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    Structured dismissal of chapter 11 cases and the involuntarily subordinated creditor: Official Comm. of Unsecured Creditors v. CIT Group/Bus. Credit Inc. (In re Jevic Holding Corp.), 787 F.3d 173 (3d Cir. 2015)
    2015-07-27

    The United States Court of Appeals for the Third Circuit plays a uniquely important role in the development of the bankruptcy laws.  The liberal venue rule for bankruptcy cases set out in 28 U.S.C.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Porter Wright Morris & Arthur LLP, Debtor, Third Circuit
    Location:
    USA
    Firm:
    Porter Wright Morris & Arthur LLP
    In re Jevic Holding Corp. part II: in a close call, Third Circuit approves settlement agreement and structured dismissal that deviate from Bankruptcy Code’s priority scheme
    2015-07-01

    Benjamin Franklin is quoted as having said “in this world nothing can be said to be certain, except death and taxes.”  No offense to Mr. Franklin, but we had always thought that there was at least one other certainty in this world—in a bankruptcy case, creditors get paid pursuant to the priority scheme under section 507(a) of the Bankruptcy Code.  It turns out, however, that Mr.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Third Circuit permits the use of structured dismissals that deviate from the Bankruptcy Code’s priority scheme
    2015-06-29

    On May 21, 2015, the United States Court of Appeals for the Third Circuit (the “Third Circuit”) affirmed the order of the United States District Court for the District of Delaware in Official Committee of Unsecured Creditors v. CIT Group/Business Credit Inc. (In re Jevic Holding Corp.) approving a settlement and dismissal of a chapter 11 case by way of a “structured dismissal.” A structured dismissal is, simply, the dismissal of the bankruptcy case preceded by other orders, such as an order approving a settlement or granting releases, which survive dismissal of the case.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, United States bankruptcy court, Third Circuit
    Authors:
    Brad Eric Scheler , Gary L. Kaplan , Alan N. Resnick , Jennifer L. Rodburg , Kalman Ochs
    Location:
    USA
    Firm:
    Fried Frank Harris Shriver & Jacobson LLP
    Third Circuit approves use of structured dismissals of Chapter 11 bankruptcies, but rarely
    2015-06-29

    On May 21, 2015, the United States Court of Appeals for the Third Circuit approved the settlement and dismissal of chapter 11 bankruptcy cases through a structured dismissal in rare instances.  See Official Committee of Unsecured Creditors v. CIT Group/Business Credit Inc., Case No.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Morris James LLP, Third Circuit
    Authors:
    Eric J. Monzo
    Location:
    USA
    Firm:
    Morris James LLP
    Third Circuit approves use of structured dismissal, but rarely
    2015-06-08

    On May 21, 2015, the United States Court of Appeals for the Third Circuit (the "Third Circuit") held that in rare instances a bankruptcy court may approve a "structured dismissal"- that is, a dismissal "that winds up the bankruptcy with certain conditions attached instead of simply dismissing the case and restoring the status quo ante" - that deviates from the Bankruptcy Code's priority scheme. See Official Committee of Unsecured Creditors v. CIT Group/Business Credit Inc. (In re Jevic Holding Corp.), Case No.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, United States bankruptcy court, Third Circuit
    Authors:
    Kelley A. Cornish , Alice Belisle Eaton , Brian S. Hermann , Alan W Kornberg , Elizabeth R. McColm , Andrew N. Rosenberg
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    No FDCPA violations in Simon after remand
    2015-06-04

    Two years ago, in Simon v. FIA Card Services, N.A., the Third Circuit held that alleged violations of the FDCPA resulting from conduct in a bankruptcy case were not precluded by the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Remand (court procedure), Fair Debt Collection Practices Act 1977 (USA), Third Circuit
    Authors:
    Thomas R. Dominczyk
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Third Circuit recognizes that “structured dismissal” deviating from the Bankruptcy Code’s priority scheme may be used to conclude Chapter 11 bankruptcy case
    2015-06-03

    On May 21, 2015, the United States Court of Appeals for the Third Circuit, in a 2-1 opinion, recognized a Chapter 11 bankruptcy case could be dismissed through a “structured dismissal” that deviates from the priority scheme set forth in Section 507 of the Bankruptcy Code.1 With its decision, the Third Circuit joined the Second Circuit in rejecting the Fifth Circuit’s per se exclusion on “structured dismissals” that deviate from the Bankruptcy Code’s prio

    Filed under:
    USA, Insolvency & Restructuring, Litigation, King & Spalding LLP, Third Circuit
    Authors:
    Mark Maloney , W Austin Jowers , Thaddeus D. Wilson
    Location:
    USA
    Firm:
    King & Spalding LLP
    The Third Circuit Court of Appeals affirms structured dismissal of Chapter 11 case, holding that a structured dismissal can deviate from the Bankruptcy Code’s priority scheme in rare circumstances
    2015-06-01

    On May 21, 2015, the United States Court of Appeals for the Third Circuit affirmed a decision of the United States Bankruptcy Court for the District of Delaware, which had approved the structured dismissal of the Chapter 11 cases of Jevic Holding Corp., et al. The Court of Appeals first held that structured dismissals are not prohibited by the Bankruptcy Code, and then upheld the structured dismissal in the Jevic case, despite the fact that the settlement embodied in the structured dismissal order deviated from the Bankruptcy Code’s priority scheme.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, A&O Shearman, Leveraged buyout, United States bankruptcy court, Third Circuit, US District Court for District of Delaware
    Authors:
    Fredric Sosnick , Douglas P. Bartner , Solomon J. Noh , Joel Moss
    Location:
    USA
    Firm:
    A&O Shearman
    Third Circuit provides road map for structured dismissals
    2015-05-28

    In the past decade, Chapter 11 practice has witnessed the rise of a new phenomenon: structured dismissals.1 Broadly speaking, the term structured dismissal is an umbrella term for a dismissal order that includes additional bells and whistles, such as releases, protocols for claims administration or provisions permitting the gifting of assets to junior stakeholders. Like a Chapter 11 plan, a structured dismissal often identifies how proceeds are to be distributed while retaining jurisdiction in the bankruptcy court for claims administration and other specified matters.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Skadden Arps Slate Meagher & Flom LLP, Third Circuit
    Authors:
    Jay M. Goffman , Mark A. McDermott , Robert A. Weber
    Location:
    USA
    Firm:
    Skadden Arps Slate Meagher & Flom LLP
    Trademark licensees beware: the hypothetical test lives on in the Third Circuit
    2015-05-28

    Trademark licensees that file for bankruptcy protection face uncertainty concerning their ability to continue using trademarks that are crucial to their businesses. Some of this stems from an unsettled issue in the courts as to whether a licensee can assume a trademark license without the licensor’s consent. In In re Trump Entertainment Resorts, Inc., 2015 BL 44152 (Bankr. D. Del. Feb. 20, 2015), a Delaware bankruptcy court reaffirmed that the ongoing controversy surrounding the “actual” versus “hypothetical” test for assumption of a trademark license has not abated.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Trademarks, Jones Day, Third Circuit
    Authors:
    Christopher M. Healey , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day

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