On June 19, 2014, the Bankruptcy Court for the Southern District of New York once again granted Australia-based Octaviar Administration Pty Ltd. chapter 15 recognition as a foreign main proceeding, six months after the Second Circuit overturned an earlier order granting the same relief.
The COVID-19 pandemic hit the bottom line of many businesses. Among the hardest hit industries has been the travel industry and, in particular, airlines and aviation companies. Many airlines are still struggling to generate new ticket sales as compared to pre-pandemic levels and average fares remain depressed.1 One industry source predicts that passenger numbers will not return to 2019 levels prior to 2024.2 Compounding this are increased costs of fuel (up 35% so far this year) and other expenses.3
The U.S. Bankruptcy Court for the Northern District of Illinois recently held in Krol v.
“…to be my student, you must develop a taste for victory.”
Pai Mei, Kill Bill
“An attorney’s reluctance, or that of his assistant, to work after 6:30 p.m. one evening in order to meet a court-imposed filing deadline does not constitute excusable neglect.”
– In re An
This is the fourth post in our Bitcoin Bankruptcy series on the Weil Bankruptcy Blog.
2014 has been a tumultuous year, filled with tragedy and interstellar triumphs: Ebola; Sochi; Ukraine; Flight 370; ISIS; Flight 17; Comet 67P. Life in the corporate bankruptcy and restructuring world was considerably more sedate than in the world at large. Now five and six years removed, some of the mega cases of the 2008 and 2009 era linger on and continue to generate interesting legal developments.