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    Southern District of Texas Bankruptcy Court Confirms That Opt-Out Procedures Provide Consent for Third-Party Releases
    2024-08-21

    In an opinion issued on August 16, 2024 (In re Robertshaw US Holding Corp., Bankr. S.D. Tex., Case No. 24-90052, Docket No.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Bankruptcy, Supreme Court of the United States
    Authors:
    Timothy A. Davidson II , Ashley L. Harper , Philip M. Guffy
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Texas Bankruptcy Court: Debtor's Non-Economic Rights Under LLC Agreement Are Estate Property Protected by Automatic Stay
    2024-03-26

    The Bankruptcy Code invalidates "ipso facto" clauses in executory contracts or unexpired leases that purport to modify or terminate the contract or lease (or the debtor's rights or obligations under the contract or lease) based solely on the debtor's financial condition or the commencement of a bankruptcy case for the debtor. It also invalidates state law, rather than a contract, that purports to alter the property interests of the debtor. A more difficult situation arises when those interests are on the outer bounds of "property of the estate."

    Filed under:
    USA, Texas, Arbitration & ADR, Insolvency & Restructuring, Litigation, Jones Day, US Congress, Federal Arbitration Act 1926 (USA)
    Authors:
    Dan B. Prieto , Richard H. Howell
    Location:
    USA
    Firm:
    Jones Day
    Texas Bankruptcy Court Declines to Deem Nonvotes as Votes in Favor of Plan (US)
    2024-04-08

    As seen in the recent proliferation of bankruptcy cases seeking a structured dismissal or conversion after a successful sale, debtors constantly seek creative and efficient ways to wind up a case, including through a traditional plan of liquidation. Yet, as discussed below, debtors must ensure that any proposed voting procedures for a plan comply with section 1126 of the Bankruptcy Code, or are at least supported by, or supportable with, prior precedent.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Kyle F. Arendsen
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Texas court holds Bankruptcy Code overrides Delaware LLC Act
    2024-01-18

    On December 12, 2023, in the case of In re Envision Healthcare Corp., Case No. 23-90342, Judge Christopher M. López of the US Bankruptcy Court for the Southern District of Texas determined that Section 541 of the Bankruptcy Code conflicts directly with, and therefore trumps, Section 18-304 of the Delaware LLC Act to prevent the termination of a member’s interests in a Delaware limited liability company arising from such member’s bankruptcy filing.

    Summary of Section 18-304 of the Delaware Limited Liability Company Act (LLC Act)

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, DLA Piper, Delaware Court of Chancery, Delaware Supreme Court
    Authors:
    Matthew Sarna , Robert Klyman
    Location:
    USA
    Firm:
    DLA Piper
    Court Upholds Texas’ “First Come, First Served” Approach When Claimant Demands Exceed Policy Limits
    2023-11-16

    In a recent opinion, the Fifth Circuit reaffirmed and applied its holding from OGA Charters. In doing so, it blocked (via a bankruptcy adversary proceeding) one set of plaintiffs from keeping an insured’s entire policy limit, which the insurer paid as per Texas’ “first come first served” approach to time-limited policy limits demands.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Insurance, Litigation, Phelps Dunbar LLP
    Authors:
    Sara Nau
    Location:
    USA
    Firm:
    Phelps Dunbar LLP
    Texas Bankruptcy Court Rules on Liability Management Transactions and “Required Lender” Status in In re Robertshaw US Holding Corp.
    2024-06-24

    On June 20, 2024, the United States Bankruptcy Court for the Southern District of Texas (the “Court”) issued a memorandum decision and order in the adversary proceeding involving Robertshaw US Holding Corp.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Authors:
    Jacob A Adlerstein , Paul M. Basta , Lauren Bilzin , Brian Bolin , Robert Britton , William A. Clareman , Alice Belisle Eaton , Andrew J. Ehrlich , Joe Graham , Brian S. Hermann
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Client Alert: Critical Vendor in Texas: It’s a Rodeo
    2024-06-13

    In Chapter 11 cases, one of a vendor’s best shots at getting paid its pre-petition debt is being designated as a “critical vendor”.

    In connection with the Zachry Holdings Chapter 11 case filed in the Southern District of Texas on May 21, 2024, the Bankruptcy Court made disturbing comments regarding treatment of critical vendors.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Shumaker Loop & Kendrick, Bankruptcy, Uniform Commercial Code (USA), Chapter 11, US Bankruptcy Code, United States bankruptcy court
    Authors:
    David H. Conaway
    Location:
    USA
    Firm:
    Shumaker Loop & Kendrick
    Financial Titans Engage in Winner-Takes-All Battle: The Bankruptcy Court for the Southern District of Texas Upholds Serta’s 2020 Uptiering Transaction
    2023-07-05

    “Sophisticated financial titans engaged in a winner-take-all battle. There was a winner and a loser. Such an outcome was not only foreseeable, it is the only correct result. The risk of loss is a check on unrestrained behavior.”

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP
    Authors:
    Douglas S. Mintz , Ned S. Schodek , Peter J. Amend , Robert D. Brown
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Texas District Court: Equitable Mootness Doctrine Does Not Preclude Appellate Review of Chapter 11 Plan Exculpation Clause
    2023-06-12

    Exculpation clauses limiting the liability of certain entities for actions taken in connection with a bankruptcy case are a common feature of chapter 11 plans. However, courts disagree over the permitted scope of such clauses. They also disagree as to whether an order confirming a chapter 11 plan that includes exculpation and third-party release provisions is insulated from appellate review under the doctrine of "equitable mootness."

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Jones Day, Supreme Court of the United States
    Authors:
    Mark G. Douglas , Dan B. Prieto
    Location:
    USA
    Firm:
    Jones Day
    Texas Bankruptcy Court Approves Serta Simmons “Uptier” Transaction
    2023-06-08

    The ruling, which held that the transaction did not violate the implied covenant of good faith and fair dealing, highlights the importance of carefully drafting lending documents.

    On June 6, 2023, Judge David Jones of the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) held that the 2020 Serta Simmons "uptier" transaction (the Transaction) was permitted under Serta's existing 2016 credit agreement (the Credit Agreement), a decision that could have broad implications for the permissibility of such transactions.1

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, United States bankruptcy court
    Authors:
    George A. Davis , David A Hammerman , Daniel C. Seale , Alfred Y. Xue
    Location:
    USA
    Firm:
    Latham & Watkins LLP

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