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    Second Circuit Finds “Related To” Bankruptcy Jurisdiction in a Madoff Matter
    2018-02-15

    The Second Circuit recently issued an important decision on a “related to” jurisdiction case arising out of the Bernie Madoff Ponzi scheme. SPV Osus, Ltd. v. UBS AG, 2018 U.S. App. LEXIS 3088 (2d Cir. Feb. 9, 2018).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, LexisNexis, Second Circuit
    Authors:
    Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    The First Circuit Joins Several Other Circuit Courts in Finding That Creditors’ Committees Have an Unconditional Right to Intervene in Adversary Proceedings
    2018-01-23

    On September 22, 2017, the First Circuit Court of Appeals held that § 1109(b) of the Bankruptcy Code (the “Code”) provides a creditors’ committee with an “unconditional right to intervene” in an adversary proceeding.[1]  In reaching this conclusion, the court reversed the District Court for the District of Puerto Rico’s order denying an intervention motion and distinguished its own precedent, on which the District Court had relied.  This decision further bolsters the right of creditors’ com

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Caplin & Drysdale, Chartered, Bankruptcy, Federal Rules of Civil Procedure (USA), Second Circuit, Third Circuit, First Circuit
    Authors:
    Todd E. Phillips , Kevin C. Maclay , Sally J. Sullivan
    Location:
    USA
    Firm:
    Caplin & Drysdale, Chartered
    Second Circuit Clarifies Interest Rate Applicable in Chapter 11 "Cramdowns"
    2017-12-18

    On October 20, 2017, in In re MPM Silicones, LLC ("Momentive"), Nos. 15-1682, 15-1771, 15-1824, the Second Circuit Court of Appeals, considering the Supreme Court's opinion in Till v. SCS Credit Corp., 541 U.S. 465 (2004), adopted the Sixth Circuit's two-step approach to determining an appropriate cramdown interest rate that, in certain circumstances, results in the application of a market rate of interest. In doing so, the Second Circuit reversed the bankruptcy and district court holdings on the cramdown interest rate issue.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Second Circuit, Sixth Circuit
    Authors:
    Jerry L. Hall
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Impact of Second Circuit’s Momentive decision on interest rates under Chapter 11
    2017-12-18

    The Second Circuit recently issued its decision on an appeal to the Momentive Performance Materials Inc. (“MPM”) bankruptcy case. Amongst other issues, the Court found that when determining the appropriate interest rate in a Chapter 11 cramdown, courts should consider market factors rather than strictly apply the Till formula. The Court’s decision will benefit secured creditors when a market rate is ascertainable, as they will no longer have to accept below-market take-back debt.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Hogan Lovells, Bankruptcy, Secured creditor, Second Circuit, US District Court for the Southern District of New York
    Authors:
    Ronald Silverman
    Location:
    USA
    Firm:
    Hogan Lovells
    A Decision of Interest: U.S. Court of Appeals for the Second Circuit Opines on the Proper Interest Rate Under the Cramdown Provisions of Chapter 11
    2017-11-13

    On October 20, 2017, the United States Court of Appeals for the Second Circuit issued an important decision regarding the manner in which interest must be calculated to satisfy the cramdown requirements in a chapter 11 case.[1] The Second Circuit sided with Momentive’s senior noteholders and found that “take back” paper issued pursuant to a chapter 11 plan should bear a market rate of interest when the market rate can be ascerta

    Filed under:
    USA, Insolvency & Restructuring, Litigation, A&O Shearman, Second Circuit
    Authors:
    Fredric Sosnick , Douglas P. Bartner , Joel Moss , Solomon J. Noh , Ned S. Schodek
    Location:
    USA
    Firm:
    A&O Shearman
    Second Circuit Momentive Decision Adopts Two-Step Test for Cramdown Rate; Creates Make-Whole Circuit Split
    2017-11-03

    The Bottom Line

    On October 20, 2017, the U.S. Court of Appeals for the Second Circuit issued a long-awaited decision in In re MPM Silicones, LLC (“Momentive”) holding that, with one important exception, that the plan of reorganization confirmed by the bankruptcy court comports with Chapter 11. Case No. 15-1682 (2d Cir. Oct. 20, 2017).

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Second Circuit
    Authors:
    Gregory A. Horowitz , Marsha Sukach
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel 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
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    2nd Circuit: Secured Lenders Entitled to Market-Rate Interest in Cram-Down Plan
    2017-11-10

    In October 2017, the 2nd U.S. Circuit Court of Appeals, in In re MPM Silicones (Momentive) LLC, held that a non-consenting class of creditors is entitled to receive post-confirmation interest at a market rate if an efficient market exists to determine such a rate. In reaching its decision, the 2nd Circuit overruled prior decisions by the Bankruptcy Court and the District Court, which had held that the applicable rate of interest should be determined using the formula method adopted by the Supreme Court in Till v. SCS Credit Corp., 541 U.S.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, McGuireWoods LLP, Second Circuit
    Authors:
    Kenneth E. Noble , Shawn R. Fox , Karyn D. Heavenrich
    Location:
    USA
    Firm:
    McGuireWoods LLP
    (Make) Wholly Moly: U.S. Court of Appeals for the Second Circuit Upholds Ruling Denying Noteholders’ Entitlement to a Make-Whole Payment
    2017-11-13

    On October 20, 2017, the United States Court of Appeals for the Second Circuit issued a decision which, among other things,[1] affirmed the lower courts’ holding that certain noteholders were not entitled to payment of a make-whole premium. The Second Circuit held that the make-whole premium only was due in the case of an optional redemption, and not in the case of an acceleration brought about by a bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, A&O Shearman, Second Circuit, Third Circuit
    Authors:
    Fredric Sosnick , Douglas P. Bartner , Joel Moss , Solomon J. Noh , Ned S. Schodek
    Location:
    USA
    Firm:
    A&O Shearman
    Second Circuit Requires Consideration of Efficient Market for Chapter 11 Cramdown Interest Rates
    2017-10-31

    Ruling overturns New York decision rejecting market-based approach.

    Key Points:

    • Court of Appeals for the Second Circuit requires courts to consider efficient market interest rate, if available, for purposes of chapter 11 “cramdown.”

    • Second Circuit decision overturns lower court ruling that used “formula approach” to determine appropriate chapter 11 cramdown interest rate.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Second Circuit
    Authors:
    Mitchell A. Seider , Jeffrey Mispagel , David A Hammerman , Annemarie V. Reilly , Keith A. Simon
    Location:
    USA
    Firm:
    Latham & Watkins LLP

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