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    Delaware Bankruptcy Court Addresses Shareholder Blocking Rights
    2020-07-13

    On May 5, 2020, Judge Mary Walrath of the United States Bankruptcy Court for the District of Delaware delivered a bench ruling that denied a minority shareholder’s motion to dismiss the Chapter 11 cases of Pace Industries and certain of its affiliates on the grounds that the shareholder’s contractual right to block a bankruptcy filing under the debtor’s certificate of incorporation was contrary to public policy.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus
    Authors:
    Sean T. Scott , Thomas S. Kiriakos , Tyler R. Ferguson , Alexander F. Berk
    Location:
    USA
    Firm:
    Mayer Brown
    Prepayment Premium/Make-Whole Enforceability in Bankruptcy: The Details Matter
    2019-12-13

    Prepayment premiums (also referred to as make-whole premiums) are a common feature in loan documents, allowing lenders to recover a lump-sum amount if a borrower pays off loan obligations prior to maturity, effectively compensating lenders for yield that they would have otherwise received absent prepayment. As a result of the widespread use of such provisions, three circuit courts of appeal – the U.S. Court of Appeal for the Second, Third and Fifth Circuit – have recently had to address the enforceability of prepayment provisions in bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor
    Authors:
    Joaquin M. C De Baca , Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    Into the Void (Again): PG&E Intends to Enter Bankruptcy Proceedings - Possible Consequences for Renewable PPAs
    2019-01-24

    After months of speculation, it is now official : PG&E (both the parent, PG&E Corporation, and its subsidiary, Pacific Gas & Electric Company), having faced extraordinary challenges relating to catastrophic wildfires in 2017 and 2018, has announced that a voluntary bankruptcy filing “is appropriate, necessary and in the best interests of all stakeholders, including wildfire claimants, PG&E’s other creditors and shareholders, and is ultimately the only viable option to restore PG&E’s financial stability to fund ongoing operations and provide safe service to customers.” As

    Filed under:
    USA, California, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Mayer Brown, Renewable energy, Power purchase agreement, Title 11 of the US Code, Federal Power Act 1920 (USA), FERC
    Authors:
    J. Paul Forrester , Sean T. Scott , Andrew Young
    Location:
    USA
    Firm:
    Mayer Brown
    US Supreme Court Reverses a Chapter 11 Structured Dismissal
    2017-03-22

    Czyzewski v. Jevic Holding Corp., No. 15-649 (2017)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, SCOTUS
    Authors:
    Brian Trust , Thomas S. Kiriakos
    Location:
    USA
    Firm:
    Mayer Brown
    United States Court of Appeals for Second Circuit holds that section 546(e) safe harbor protects from avoidance transfers of fictitious profits in connection with Madoff Ponzi scheme
    2014-12-11

    In In re Bernard L. Madoff Investment Securities LLC (“Madoff”),1 the United States Court of Appeals for the Second Circuit reaffirmed  its broad and literal interpretation of section 546(e) of the Bankruptcy Code, which provides a  safe harbor for transfers made in connection with a securities contract that might otherwise be  attacked as preferences or fraudulent transfers.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Security (finance), Safe harbor (law), Second Circuit
    Authors:
    Brian Trust , Richard G. Ziegler
    Location:
    USA
    Firm:
    Mayer Brown
    U.S. Supreme Court upholds secured lenders’ right to credit bid in sale of collateral under plan of reorganization
    2012-05-30

    The U.S. Supreme Court has ruled that a secured creditor cannot be denied its right to “credit bid”—i.e., to offset the amount of its debt against the purchase price of assets, rather than bidding in cash—in sales of collateral undertaken in connection with plans of reorganization under Chapter 11 of the Bankruptcy Code. In so ruling, the Court resolved a widely publicized split of authority among the Circuit Courts of Appeal, and rejected the Third Circuit’s ruling in the Philadelphia Newspapers case.1

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Credit (finance), Collateral (finance), Statutory interpretation, Debt, Secured creditor, Secured loan, Title 11 of the US Code
    Authors:
    Brian Trust , Howard S. Beltzer , Thomas S. Kiriakos
    Location:
    USA
    Firm:
    Mayer Brown
    US FDIC and Federal Reserve propose rule on resolution plans and credit exposure reports
    2011-05-02

    The US Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System (FRB) have jointly approved a proposed rule requiring certain companies to periodically submit Resolution Plans (also referred to as “living wills”) and Credit Exposure Reports (the “Proposed Rule”) to the FRB and FDIC.1

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Insurance, Mayer Brown, Confidentiality, Consumer protection, Market liquidity, Federal Reserve Board, Bank holding company, Leverage (finance), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), European Commission, Financial Stability Board, Federal Deposit Insurance Corporation (USA), Federal Reserve System
    Authors:
    Jeffrey P. Taft
    Location:
    USA
    Firm:
    Mayer Brown
    Unsecured creditors may claim post-petition attorneys’ fees
    2009-11-24

    In a decision that will be of great interest to the creditor community, the US Court of Appeals for the Second Circuit held, on November 5, 2009, that the Bankruptcy Code does not bar an unsecured claim for post-petition attorneys’ fees that was authorized under a valid prepetition contract. The case, Ogle v. Fidelity & Deposit Company of Maryland,1 extends and clarifies the US Supreme Court’s March 2007 decision in the Travelers case,2 which opened the door for such a ruling.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Unsecured debt, Interest, Liquidation, Unsecured creditor, Title 11 of the US Code, SCOTUS, Second Circuit, Ninth Circuit, United States bankruptcy court
    Authors:
    Brian Trust , Frederick D. Hyman
    Location:
    USA
    Firm:
    Mayer Brown
    Third-Party Releases in Mahwah Bergen’s Chapter 11 Plan Held to Be Unenforceable
    2022-05-26

    In a recent decision, Judge David Novak of the US District Court for the Eastern District of Virginia vacated the Chapter 11 plan confirmation order entered by the bankruptcy court in the Mahwah Bergen Retail Group (formerly known as Ascena Retail Group) case, holding that the plan’s non-consensual third-party releases were unenforceable.1 The ruling arrived shortly after an

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Coronavirus, SCOTUS
    Authors:
    Tyler R. Ferguson , Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    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

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