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    Strategies for distressed gaming entities (Part 2)
    2009-09-30

    Part One of this article, published in the last edition of the Restructuring Review, examined recent developments in the gaming industry, focusing on strategies employed by gaming companies to increase liquidity and avoid insolvency. Part Two focuses on how potential buyers can use the bankruptcy process to purchase gaming facilities, free and clear of prior liens, and describes certain complications inherent in the acquisition of this type of asset.

    Acquiring Gaming Facilities through Chapter 11

    Sale Process

    Filed under:
    USA, Insolvency & Restructuring, Leisure & Tourism, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Debtor, Interest, Good faith, Secured creditor, In rem jurisdiction, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Scott J. Greenberg , Joseph Zujkowski
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Delaware Bankruptcy Court refuses to grant administrative claim status to employee WARN Act claims
    2008-12-31

    In Henderson v. Powermate Holding Corp. (In re Powermate Holding Corp.)1, the United States Bankruptcy Court for the District of Delaware became the second bankruptcy court to address the status of WARN Act claims after the 2005 amendments to section 503 of the Bankruptcy Code.

    Filed under:
    USA, Delaware, Employment & Labor, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Wage, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Debtor, US Code, Title 11 of the US Code, Worker Adjustment and Retraining Notification Act 1988 (USA), United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Creditor may recover a prepayment penalty in a solvent case even though the penalty is not reasonable under section 506(b) of the Bankruptcy Code
    2008-02-26

    In UPS Capital Business Credit v. Gencarelli (In re Gencarelli),1 the First Circuit Court of Appeals addressed the issue of whether a secured creditor is entitled to collect a prepayment penalty from a solvent debtor. The Court found that the secured creditor could collect the penalty, whether or not it is reasonable, so long as the penalty is enforceable under state law. The Court reasoned that any other holding would leave open the possibility that an unsecured creditor could recover more from a solvent estate than a secured creditor.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Shareholder, Debtor, Collateral (finance), Interest, Maturity (finance), Secured creditor, Unsecured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, First Circuit
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    So you want to sell (or buy) a company under Section 363? Here’s how
    2012-12-12

    With companies facing significant distress due to vast over-leverage, debtors have increasingly turned to asset sales under Section 363 of the Bankruptcy Code, rather than Chapter 11 plans, to dispose of their assets quickly and begin the process of winding down their estates.  According to the UCLA-LoPucki Bankruptcy Research Database, less than 4 percent of all large, public company bankruptcies were resolved by substantial asset sales  from 1990-2000.  However, in the period from 2001-2010, that figure rose to nearly 20 percent – peaking in 2011 when 43 percent of large pu

    Filed under:
    USA, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Debtor, Leverage (finance), Title 11 of the US Code
    Authors:
    Michael A. Stevens
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    A perfect storm: retailers in bankruptcy in the post-BAPCPA economic downturn
    2010-10-19

    I. Introduction.

    Filed under:
    USA, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Bankruptcy, Retail, Debtor, Consumer protection, Commercial property, Landlord, Economy, Liquidation, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Michele C. Maman , Michael A. Stevens
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Lehman bankruptcy court holds ISDA swap counterparty in violation of automatic stay/counterparty seeks modification
    2009-09-29

    In a recent ruling from the bench, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York held that Metavante Corporation’s suspension of payments under an outstanding swap agreement with Lehman Brothers Special Financing Inc.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Condition precedent, Debtor, Safe harbor (law), Swap (finance), Default (finance), Systemic risk, Title 11 of the US Code, International Swaps and Derivatives Association, Lehman Brothers, United States bankruptcy court
    Authors:
    Mark C. Ellenberg , Leslie W. Chervokas
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Statements made on record by principal of debtors not enforceable by lenders
    2008-12-31

    In In re River Center Holdings, LLC,1 the United States Bankruptcy Court for the Southern District of New York refused to permit lenders to enforce an oral commitment of the debtors’ principal to fund certain litigation. In River Center, the debtors’ principal had stated at a hearing that he would fund a condemnation action relating to property that served as collateral for the lenders’ financing.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Limited liability company, Eminent domain, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Bear Stearns may well be found to have acted in good faith in the Manhattan Investment Fund Case
    2008-01-31

    In the summer of 2007, we reported on Gredd v. Bear, Stearns Securities Corp. (In re Manhattan Investment Fund, Ltd.),1 decided by the United States Bankruptcy Court for the Southern District of New York.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Cadwalader Wickersham & Taft LLP, Short (finance), Security (finance), Fraud, Audit, Federal Reporter, Margin (finance), Good faith, Investment funds, Brokerage firm, Title 11 of the US Code, Bear Stearns, Second Circuit, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    California dreaming? CalPERS seeks payment in full of all pension obligations during pendency of San Bernardino’s Chapter 9 case
    2012-12-10

    California has seen a string of three Chapter 9 filings this year and faces a long line of distressed municipalities.  Given this backdrop, the California Public Employees’ Retirement System (“CalPERS”) figures to play a prominent role in the resolution of many of these situations (in or out of bankruptcy).  Thus, the bond‑buying public will scrutinize closely any steps that CalPERS takes to protect its claims in the Bankruptcy Court.

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Public, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Title 11 of the US Code, CalPERS
    Authors:
    Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    ITC investigations not subject to bankruptcy stays —district court decisions reverse Bankruptcy Court stays of ITC investigations 648 and 685
    2010-09-24

    The issue of whether Section 362(a) operates as a stay of ITC Section 337 investigations arose in several ITC cases in the last two years. The first case, ITC Investigation No. 337-TA-605, involved Spansion, Inc., a Delaware corporation that manufactures semiconductor chips outside the United States. Spansion was named as a Respondent in the case and contended that the ITC investigation should be stayed as to Spansion pursuant to the automatic stay provision of Section 362(a).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Patent infringement, Federal Register, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware, US District Court for Eastern District of Virginia
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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