetkov , Grigory Marinichev , Chris Warren-Smith , Yaroslav Smorodin
    Location:
    Russia, United Kingdom
    Firm:
    Morgan, Lewis & Bockius LLP
    US Supreme Court: Nonconsensual Third-Party Releases Impermissible Under Bankruptcy Code
    2024-06-28

    The US Supreme Court ruled in a landmark 5-4 decision on June 27, 2024 that nonconsensual third-party releases, as proposed in Purdue Pharma’s bankruptcy plan, were not permissible under the Bankruptcy Code. A nonconsensual third-party release serves to eliminate the direct claims of third parties against nondebtor parties without soliciting the consent of such affected claimants. This contrasts with consensual releases and opt-in or opt-out mechanisms permitted by courts.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Supreme Court of the United States
    Authors:
    Jennifer Feldsher , David K. Shim
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Delaware Bankruptcy Court Ruling on $7.2B Claim Affects Fraudulent Transfer Defense, Valuation Litigation
    2023-06-27

    In a decision likely to have a knock-on effect for future fraudulent transfer defense and valuation litigation, the Delaware bankruptcy court recently ruled that the price agreed in the sale of an oil and gas company closed by market participants represents the reasonably equivalent value for the assets being sold and is more reliable evidence of value than expert testimony prepared for the purposes of litigation.

    Filed under:
    USA, Delaware, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Bankruptcy, Private equity
    Authors:
    Andrew J. Gallo , Nathaniel P. Bruhn
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    How to Navigate the Post-FTX Crypto Bankruptcy Regulatory Landscape
    2023-06-15

    In the wake of several high-profile collapses of cryptocurrency exchanges, most notably FTX, Celsius, and Voyager, the state of the digital asset landscape is ever-changing, with more questions and landmines than clear paths forward. Among the many issues that arise in these bankruptcy cases is the question of how to treat and classify digital assets, especially cryptocurrencies—e.g., who owns the cryptocurrencies deposited by customers.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Morgan, Lewis & Bockius LLP, Bankruptcy, Cryptocurrency, Federal Deposit Insurance Corporation (USA), FTX, Uniform Commercial Code (USA)
    Authors:
    Edwin E. Smith , David K. Shim
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    SVB and Distressed Banks: Lessons Learned from a Wild Weekend
    2023-03-14

    US governmental authorities, including the US Department of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation, took actions to provide both insured and uninsured depositors of Silicon Valley Bank (SVB) (as well as Signature Bank) access to their deposits beginning Monday, March 13. However, despite these actions, many customers are still dealing with the aftermath of an uncertain weekend, and practical questions remain to be answered.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Morgan, Lewis & Bockius LLP, Private equity, Federal Deposit Insurance Corporation (USA), US Department of the Treasury, HSBC, Bank of England, Silicon Valley Bank
    Authors:
    Edwin E. Smith , Christopher M. Paridon , Erin E. Martin , Richard Hanson , Ian A. Wright
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP
    Fifth Circuit: Solvent-Debtor Exception Is Alive and Well
    2022-10-19

    A panel of the US Court of Appeals for the Fifth Circuit issued its long-anticipated decision in the Ultra Petroleum make-whole and post-petition interest dispute, with the majority holding that the solvent-debtor exception survived the enactment of the US Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Morgan, Lewis & Bockius LLP, Ninth Circuit
    Authors:
    Andrew J. Gallo , David B. Salmons , Nakisha Duncan , James D. Nelson
    Location:
    USA
    Firm:
    Morgan, Lewis & Bockius LLP

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