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    Opinion of Interest - In re Homaidan: Not all Private Student Loans are Presumptively Nondischarbeable in Bankruptcy
    2021-07-16

    With more than $1.7 trillion in student loan debt outstanding in the United States, student loan borrowers sometimes try to turn to the bankruptcy courts for relief, often without success due to the fact that most student loans are presumed to be nondischargeable.[1] In its July 15, 2021 decision in In re Homaidan,

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Joshua R. Gross , Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    December 2020 Appropriations Act Amends Several Provisions of the Bankruptcy Code
    2021-01-19

    The Consolidated Appropriations Act of 2021 (the CAA), which President Trump signed into law on December 27, 2020, amends several provisions of the Bankruptcy Code. While a number of the amendments are applicable only to small businesses (e.g., businesses eligible to file under the new small-business subchapter of the Bankruptcy Code and/or businesses eligible to receive PPP loans), several others have more general application, as discussed below.

    * * *

    Amendments of More General Application

    Filed under:
    USA, Insolvency & Restructuring, Mayer Brown, Coronavirus, Paycheck Protection Program, CARES Act 2020 (USA)
    Authors:
    Aaron Gavant , Monique J. Mulcare , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    An Act of God, or Another Failing Restaurant? Illinois Bankruptcy Court Rules on Force Majeure Clause in the Wake of COVID-19 Shutdown Order
    2020-07-07

    The ongoing COVID-19 pandemic has raised pressing questions about how a force majeure provision in a lease will affect a tenant's obligation to pay rent.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Real Estate, Mayer Brown, Force majeure, Coronavirus
    Location:
    USA
    Firm:
    Mayer Brown
    US Bankruptcy Code Defines Right to Receive “Make-Whole” Premium under Chapter 11 Plan
    2019-12-13

    On November 26, 2019, the US Court of Appeals for the Fifth Circuit held in Ultra Petroleum Corp. v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Debtor, United States bankruptcy court
    Authors:
    Tyler R. Ferguson , Thomas S. Kiriakos , Adam C. Paul , Sean T. Scott , Brian Trust
    Location:
    USA
    Firm:
    Mayer Brown
    Bankruptcy Court Turns Down Attempt to Circumvent CDO Liquidation Procedure
    2019-01-15

    In a recent decision that will be of interest to capital and structured finance market participants,1 a bankruptcy court in the Southern District of New York found that nonrecourse noteholders of a structured finance vehicle were not eligible petitioners under § 303(b) of the Bankruptcy Code and therefore could not commence an involuntary bankruptcy case.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Mayer Brown, Collateralized debt obligation, Second Circuit, United States bankruptcy court, US District Court for SDNY
    Location:
    USA
    Firm:
    Mayer Brown
    Second Circuit Green-Lights Out of Court Restructurings of Bonds, Holding That TIA Only Prohibits Amendments to Core Payment Terms
    2017-01-24

    On January 17, 2017, in a long-awaited decision in Marblegate Asset Management, LLC v. Education Management Finance Corp.,1 the US Court of Appeals for the Second Circuit held that Section 316 of the Trust Indenture Act ("TIA") does not prohibit an out of court restructuring of corporate bonds so long as an indenture's core payment terms are left intact.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Mayer Brown, Bond (finance), Second Circuit, United States bankruptcy court
    Authors:
    Matthew V. Wargin , J. Paul Forrester , Craig E. Reimer , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    US Supreme Court rules that bankruptcy courts can issue proposed findings in “core” matters involving Stern v. Marshall-type claims
    2014-06-10

    On June 9, 2014, the US Supreme Court issued a unanimous decision in Executive Benefits Insurance Agency v. Arkison (“Executive Benefits”)1 that resolved a fundamental bankruptcy procedural issue that had arisen in the wake of Stern v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Tortious interference, SCOTUS, United States bankruptcy court
    Authors:
    Brian Trust , Thomas S. Kiriakos
    Location:
    USA
    Firm:
    Mayer Brown
    TOUSA III: lenders beware? Eleventh Circuit upholds bankruptcy court's original fraudulent transfer decision
    2012-05-17

    On May 15, 2012, the Eleventh Circuit Court of Appeals (the “Circuit Court”) issued an opinion in In re TOUSA, Inc.,1 in which it affirmed the original decision of the bankruptcy court and reversed the appellate decision of the district court. After a 13-day trial, the bankruptcy court had found that liens granted by certain TOUSA subsidiaries (the “Conveying Subsidiaries”) to secure new loans (the “New Term Loans”) incurred to pay off preexisting indebtedness to certain lenders (the “Transeastern Lenders”) were avoidable fraudulent transfers.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Fraud, United States bankruptcy court, Eleventh Circuit
    Authors:
    Brian Trust , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    In re TOUSA—Florida District Court Reverses and Quashes Bankruptcy Court Fraudulent Transfer Decision
    2011-02-14

    Introduction

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Mayer Brown, Bond (finance), Bankruptcy, Fraud, Debt, Standard of review, Remand (court procedure), Subsidiary, United States bankruptcy court
    Authors:
    Brian Trust , Howard S. Beltzer , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    New York Bankruptcy Court holds remote special purpose subsidiaries eligible as debtors, denies dismissal of SPE Chapter 11 filings by General Growth Properties
    2009-08-31

    On August 11, 2009, the US Bankruptcy Court for the Southern District of New York denied five motions to dismiss bankruptcy cases filed by certain bankruptcy remote, special purpose subsidiaries (SPEs) of General Growth Properties, Inc. (GGP). The motions were filed by or on behalf of secured lenders to the SPEs (Movants) who argued that the bankruptcy filings were inconsistent with the bankruptcy remote structures that they had negotiated with GGP.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Mayer Brown, Public company, Bankruptcy, Shareholder, Debtor, Real estate investment trust, Good faith, Bad faith, Refinancing, Subsidiary, Title 11 of the US Code, Delaware General Corporation Law, United States bankruptcy court
    Authors:
    Richard G. Ziegler
    Location:
    USA
    Firm:
    Mayer Brown

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