McCarran-Fer-get About It: Insurance Rehabilitation Proceeding Does Not Reverse-Preempt Bankruptcy Court Jurisdiction, Says S.D.N.Y. Bankruptcy Court

Is insurance just a business or does it serve a greater public good?  If it weren’t for insurance, a fire or earthquake could leave you homeless; a visit to the emergency room could wipe out your bank account; a workplace accident could leave you salary-less.  But, on the other hand, picture that wily Geico lizard, and insurance seems more like any other business trying to make a buck. 

Filed under:
USA, New York, Insolvency & Restructuring, Insurance, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, US District Court for SDNY
Location:
USA
Firm:
Weil Gotshal & Manges LLP
Chapter 15 for all: SDNY bankruptcy court holds that indenture governed by New York law constitutes “property in the United States” under section 109(a)

Section 109(a) of the Bankruptcy Code requires debtors to either reside or have a domicile, place of business, or property in the United States.  A split of authority exists whether a foreign debtor seeking recognition of its foreign proceeding under chapter 15 of the Bankruptcy Code must satisfy these requirements.&nb

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, US District Court for SDNY
Location:
USA
Firm:
Weil Gotshal & Manges LLP
SDNY bankruptcy court says claims against insurer need not be “inextricably intertwined” with insurer’s relationship with debtor to fall within scope of channeling injunction

As the adage goes, everything old is new again.  Just like old fads coming back into style, bankruptcy issues that first arose decades ago seem to present themselves again and again over the years, albeit with a different set of facts.  Such is the case with the bankruptcy of Johns-Manville Corporation and its affiliates.  Despite Manville’s emergence from bankruptcy in 1988, questions regarding the protections of the channeling injunction issued under Manville’s chapter 11 plan continue to present themselves today.  Much to the relief of one of Manville’s insurers, in a

Filed under:
USA, New York, Insolvency & Restructuring, Insurance, Litigation, Weil Gotshal & Manges LLP, Injunction, United States bankruptcy court, US District Court for SDNY
Location:
USA
Firm:
Weil Gotshal & Manges LLP
OAS S.A. Part II – SDNY holds that Austrian financing subsidiary has its center of main interests in Brazil

On July 13, 2015, the Bankruptcy Court for the Southern District of New York 

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Subsidiary, United States bankruptcy court, US District Court for SDNY
Location:
USA
Firm:
Weil Gotshal & Manges LLP