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    Hostess does not liquidate, set to mediate with union
    2012-11-20

    Reports of Twinkie the Kid’s death have been exaggerated.  Despite widespread mainstream media reports of Hostess’ impending liquidation, the court has not yet approved liquidation.  To the contrary, on November 19, 2012, after a brief hearing on Hostess’s emergency motions to begin the wind down of its operations, Hostess and its two main unions agreed to attend a confidential mediation session.  At the mediation, Bankruptcy Judge Robert Drain intends to determine if the parties can avoid liquidation.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Mediation, Liquidation
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Court denies American Airlines’ motion to reject CBAs; provides roadmap to future rejection
    2012-08-27

    On August, 15, 2012, Bankruptcy Judge Sean H. Lane of the Southern District of New York denied American’s motion to reject its collective bargaining agreement with the Allied Pilots Association (“APA”) on narrow grounds. The Court held that American had not demonstrated that its proposals to eliminate contractual restrictions on pilot furloughs and enter into essentially unlimited codesharing arrangements were necessary to its reorganization.

    Filed under:
    USA, New York, Aviation, Employment & Labor, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, American Airlines
    Authors:
    Audrey Aden Doline
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    The Devil (Dog) ® is in the details: Bankruptcy Court denies hostess’s motion to reject collective bargaining agreements on narrow factual grounds
    2012-06-08

    The recent bankruptcy case of Hostess has centered on Hostess’s attempts to reject collective bargaining agreements with its unions.  Hostess has emphasized that realigning labor costs is essential to its ability to successfully reorganize.  Section 1113 of the Bankruptcy Code sets forth detailed requirements that a debtor must meet to modify or reject CBAs.  Bankruptcy courts’ ultimate decision to authorize rejection of a CBA frequently turns on a detailed examination of the evidence presented in support of the rejection motion.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collective bargaining, NLRA, United Steelworkers, United States bankruptcy court
    Authors:
    Audrey Aden Doline
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Champion Enterprises bankruptcy court dismisses equitable subordination and fraudulent transfer claims
    2011-06-16

    The United States Bankruptcy Court for the District of Delaware recently dismissed equitable subordination and fraudulent transfer claims filed by the Official Committee of Unsecured Creditors of Champion Enterprises, Inc.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Unsecured debt, Breach of contract, Consideration, Debt, Involuntary dismissal, Default (finance), Title 11 of the US Code, Credit Suisse, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Kathryn M. Borgeson , Joseph Zujkowski
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Orderly liquidation of financial companies, including executive compensation clawback, under the Dodd-Frank Wall Street Reform and Consumer Protection Act
    2010-07-20

    Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“WSRCPA”) represents Congress’ attempt to address companies considered “too big to fail.” The statute creates a new “orderly liquidation authority” (“OLA”), which allows the Federal Deposit Insurance Corporation (“FDIC”) to seize control of a financial company1 whose imminent collapse is determined to threaten the financial system as a whole. Commencement of a receivership under the OLA would preempt any proceedings under the Bankruptcy Code.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Cadwalader Wickersham & Taft LLP, Debtor, Consumer protection, Executive compensation, Federal Reserve Board, Liquidation, Holding company, Depository institution, Bank holding company, Systemic risk, Subsidiary, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Federal Deposit Insurance Corporation (USA), Securities Investor Protection Corporation, Credit rating agency
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Third Circuit expected to rule on secured creditors’ right to credit
    2010-02-10

    On December 15, 2009, the Court of Appeals for the Third Circuit heard oral argument in a closely-watched bankruptcy appeal stemming from the In re Philadelphia Newspapers, LLC chapter 11 case pending in the United States Bankruptcy Court for the Eastern District of Pennsylvania. At issue in the appeal is the right of a secured creditor of a chapter 11 debtor to credit bid its secured claims, when the debtor proposes to sell the collateral to a third party, “free and clear” of the creditor’s lien, pursuant to a non-consensual (i.e., “cramdown”) plan of reorganization.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Third Circuit, US District Court for Eastern District of Pennsylvania
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Lenders file motions to dismiss twenty-one General Growth Properties bankruptcy cases as bad-faith filings
    2009-06-04

    Metropolitan Insurance Company has joined ING Clarion Capital Loan Services, Inc., Wells Fargo Bank, N.A., and FRM Funding Company, Inc in requesting the Bankruptcy Court to dismiss as bad faith filings the bankruptcy cases of twenty-one property level CMBS borrower subsidiaries of General Growth Properties, Inc. ING filed the first motion on May 4th with respect to eight debtors, and a hearing was set for May 27th. That hearing was subsequently adjourned to June 17th. Creditors having similar motions to be heard on June 17th were required to file their motions to dismiss by May 29th .

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Debt, Maturity (finance), Involuntary dismissal, Bad faith, Cashflow, Subsidiary, Commercial mortgage-backed security, Wells Fargo, ING Group, MetLife, United States bankruptcy court
    Authors:
    Mark C. Ellenberg
    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
    Mandatory subordination of claims under Section 510(b): three new Delaware decisions
    2008-05-31

    Section 510(b) of the Bankruptcy Code provides that claims for “damages arising from the purchase or sale of . . . a security” of the debtor or an affiliate of the debtor are subordinated to any claims not based on stock. 11 U.S.C. § 510(b). Because there is rarely enough value in a bankrupt company to satisfy all claims, a determination that a particular claim is subject to mandatory subordination under section 510(b) means that, as a practical matter, the claim is unlikely to receive any distribution from the estate.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Shareholder, Employee Retirement Income Security Act 1974 (USA), Debtor, Security (finance), Breach of contract, Fraud, Fiduciary, Consideration, Arbitration award, Liquidation
    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

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