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    US Bankruptcy Fee Flip: Legal Expenses for Unsecured Creditors; Considerations for Lenders and Administrative Agents
    2019-08-13

    Pacific Gas and Electric Company's Chapter 11 filing earlier this year has highlighted an issue that is well settled but sometimes overlooked: Unsecured creditors generally have no right to receive immediate payment of their legal fees from a bankrupt borrower, regardless of any contractual rights they might otherwise have absent the bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Secured creditor, Unsecured creditor
    Location:
    USA
    Firm:
    Mayer Brown
    CFPB Finalizes Single-Statement Transition Period for Mortgage Statements to Borrowers in Bankruptcy
    2018-03-14

    On March 8, the Consumer Financial Protection Bureau (“CFPB”) finalized the amendment to its 2016 Mortgage Servicing Final Rule (“2016 Final Rule”) to clarify the transition timing for mortgage servicers to provide periodic statements and coupon books when a consumer enters or exits bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Real Estate, Mayer Brown, Consumer Financial Protection Bureau (USA)
    Location:
    USA
    Firm:
    Mayer Brown
    Bankruptcy Code—Fraudulent Conveyances Qualify As “Actual Fraud”
    2016-05-16

    Husky Int’l Electronics, Inc. v. Ritz, No. 15-145

    Debtors seek the protections of the Bankruptcy Code to have their debts discharged, but there are exceptions. A creditor can prohibit discharge of a debt “obtained by … actual fraud.” 11 U.S.C. § 523(a)(2)(A). Today, in a 7-1 decision written by Justice Sotomayor, the Supreme Court ruled that a fraudulent conveyance qualifies as “actual fraud.”

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Mayer Brown, Fraud
    Location:
    USA
    Firm:
    Mayer Brown
    Second Circuit holds that chapter 15 debtors must satisfy eligibility requirements of section 109(a) of the Bankruptcy Code in order to be eligible for relief
    2013-12-17

    In a case of importance to foreign representatives of foreign debtors seeking the assistance of US courts pursuant to chapter 15 of the Bankruptcy Code, the US Court of Appeals for the Second Circuit has held that the debtor eligibility requirements of section 109(a) of the US Bankruptcy Code apply in cases under chapter 15 as they would in cases under other chapters of the Bankruptcy Code. The decision in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), Case No. 13-612 (2d Cir. Dec.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Title 11 of the US Code, Second Circuit, United States bankruptcy court
    Authors:
    Joel Moss , Devi Shah , Ashley Katz , John M. Marsden , Thomas A. Pugh
    Location:
    USA
    Firm:
    Mayer Brown
    Omega Navigation provides further test of a foreign debtor's access to the protection of the US bankruptcy courts
    2011-12-14

    In the course of the next few weeks, Omega Navigation Enterprises, Inc. and its affiliates (collectively, “Omega”), an international shipping enterprise, will find out if motions by certain of their lenders to, among other things, dismiss Omega’s chapter 11 bankruptcy proceedings have been granted by the U.S. Bankruptcy Court for the Southern District of Texas.1 If not, then Omega may be permitted to continue its attempt to reorganize its business under chapter 11 of the Bankruptcy Code.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Debtor, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Ashley Katz , Frederick D. Hyman
    Location:
    USA
    Firm:
    Mayer Brown
    Treatment of swap agreements under insurance insolvencies – state developments
    2010-11-29

    The treatment of derivatives, or “qualified financial contracts”, under state insurance insolvency laws has received increased attention since the financial crisis. Four states passed laws in 2010 that allow for the exercise of certain netting collateral and termination provisions in an insurance insolvency without regard to the automatic stay mechanism and similar laws are anticipated in other states in 2011. Federal laws provide a level of certainty with respect to the treatment of certain swap agreement provisions in a general corporate bankruptcy. The U.S.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Insurance, Mayer Brown, Bankruptcy, Collateral (finance), Swap (finance), Title 11 of the US Code
    Authors:
    David W. Alberts , John C. Drnek
    Location:
    USA
    Firm:
    Mayer Brown
    Attempting to Close the Shops: New York and Virginia Adopt Random Case Assignment to Discourage Forum Shopping
    2022-01-07

    The Bankruptcy Court for the Southern District of New York (the “SDNY”) has been a longstanding epicenter of Chapter 11 filings. Historically seen as one of the more pro-debtor forums in the country, large companies often filed in the SDNY to take advantage of that stance. Some debtors appear to have attempted to direct their cases to specific judges within the district who were seen as particularly pro-debtor. One recent example was the bankruptcy filing by OxyContin producer, Purdue Pharma.

    Filed under:
    USA, New York, Virginia, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    Avianca’s Future Flow Financing - Not Quite Déjà Vu
    2021-04-15

    The Colombian airline Aerovias Nacionales de Colombia S.A. – Avianca (“Avianca”) has made a habit of accessing the structured credit markets by monetizing its expected stream of credit card receivables, filing for U.S. Chapter 11 protection when in distress, and then challenging the structured credit agreements to which it had committed. Recently, Avianca reached a settlement with the lenders to its existing future flow receivables transaction, entered into in December 2017, which will result in a restructured loan facility.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Mayer Brown, Coronavirus
    Authors:
    Douglas A. Doetsch
    Location:
    USA
    Firm:
    Mayer Brown
    In re Ultra Petroleum Corp.
    2020-11-19

    On remand from the Fifth Circuit, in its October 26, 2020, decision in In re Ultra Petroleum Corp.,1 the US Bankruptcy Court for the Southern District of Texas ruled that (1) make-whole premiums are allowed by the Bankruptcy Code under appropriate circumstances and (2) a solvent debtor must pay pos

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Aaron Gavant , Sean T. Scott , Alexander F. Berk , Tyler R. Ferguson
    Location:
    USA
    Firm:
    Mayer Brown
    Managing Your Capital: A Practical Guide for Issuers and Borrowers Facing Economic Uncertainty
    2020-05-25

    The current market environment, created by the global COVID-19 pandemic, has few parallels. During periods of economic uncertainty, many issuers and borrowers face significant and difficult issues in managing their capital structure. The purpose of this guide is to provide issuers and borrowers with practical guidance to proactively manage these issues and control their capital structure. In particular, this guide:

    Filed under:
    USA, Banking, Insolvency & Restructuring, Mayer Brown, Coronavirus
    Location:
    USA
    Firm:
    Mayer Brown

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