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    Second Circuit Addresses Key Chapter 11 Plan Issue
    2017-11-02

    It is a unique characteristic of debt restructuring under Chapter 11 of the Bankruptcy Code that a majority of a class of creditors can accept a modification of the terms of the debts owed to the class members, as provided in a plan of reorganization, and thereby bind non-accepting class members.[1] The ordinary route to confirming a Chapter 11 plan is to obtain its acceptance by a majority of every impaired class of creditors and equity hold

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Second Circuit, Sixth Circuit
    Authors:
    David W. Dykhouse
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Second Circuit Holds that District Court Orders Determining Restitution Credits are Final, Appealable Orders
    2017-04-24

    In United States v. Yalincak, No. 11-5446 (2nd Cir. Apr. 10, 2017) (Calabresi, Raggi, Lynch), the Second Circuit addressed a complicated issue of appellate procedure in the course of a decision on the law of restitution. Specifically, the Court weighed in on when a district court’s order crediting a defendant funds against his restitution obligations becomes a final, appealable order that cannot be revisited by the district court.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Patterson Belknap Webb & Tyler LLP, Second Circuit
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Supreme Court Denies Petition for Certiorari in Tribune Creditors’ Case
    2021-04-19

    In March, we reported on a brief filed by the Solicitor General recommending denial of a petition for certiorari filed by Tribune creditors seeking Supreme Court review of the Second Circuit ruling dismissing their state-law fraudulent transfer claims.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, SCOTUS, Second Circuit
    Authors:
    Jonah Wacholder
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Second Circuit Overturns Southern District in Marblegate
    2017-01-24

    On Jan. 17, the U.S. Court of Appeals for the Second Circuit vacated the decision of the District Court for the Southern District of New York in Marblegate Asset Management, LLC v.

    Filed under:
    USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Second Circuit
    Authors:
    Christopher Auguste , John Bessonette , Richard E. Farley , Jamie D. Kocis , Jennifer Li Godyn , Nathan Hyman , Daniel Michaelson
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    On the Continuing Viability of Debt-for-Debt Exchange Offers
    2016-12-21

    In a recent decision in the Southern District of New York, the court addressed a challenge to a secured-for-unsecured debt exchange offer that raised and answered a host of questions on the potential vulnerability of offers of this type. In Waxman v. Cliffs Natural Resources (SDNY December 6, 2016), the court dealt with standing to pursue a challenge; TIA §316(b) after Marblegate and MeehanCombs/Caesars; the no-action clause and allegations of conflict of interest of the trustee; the remedies clause; and discrimination against non-QIBs.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Collateral (finance), Second Circuit
    Authors:
    Abbe L. Dienstag
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Trust Indenture Act Litigation by Plaintiff Firms May Interfere With Out-of-Court Restructurings
    2016-08-16

    Several recent cases in the United States District Court for the Southern District of New York have created ambiguity about when distressed exchange offers violate Section 316(b) of the 1939 Trust Indenture Act (the “TIA”). It appears that plaintiffs’ lawyers are using this ambiguity to challenge distressed exchange offers. The threat of litigation may give minority bondholders a powerful tool to hinder less than fully consensual out-of-court restructurings and provide them with increased leverage in negotiations.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Unsecured debt, Interest, Limited liability company, Debt, Maturity (finance), Debt restructuring, Secured loan, Second Circuit, US District Court for SDNY
    Authors:
    John Bessonette , Nathan Hyman
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Second Circuit in AMR Corp. – “no make-whole” based on plain meaning of indentures and discusses consequences of section 1110 payments
    2013-10-11

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Bond (finance), Default (finance), Title 11 of the US Code, Second Circuit
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Second Circuit Affirms That Some Private Student Loans Are Dischargeable in Bankruptcy
    2021-11-17

    Overview

    In Hilal K. Homaidan v. Sallie Mae, Inc., Navient Solutions, LLC, Navient Credit Finance Corporation, Case No. 20-1981 (2d Cir. 2021), the Second Circuit affirmed the opinion of the U.S. Bankruptcy Court for the Eastern District of New York, which held that private student loans are not excepted from discharge under Section 523(a)(8)(A)(ii) of the Bankruptcy Code, which excepts from discharge “an obligation to repay funds received as an educational benefit, scholarship, or stipend.” 11 U.S.C. § 523(a)(8)(A)(ii).

    Background

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Second Circuit
    Authors:
    Nancy M. Bello
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Stay here – Second Circuit in Residential Capital holds automatic stay can be applied to non-debtors where action has an immediate adverse economic consequence for estate
    2013-08-21

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Kramer Levin Naftalis & Frankel LLP, Debtor, Mortgage-backed security, Federal Housing Finance Agency, Second Circuit, Fourth Circuit
    Authors:
    Benjamin C. Wolf
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Second Circuit Holds That So-Called “Flip” Clause Payments Are Protected by Section 560 of the Bankruptcy Code
    2020-09-08

    The Bottom Line

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, Collateralized debt obligation, Credit default swap, Title 11 of the US Code, Second Circuit, Trustee
    Authors:
    David E. Blabey, Jr
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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