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    Third Circuit limits secured creditor's right to credit bid: "cram down" plan may be "fair and equitable" despite requiring cash bids
    2010-03-27

    On March 22, 2010, the United States Court of Appeals for the Third Circuit affirmed a lower court decision which held that secured creditors do not have an absolute right to credit bid at an auction of assets conducted in connection with a bankruptcy reorganization plan. The court ruled that secured creditors are only entitled to the "indubitable equivalent" of their claims under a specific subsection of the Bankruptcy Code. The "indubitable equivalent" could be the cash value of the assets upon which the creditor holds liens as determined through an auction process.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Credit (finance), Debtor, Interest, Secured creditor, Secured loan, US Code, Title 11 of the US Code, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Don't forget the consumer privacy ombudsman in bankruptcy proceedings
    2009-11-20

    The dispute over the disposition of customer records held by the "Clear" airport traveler program casts a spotlight once again on the handling of consumer personal data when a business falls on hard times. In such circumstances, the desire of the debtor to preserve or maximize the value of its business assets can conflict with legitimate privacy interests of individuals who were customers of the business.

    Filed under:
    USA, New York, Insolvency & Restructuring, IT & Data Protection, Litigation, Wiley Rein LLP, Bankruptcy, Shareholder, Information privacy, Retail, Debtor, Consumer protection, Class action, Personally identifiable information, Preliminary injunction, Consumer privacy, Social Security number, Title 11 of the US Code, Federal Trade Commission (USA), US Congress, US District Court for SDNY
    Location:
    USA
    Firm:
    Wiley Rein LLP
    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, Title 11 of the US Code, Federal Communications Commission (USA), United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Liquidation of troubled businesses
    2009-03-06

    Liquidations of struggling enterprises can take several forms. While many people are familiar with the concept of a "bankruptcy liquidation," the structure of a liquidation in bankruptcy may vary depending upon the specific type of case. Additionally, bankruptcy is not the only forum for liquidation of distressed companies, only the most common. This article provides a synopsis of some of the various types of liquidations.

    Chapter 11 Liquidations

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Retail, Debtor, Unsecured debt, Collateral (finance), Liquidation, Balance sheet, Liquidator (law), Secured loan, Title 11 of the US Code
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Chapter 11 permits modification and extension of loans without consent of the lender
    2009-01-09

    As a result of the meltdown of the financial markets, lenders are severely constricting new credit facilities and refusing to renew expiring facilities. The Bankruptcy Code's chapter 11 provides a powerful mechanism for an otherwise viable business to restructure and extend its outstanding debt and in many cases, reduce interest rates on loan facilities.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Collateral (finance), Discrimination, Interest, Debt, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Insurers denied standing in plan confirmation; court allows channeling injunction for silica claims and assignment of policies to trust
    2008-08-11

    The United States District Court for the Western District of Pennsylvania has affirmed two final orders of the bankruptcy court finding that (1) the debtor's insurers lacked standing to object to confirmation of the bankruptcy plan; (2) a channeling injunction for silica claims was appropriately included in the debtor's plan; (3) an assignment of the debtor's rights under its insurance policies to the personal injury trust was authorized by bankruptcy law; and (4) the debtor's reorganization plan was confirmable under the Bankruptcy Code. Hartford Accident & Indemnity Co. v.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Injunction, Federal Reporter, Standing (law), Title 11 of the US Code, United States bankruptcy court, Third Circuit, US District Court for Western District of Pennsylvania
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Supreme Court upholds individual states’ rights to tax certain bankruptcy sales
    2008-06-20

    On June 16, 2008, Justice Clarence Thomas delivered the opinion of the court in Florida Department of Revenue v. Piccadilly Cafeterias, Inc. In a 7-2 decision, the Supreme Court reversed the decision of the U.S. Court of Appeals for the Eleventh Circuit and held that § 1146(a) provides an exemption to state stamp taxes only where a sale occurs pursuant to a plan that has been confirmed, and did not properly apply to a case where the plan was confirmed several months after the bankruptcy court approved the sale.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Wiley Rein LLP, Tax exemption, Bankruptcy, Debtor, Dissenting opinion, Stamp duty, Majority opinion, Title 11 of the US Code, SCOTUS, United States bankruptcy court, Eleventh Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Identifying and dealing with a financially troubled franchisee: what franchisors can do to prepare for a franchisee bankruptcy or receivership
    2008-05-09

    In the last issue of Franchise Alert, we discussed how to spot signs of franchisee financial distress at an early stage. Here, we present some steps franchisors can take to deal with financially distressed franchisees.

    Update Files

    Filed under:
    USA, Franchising, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Surety, Debtor, Accounts receivable, Consent, Due diligence, Franchise agreement, Precondition, Default (finance), Title 11 of the US Code
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Basics of US Restructurings of Troubled Companies for Non-US Parties
    2020-07-30

    As the COVID-19 pandemic continues to cause significant disruptions in the US and global economy, it is likely that US companies experiencing financial difficulties will seek to restructure their debts and other obligations. In anticipation of such restructurings, this article provides a brief overview of voluntary restructurings in the US for non-US parties with investments in or commercial relationships with US companies.

    Filed under:
    USA, Insolvency & Restructuring, Clyde & Co LLP, Coronavirus, Title 11 of the US Code
    Authors:
    Vikram Sidhu
    Location:
    USA
    Firm:
    Clyde & Co LLP
    COVID-19: “Avoiding” Harm to Corporate Good Samaritans
    2020-04-16

    The impact of COVID-19 is being felt at all levels of the economy and will work its way through bankruptcy courts for years to come. In these early days, many creditors who are themselves suffering are providing assistance to troubled companies. Suppliers and commercial landlords are agreeing to various forms of relief, including modified credit terms and rent relief to allow customers to bridge this period of unprecedented disruption. While these corporate good Samaritans are providing immediate aid they may be subjecting themselves to the risk of future losses.

    Filed under:
    USA, Insolvency & Restructuring, Coronavirus, Title 11 of the US Code
    Location:
    USA

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