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    SDNY Bankruptcy Court Reaffirms the Low Bar of the Property Requirement for Filing a Chapter 15 Case
    2019-05-30

    Last year, we discussed a decision by Judge Sean Lane of the United States Bankruptcy Court for the Southern District of New York concerning section 109(a) of the Bankruptcy Code.[1] In a recent cross-border case, In re PT Bakrie Telecom Tbk,

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Debtor
    Authors:
    Samuel J. Kwak , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Chapter 15: Court Permits Foreign Debtors to Access and Receive Funds in U.S. Account
    2019-01-31

    A court in New York has allowed offshore debtors to take control of an investment account in the U.S. over the objection of a shareholder. At stake was the court’s discretion to permit chapter 15 debtors to access the funds and to transfer them outside the U.S. The shareholder asserted that its interests weren’t fully protected, but the court ruled that on balance the debtors’ need for the money outweighed the shareholder’s concerns.

    Filed under:
    USA, New York, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, United States bankruptcy court
    Authors:
    Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Stern Challenge to Third-Party Plan Releases Fails in Delaware
    2018-10-05

    In hindsight, it seems inevitable that constitutional and other jurisdictional problems would arise when Congress, in enacting the Bankruptcy Reform Act of 1978, created impressive new powers and responsibilities for the bankruptcy courts (along with a considerable degree of independence) but denied them the status of Article III courts under the Constitution (by denying its judges lifetime tenure, as Article III requires). And it didn’t take long for the problems to arise.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Article III US Constitution, US Congress, SCOTUS, United States bankruptcy court, Third Circuit
    Authors:
    David W. Dykhouse
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Chapter 15: US Court Respects UK Scheme of Arrangement: Third-Party Releases Enforced
    2018-06-05

    Judge Martin Glenn granted recognition to a UK scheme of arrangement with third-party releases that lacked full creditor consent. In re Avanti Communs. Grp., PLC, No. 18-10458, 2018 Bankr. LEXIS 1078 (Bankr. S.D.N.Y. Apr. 9, 2018). While stating that “granting third-party releases in chapter 11 cases is controversial,” Judge Glenn noted that courts will more willingly enforce third-party releases in chapter 15 cases, given the importance of comity and respect for foreign proceedings.

    Filed under:
    United Kingdom, USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, US District Court for SDNY
    Authors:
    Daniel A. Lowenthal
    Location:
    United Kingdom, USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Major Section 546(c) Safe Harbor Issue Resolved by the Supreme Court
    2018-02-28

    Our post last year concerning “[t]he long-running litigation spawned by the leveraged buyout of Tribune Company . . . and the subsequent bankruptcy case”[1] described a case--FTI v. Merit[2]--that was then pending in the Supreme Court.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Bankruptcy, SCOTUS
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Non-Consensual Third-Party Releases in Chapter 11 Plans: a Recent Decision
    2017-11-09

    A recent decision of the United States Bankruptcy Court for the Southern District of New York provides important guidance on the limits of nonconsensual third-party releases in the Second Circuit.[1] SunEdison, Inc. sought confirmation of a plan for itself and its affiliated debtors.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Second Circuit, United States bankruptcy court
    Authors:
    Brian P. Guiney
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Commercial Division Declines to Use New York Debtor and Creditor Law to Enjoin a Defendant’s Asset Sale Without Evidence of Inadequate Consideration
    2017-07-31

    In Del Forte USA, Inc. v. Blue Beverage Group, Inc. et al., No. 518454/2016, 2017 BL 253248 (Sup. Ct. Jul. 17, 2017), New York Commercial Division Justice Sylvia G. Ash denied plaintiff Del Forte’s preliminary injunction motion that sought, pursuant to N.Y.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Breach of contract, Preliminary injunction
    Authors:
    Jordan Engelhardt , Muhammad U. Faridi
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Recent Decision on Derivative Standing by a Creditors’ Committee to Challenge a Lender’s Liens
    2021-10-28

    In many chapter 11 cases, creditors’ committees can play a vital role in maximizing the recoveries of unsecured creditors. But the powers of creditors’ committees are circumscribed by both the Bankruptcy Code and case law.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Coronavirus
    Authors:
    Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    The Crystal Anniversary: Chapter 15 Turns 15
    2021-05-14

    In recognition of the 15th anniversary of the passage of chapter 15 of the Bankruptcy Code, the New York City Bar Association’s Bankruptcy & Corporate Reorganization Committee hosted a webinar on May 12, 2021 to discuss the current state of chapter 15 cases and potential, corresponding and significant future developments.[1]Several dozen participants joined a panel of distinguished leaders in the field: the Honorable Allan Gropper, former United

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP
    Authors:
    Lance Kodish
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Delaware Bankruptcy Court Issues Decision on Whether a Debtor Can Be a “Financial Participant”
    2021-01-15

    We have blogged previously about section 546(e), the Bankruptcy Code’s safe harbor for certain transfers otherwise subject to avoidance as preferences or fraudulent transfers. See 11 U.S.C. § 546(e). Among the transfers protected by the section 546(e) safe harbor are transfers by or to a “financial participant” made “in connection with a securities contract.” Id.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP
    Authors:
    Jonah Wacholder , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP

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