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    Contested plan valuation dispute: Chemtura decision highlights valuation issues
    2010-11-16

    The current cycle of Chapter 11 corporate bankruptcies involves many cases where the debtor seeks to achieve a balance-sheet restructuring by converting debt into equity. When consensus cannot be achieved, junior stakeholders (i.e., second lien creditors, unsecured creditors and/or equity) will often contest plan confirmation on the grounds that the proposed plan provides more than 100% recovery to the senior creditors. Valuation plays the central role in these cases.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Debt, Balance sheet, EBITDA, Valuation (finance), Discounted cash flow, US District Court for SDNY
    Authors:
    David M. Hillman
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Third Circuit refines break-up standard
    2010-02-04

    Break-up fees1 remain difficult for initial (or so-called “stalking horse”) bidders to obtain in the Third Circuit. In Kelson Channelview LLC v. Reliant Energy Channelview LP (In re Reliant Energy Channelview LP), No. 09-2074 (3d Cir. Jan.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Shareholder, Debtor, Limited liability company, Testimony, Bright-line rule, Business judgement rule, United States bankruptcy court, Third Circuit
    Authors:
    Lawrence V. Gelber , James T. Bentley
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Delaware Bankruptcy Court decisions highlight split on Rule 2019 disclosure
    2010-01-28

    In a Jan. 20, 2010, opinion, Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware held that a group of investors who had together proposed a plan of reorganization for the debtor did not have to comply with the disclosure requirements of Federal Rule of Bankruptcy Procedure 2019 (“Rule 2019”) In re Premier International Holdings, Inc., No. 09-12019 (Bankr. D. Del. Jan. 20, 2010) (Sontchi, J.) (“Six Flags”). In Six Flags, Judge Sontchi expressly disagreed with two prior decisions on the subject of Rule 2019 disclosure, one by Judge Mary K.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Security (finance), Interest, Discovery, Debt, Motion to compel, United States bankruptcy court, US District Court for District of Delaware, US District Court for SDNY
    Authors:
    Lawrence V. Gelber
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Decision in DBSI Inc., reminds us that district courts have personal jurisdiction throughout the United States
    2011-08-08

    Summary

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Interest, Federal Reporter, Personal jurisdiction, Debt, Pro rata, Federal Rules of Civil Procedure (USA), United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in point blank solutions helps define "Core" and "Non-core"
    2011-05-24

    Summary

    In an opinion published May 20, 2011, Judge Walsh held that a settlement agreement which is rejected in a bankruptcy proceeding is “Core” and will be decided by the Bankruptcy Court, even when it contains a jurisdictional clause that requires the agreement to be interpreted according to the laws of New York. Judge Walsh’s opinion is available here (the “Opinion”).

    Background

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Federal Reporter, Liability (financial accounting), Second Circuit, United States bankruptcy court, Third Circuit
    Authors:
    L. John Bird
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Xerium Technologies files bankruptcy, hoping to cut its debt by $160 million
    2010-04-05

    Equipment maker, Xerium Technologies, filed chapter 11 petitions for bankruptcy on March 30th in the United States Bankruptcy Court for the District of Delaware.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Share (finance), Bankruptcy, Shareholder, Debt, Pro rata, United States bankruptcy court, US District Court for District of Delaware, Chief executive officer
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    A closer look at the Orleans Homebuilders bankruptcy
    2010-03-15

    On March 1, 2010, Orleans Homebuilders filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware.

    Filed under:
    USA, Delaware, Construction, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Share (finance), Bankruptcy, Shareholder, Option (finance), Cashflow, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Decision in Spansion bankruptcy addresses when court should appoint a special committee of creditors or equity holders
    2010-03-02

    Introduction

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Shareholder, Debtor, Interest, Legal burden of proof, Valuation (finance), United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Congressional Oversight Panel releases report on use of TARP funds to reorganize U.S. auto industry
    2009-09-11

    After holding a hearing on the topic this past July, the Congressional Oversight Panel (COP) released a report earlier this week entitled, “The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry,” examining how TARP funds have been used to support and reorganize both

    Filed under:
    USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Conflict of interest, Public company, Bankruptcy, Shareholder, Fiduciary, Interest, Privately held company, Due diligence, Troubled Asset Relief Program, US Federal Government, HM Treasury (UK), US Department of the Treasury, General Motors, Chrysler
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    GM seeks to convert Treasury debt to equity; UAW encourages rejection of GM restructuring plan
    2009-05-06

    Yesterday, in a filing with the Securities and Exchange Commission, General Motors announced that it is currently attempting to restructure debt held by the U.S. Treasury Department. Under a current proposal, GM would convert at least 50% of its debt held by the U.S. Treasury Department into common shares. As a result of the conversion Treasury would hold greater than 50% of GM’s common shares.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Shareholder, Data, Debt, US Securities and Exchange Commission, European Commission, US Department of the Treasury, United Automobile Workers, General Motors
    Authors:
    Ian Grant
    Location:
    USA
    Firm:
    Alston & Bird LLP

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