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    Third Circuit Holds Companies in Bankruptcy Can Reject Expired CBAs
    2016-02-08

    In a ruling that comes as a blow to organized labor and a boon to employers in bankruptcy, the U.S. Court of Appeals for the Third Circuit recently broke new appellate ground in holding that Section 1113 of the Bankruptcy Code permits debtors to reject the terms and conditions of an expired collective bargaining agreement (CBA).

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Cozen O'Connor, Trade union, NLRA, Third Circuit
    Authors:
    Simon E. Fraser , George A. Voegele, Jr.
    Location:
    USA
    Firm:
    Cozen O'Connor
    Third Circuit Permits Chapter 11 Debtor to Reject Expired CBA
    2016-01-26

    It is a familiar scenario: a company is on the verge of bankruptcy, bound by the terms of a collective bargaining agreement (CBA), and unable to negotiate a new agreement.  However, this time, an analysis of this distressed scenario prompted a new question: does it matter if the CBA is already expired, i.e., does the Bankruptcy Code distinguish between a CBA that expires pre-petition versus one that has not lapsed?

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Mintz, Debtor, Third Circuit
    Authors:
    Natalie C. Groot , Eric R. Blythe
    Location:
    USA
    Firm:
    Mintz
    Third Circuit Court of Appeals Permits Chapter 11 Debtor to Reject Expired CBA
    2016-01-26

    It is a familiar scenario: a company is on the verge of bankruptcy, bound by the terms of a collective bargaining agreement (CBA), and unable to negotiate a new agreement.  However, this time, an analysis of this distressed scenario prompted a new question: does it matter if the CBA is already expired, i.e., does the Bankruptcy Code distinguish between a CBA that expires pre-petition versus one that has not lapsed?

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Mintz, Debtor, Third Circuit
    Authors:
    Natalie C. Groot
    Location:
    USA
    Firm:
    Mintz
    Third Circuit Declares Win for Trump (Entertainment, That Is)
    2016-01-21

    Did Trump win again? Yes, but this time it was not “The Donald” but was instead the casino operator Trump Entertainment Resorts, Inc.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Third Circuit
    Authors:
    Mark A. Salzberg , Jill S. Kirila
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Third Circuit Holds Bankruptcy Rules “Trump” the NLRA in Case Involving the Trump Taj Mahal Casino
    2016-01-19

    In September 2014, amid “deteriorating financial health” and a “desperate” financial situation, Atlantic City, New Jersey’s Trump Taj Mahal filed for Chapter 11 bankruptcy protection. Around that same time, the Taj Mahal was attempting to bargain with UNITE HERE Local 54 (the “Union”) to renegotiate the parties’ collective bargaining agreement (the “CBA”) prior to its expiration on September 14, 2014. The parties were unable to reach agreement and the CBA expired.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Verrill Dana LLP, Casino, UNITE HERE, NLRA, Third Circuit
    Authors:
    Joanna S. Bowers
    Location:
    USA
    Firm:
    Verrill Dana LLP
    Trump (Entertainment) Wins!
    2016-01-20

    Did Trump win again?  Yes, but this time it was not “The Donald” but was instead the casino-operator Trump Entertainment Resorts, Inc. (“Trump Entertainment”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Third Circuit
    Authors:
    Mark A. Salzberg
    Location:
    USA
    Firm:
    Squire Patton Boggs
    A Holiday Present from the Third Circuit? The Court of Appeals Upholds a Secured Lender’s “Gift” to General Unsecured Creditors Under Narrow Circumstances
    2015-12-16

    What better time than the holiday season to discuss “gifting” in the context of chapter 11 cases.  “Gifting” commonly refers to the situation where a senior creditor pays (or allocates a portion of its collateral for the benefit of) one or more junior claimholders.  Gifting is often employed as a tool to resolve the opposition of a junior class of creditors, who are typically out-of-the-money, to the manner in which the bankruptcy case is being administered.  For instance, creditors’ committees may seek gifts from senior creditors to guarantee a recovery for general unsecured

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Cooley LLP, Third Circuit
    Location:
    USA
    Firm:
    Cooley LLP
    Funds earmarked by section 363 purchaser to pay creditors need not be distributed in accordance with Bankruptcy Code’s priority scheme
    2015-11-17

    A ruling recently handed down by the U.S. Court of Appeals for the Third Circuit may provide significant flexibility to debtors in that circuit who are implementing sales of substantially all of their assets. In In re LCI Holding Company, Inc., 2015 BL 295784 (3d Cir. Sept.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, Unsecured debt, Title 11 of the US Code, Third Circuit
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Third Circuit provides gifting guidance in § 363 sales
    2015-10-23

    Under section 363 of the Bankruptcy Code, a debtor is permitted to sell substantially all of its assets outside of a plan of reorganization. Over the past two decades, courts have increasingly liberalized the standards under which 363 sales are approved. A recent decision from the United States Court of Appeals for the Third Circuit,

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Locke Lord LLP, Debtor, Title 11 of the US Code, Third Circuit
    Authors:
    Elizabeth Guffy , Steven W. Golden
    Location:
    USA
    Firm:
    Locke Lord LLP
    Third Circuit affirms bad faith involuntary bankruptcy dismissal, increasing risk of punitive damages
    2015-10-20

    Last week’s decision by the U. S. Court of Appeals for the Third Circuit in In re: Forever Green Athletic Fields, Inc., No. 14-3906 (3d Cir. Oct. 16, 2015) held that an involuntary bankruptcy petition filed under 11 U.S.C. § 303 may be dismissed for bad faith. The decision places another hurdle for creditors to surmount when considering whether to put a debtor in bankruptcy and creates another means for debtors to oppose such filings. It also enumerates the standard for evaluating whether a filing is in bad faith.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cozen O'Connor, Punitive damages, Bankruptcy, Debtor, Bad faith, Third Circuit
    Authors:
    Barry M. Klayman
    Location:
    USA
    Firm:
    Cozen O'Connor

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