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    CARES Act to Expand the Scope of the Small Business Reorganization Act
    2020-03-26

    Following Wednesday night’s late-night Senate passage of the Coronavirus Aid, Relief and Economic Security (CARES Act), the bill was sent to the House of Representatives. The House will convene Friday morning at 9:00 a.m. to begin consideration of the CARES Act (H.R. 748).

    The CARES Act expands earlier versions of two pieces of legislation to help individuals and businesses harmed by the COVID-19 pandemic.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Michael Best & Friedrich LLP, Coronavirus, US Senate, US House of Representatives, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    Joseph D. Brydges , John D. Finerty, Jr. , Justin M. Mertz
    Location:
    USA
    Firm:
    Michael Best & Friedrich LLP
    Preparing for a Joint Venture Partner’s Bankruptcy in the Aftermath of COVID-19 and an Oil Price Collapse
    2020-03-26

    As the U.S. energy industry comes to grips with the most dire economic crisis in its history, wrought by an invisible virus and global oil price war, and with many exploration and production (E&P) producers substantially adjusting their capital and maintenance budgets, all parties must carefully assess their partners’ financial positions. The bankruptcy filing of a joint venture partner (whether operator or nonoperator) can lead to substantial problems for the other joint venture partner(s) and potentially hamstring operations on the co-owned lands.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Akin Gump Strauss Hauer & Feld LLP, Coronavirus, Title 11 of the US Code
    Authors:
    Gabriel Procaccini , Sarah Schultz
    Location:
    USA
    Firm:
    Akin Gump Strauss Hauer & Feld LLP
    Impact of COVID-19 on Municipal Finance: Restructurings Inevitable (Part 1)
    2020-03-23

    “Only when the tide goes out do you discover who’s been swimming naked” – Warren Buffet

    The tide has gone out on the municipal finance market.

    While much of the discussion about the financial fall-out of the COVID-19 virus has focused on the massive wealth destruction in stock markets and pressure on corporates around the world, the impact on the largest financial market in the world- the $3 trillion US municipal finance market- cannot be ignored. Simply put, the market is imploding.

    Filed under:
    USA, Insolvency & Restructuring, Sheppard Mullin Richter & Hampton LLP, Coronavirus, Title 11 of the US Code
    Authors:
    Lawrence Larose
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP
    COVID-19 and Small Business Reorganization
    2020-03-26

    An overview of how the coronavirus disease (COVID-19)impacts reorganization for small businesses.

    Filed under:
    USA, Insolvency & Restructuring, Ice Miller LLP, Coronavirus, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    Dan Swetnam , Michael Ott , Onica Matsika
    Location:
    USA
    Firm:
    Ice Miller LLP
    Landlord Tenant Issues in Bankruptcy Amid COVID-19
    2020-03-23

    In the midst of the COVID-19 pandemic, many commercial landlords may be wondering whether they’ll receive their next rent payment as tenants struggle to make ends meet. Landlords and tenants alike should be prepared for a bankruptcy filing by the lease counterparty. This memorandum primarily focuses on the rights and remedies of landlords facing a tenant’s bankruptcy filing. We are continuing to monitor proposed state and federal government moratoriums on the filing of eviction actions, and will provide further guidance should any be imposed.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Akerman LLP, Bankruptcy, Landlord, Coronavirus, Title 11 of the US Code
    Authors:
    Joan M. Levit , Mary Katherine Fackler
    Location:
    USA
    Firm:
    Akerman LLP
    Mississippi Court Joins Majority of Courts Finding that Setoff Rights Survive Plan Confirmation
    2020-03-23

    Setoff is a right that allows a creditor to offset a prepetition debt owed to a debtor with its prepetition claim against the debtor.  See In re Luongo, 259 F.3d 323, 334 (5th Cir.

    Filed under:
    USA, Mississippi, Banking, Insolvency & Restructuring, Litigation, FisherBroyles LLP, Self-Invested Personal Pension, Title 11 of the US Code
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Commercial Landlords Facing Added Challenges from COVID-19
    2020-03-23

    Countries across the world are actively taking measures to stem the spread of COVID-19 by encouraging and, in some cases, forcing social distancing. One of the most common measures employed so far is the closing of non-essential stores, bars and restaurants for several weeks, if not longer. Several large retailers, such as JCPenney, Ross Stores, Kirkland’s Inc., Marshalls and TJ Maxx, have announced store closings for two weeks in efforts to help stop the spread of COVID-19.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Hunton Andrews Kurth LLP, Landlord, Coronavirus, Title 11 of the US Code
    Authors:
    Joseph Rovira , Robin Russell
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Mississippi Court Joins Majority of Courts Finding that Setoff Rights Survive Plan Confirmation
    2020-03-23

    Setoff is a right that allows a creditor to offset a prepetition debt owed to a debtor with its prepetition claim against the debtor. See In re Luongo, 259 F.3d 323, 334 (5th Cir. 2001). This remedy is aimed at preventing the inequitable and inefficient result that occurs when a creditor is forced to pay a 100% of its prepetition debt owed to a debtor, without resolving its prepetition claim. In such circumstances, the creditor is often forced to later prosecute its unresolved claim against the debtor and is commonly only awarded a fraction of the value of its claim.

    Filed under:
    USA, Mississippi, Insolvency & Restructuring, Litigation, FisherBroyles LLP, Self-Invested Personal Pension, Title 11 of the US Code
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Insolvency Guide for Lenders, Landlords, Lessees, and Others Dealing with the COVID-19 Crisis
    2020-03-18

    The economic havoc unleashed by the COVID-19 crisis in most sectors of the economy will affect businesses and their employees, servicers, customers, and others for the foreseeable future. Among those that are directly and critically affected are banks and other lenders, commercial landlords and tenants, restaurants, and the travel and hospitality industries. All of these areas will see an increase in bankruptcy filings and other insolvency proceedings in the near term. Here is a short guide for some of the issues that will arise in the coming months.

    Landlords

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Lewis Rice LLC, Coronavirus, Title 11 of the US Code
    Authors:
    John J. Hall , Joseph J. Trad , Larry E. Parres
    Location:
    USA
    Firm:
    Lewis Rice LLC
    COVID-19: The benefits of US chapter 11 relief in a time of economic crisis
    2020-03-19

    While the impact of the coronavirus disease (COVID-19) is as of yet uncertain, one thing is clear: the global outbreak of COVID-19 has caused − and will likely continue to cause − a precipitous decrease in demand and supply as a result of quarantine orders, business closures, and social distancing, all aimed at flattening the curve of the pandemic. As a result, a dramatic and pronounced economic downturn is predicted as the pandemic’s impact touches virtually all businesses, regardless of geography or industry.

    Filed under:
    USA, Insolvency & Restructuring, DLA Piper, Board of directors, Coronavirus, Title 11 of the US Code
    Authors:
    Daniel M. Simon
    Location:
    USA
    Firm:
    DLA Piper

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