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    Recent significant commercial bankruptcy filings
    2009-07-27

    The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.  

    AUTOMOTIVE  

    Global Safety Textiles Holdings LLC and its affiliated debtors files for Chapter 11 protection in Delaware.  

    Grede Foundries, Inc. files for Chapter 11 protection in Wisconsin.  

    Filed under:
    USA, Insolvency & Restructuring, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Retail, Debtor, Unsecured debt, Limited liability company, Option (finance), Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Reinhold F. Krammer
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    House Subcommittee completes hearings on ramifications of auto industry bankruptcies
    2009-07-23

    Yesterday, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law concluded its series of hearings on the ramifications of auto industry bankruptcies. Testifying before the committee were:

    Panel I:

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, General counsel, Administrative law, Warranty, General Motors, US House Committee on the Judiciary, Chrysler, Title 11 of the US Code
    Authors:
    Zachary Chapman
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Lehman Brothers bar date order
    2009-07-20

    Summary

    This briefing summarizes the recent U.S. Bankruptcy Court order establishing bar dates for creditors filing claims in relation to debts owed to them by Lehman Brothers entities in Chapter 11 bankruptcy proceedings. Specifically, this briefing discusses who must file a proof of claim, how to file the proof of claim, and the special requirements for claims in respect of derivative contracts, guarantees and Lehman program securities.

    Filed under:
    USA, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Bond (finance), Bankruptcy, Shareholder, Debtor, Security (finance), Option (finance), Debt, Liability (financial accounting), Warrant (finance), Lehman Brothers, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Richard Perks
    Location:
    USA
    Firm:
    Freshfields Bruckhaus Deringer
    Liquidity for creditors who receive new securities in a Chapter 11 reorganization: resales of plan securities under Section 1145 of the Bankruptcy Code
    2009-08-06

    The recent steady drumbeat of Chapter 11 bankruptcy filings is producing an equally persistent corollary: creditors receiving new securities issued by the reorganizing debtor or a related party in full or partial satisfaction of the creditors’ claims. Some of these creditors-cum-investors never planned to receive securities. The paradigmatic example is a creditor that enters into a normal business transaction resulting in an obligation that the debtor company hasn’t yet satisfied when it files for reorganization.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Richards Kibbe & Orbe LLP, Bankruptcy, Debtor, Security (finance), Market liquidity, Investment funds, Title 11 of the US Code
    Location:
    USA
    Firm:
    Richards Kibbe & Orbe LLP
    Recent significant commercial bankruptcy filings
    2009-08-03

    The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.  

    AUTOMOTIVE  

    American Consolidated Transportation Cos., Inc and its affiliated debtors file for Chapter 11 in the Northern District of Illinois.  

    PHARMACEUTICALS

    Filed under:
    USA, Insolvency & Restructuring, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Debtor, Unsecured debt, Limited liability company, Biotechnology, Subsidiary, Title 11 of the US Code, United States bankruptcy court, US District Court for Northern District of Illinois
    Authors:
    Reinhold F. Krammer
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    Financial restructuring of mass media properties
    2009-08-01

    In the last several months, a number of major mass media companies have filed for chapter 11 relief, including Ion Media Networks, Sun-Times Media Group, Tribune Company, Young Broadcasting and NV Broadcasting. With the economy still struggling to recover, and asset values continuing to decline, commentators speculate that even more mass media related bankruptcies are on the horizon. Certain aspects of a mass media bankruptcy present unique challenges for the various stakeholders due to the special regulatory requirements involved.

    Filed under:
    USA, Insolvency & Restructuring, Media & Entertainment, Wiley Rein LLP, Bankruptcy, Letter of credit, Surety, Debtor, Collateral (finance), Discrimination, Interest, Broadcasting, Secured creditor, Federal Communications Commission (USA), Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Special purpose entities – the new Chapter 11 debtors: General Growth bankruptcy court takes the “remoteness” out of bankruptcy structured financings
    2009-08-17

    Introduction

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Kramer Levin Naftalis & Frankel LLP, Bankruptcy, Debtor, Unsecured debt, Debt, Mortgage loan, Bad faith, Refinancing, Commercial mortgage-backed security, Memorandum opinion, Secured loan, MetLife, Title 11 of the US Code, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Recent court decisions provide guidance on protecting private company sellers when their company files for bankruptcy after the sale
    2009-08-13

    Two US federal appeals courts recently held that a provision of the Bankruptcy Code can protect private company sellers in the event that the company they sold later goes bankrupt and a fraudulent transfer claim is brought against them to recover the sale proceeds. The courts found that this protection applies when a financial institution is used to handle the transfer of consideration in the sale.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Choate Hall & Stewart LLP, Share (finance), Bankruptcy, Shareholder, Collateral (finance), Security (finance), Privately held company, Consideration, Leveraged buyout, HSBC, Title 11 of the US Code, Eighth Circuit, Sixth Circuit
    Authors:
    Stephen M. L. Cohen , Douglas R. Gooding
    Location:
    USA
    Firm:
    Choate Hall & Stewart LLP
    GGP bankruptcy court denies motions to dismiss twenty property level bankruptcy cases as bad faith filings
    2009-08-13

    On August 11, 2009, in one of the most significant rulings to date in the GGP bankruptcy proceeding, the Bankruptcy Court denied motions to dismiss as bad faith filings the bankruptcy cases of 20 GGP property-level subsidiaries. In denying the motions, the court stated that the fundamental creditor protections negotiated in the special purpose entity structures at the property level are in place and will remain in place during the pendency of the chapter 11 cases.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Interest, Debt, Maturity (finance), Good faith, Involuntary dismissal, Bad faith, Refinancing, Default (finance), Debtor in possession, Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Bankruptcy court denies lenders’ motions to dismiss Chapter 11 cases of SPE debtors
    2009-08-20

    On April 16, 2009 and April 22, 2009, General Growth Properties, Inc. (“GGP”) and certain of its subsidiaries (the “Debtors”), including many subsidiaries structured as special purpose entities (the “SPE Debtors”), filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the “Court”).

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Shareholder, Debtor, Collateral (finance), Fiduciary, Consideration, Good faith, Default (finance), Derivative suit, Prima facie, Title 11 of the US Code, Delaware Supreme Court, United States bankruptcy court
    Authors:
    Jeffrey A. Lenobel , Lawrence V. Gelber , Adam C. Harris , David J. Karp
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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