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    Opinion of Interest - Springfield Hospital, Inc. v. Guzman: Second Circuit Upholds Federal Government’s Ability to Deny PPP Loans to Bankrupt Companies
    2022-04-08

    Recently, the Second Circuit became the first federal circuit court to rule that the federal government could deny a Paycheck Protection Program (“PPP”) loan to a debtor in bankruptcy solely because of an applicant’s bankruptcy status.[1] Prior to the Second Circuit’s decision in Springfield Hospital, Inc. v.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Coronavirus, Paycheck Protection Program, CARES Act 2020 (USA), Small Business Administration (USA)
    Authors:
    Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Too Little Too Late? After Much Debate, SBA Allows Debtors to Access PPP Loans - But Only on a Limited Basis
    2021-05-03

    After more than one year since the Paycheck Protection Program, or PPP, was established pursuant to the US Cares Act in March 2020, the Small Business Administration (“SBA”) has recently reversed its policy that prohibited companies in bankruptcy from applying for PPP funding due to their status as debtors in bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Paycheck Protection Program, CARES Act 2020 (USA), Small Business Administration (USA)
    Location:
    USA
    Firm:
    Mayer Brown
    Opinion of Interest - In re Nuverra Environmental Solutions, Inc.
    2021-01-12

    In a recent decision in In re Nuverra Environmental Solutions, Inc., No. 18-3084, 2021 WL 50160 (3d Cir. Jan 6, 2021), a divided Third Circuit panel held that an appeal of a Chapter 11 plan confirmation order was equitably moot and that the dissenting unsecured creditor who filed the appeal, David Hargreaves, was not entitled to individualized relief.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Third Circuit
    Authors:
    Joshua R. Gross , Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    Electronic Discovery & Information Governance - Tip of the Month: Bankruptcy Boom Will Create E-Discovery Challenges
    2020-06-30

    In Houston, oil is king. But this year, several energy titans are among a troubling and growing corporate list turning to bankruptcy protection. Even if the economy rebounds unexpectedly, experts expect the sharp increase in bankruptcy proceedings to continue, at least for the remainder of 2020.

    Bankruptcy Boom Creates E-Discovery Issues

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, United States bankruptcy court
    Location:
    USA
    Firm:
    Mayer Brown
    Windstream Lease Dispute Escalates as Debtors Sue Uniti, Mediator Appointed, and Creditors Intervene
    2019-08-26

    In recent weeks, the dispute in Windstream’s bankruptcy between Windstream and its REIT spinoff Uniti Group over the lease transaction that ultimately led to Windstream’s chapter 11 bankruptcy has continued to escalate with Windstream filing an adversary complaint against Uniti. In its complaint, Windstream seeks to recharacterize the lease as a disguised financing alleging that the lease resulted in a long-term transfer of billions of dollars to Uniti to the detriment of Windstream’s creditors.

    Filed under:
    USA, Insolvency & Restructuring, Real Estate, Mayer Brown, Debtor, Mediation, Secured creditor, Unsecured creditor
    Authors:
    Tyler R. Ferguson , Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Intercreditor Agreements After Momentive: When a Hindrance Is Not a “Hindrance”
    2018-12-13

    Intercreditor agreements—contracts that lay out the respective rights, obligations and priorities of different classes of creditors—play an increasingly important role in corporate finance in light of the continued prevalence of complex capital structures involving various levels of debt. When a company encounters financial difficulties, intercreditor agreements become all the more important, as competing classes of creditors seek to maximize their share of the company’s limited assets.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Mayer Brown, US District Court for SDNY
    Location:
    USA
    Firm:
    Mayer Brown
    Private Equity Portfolio Company Bulletin November 2016
    2016-11-29

    New Rules for Imposing Personal Liability on Directors of Insolvent Companies

    When a company enters into an insolvency process, a director may be made personally liable for an insolvent company’s debts on a few limited bases under the Insolvency Act 1986, the most common of which are:

    1. wrongful trading: if the director knew or ought to have known that there was no reasonable prospect of avoiding insolvent liquidation and he did not take every step necessary with a view to minimising the loss to creditors;

    Filed under:
    United Kingdom, USA, Corporate Finance/M&A, Insolvency & Restructuring, Public, White Collar Crime, Mayer Brown
    Authors:
    Jessica Walker
    Location:
    United Kingdom, USA
    Firm:
    Mayer Brown
    Southern District of New York deepens internal split over loophole in bankruptcy safe harbor for capital markets transactions
    2014-01-24

    The Bankruptcy Court for the Southern District of New York recently held in Edward S. Weisfelner, as Litigation Trustee of the LB Creditor Trust v. Fund 1., et al.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Debtor, Commodity broker, Leveraged buyout, Title 11 of the US Code
    Authors:
    Brian Trust , Joel Moss , Joaquin M. C De Baca
    Location:
    USA
    Firm:
    Mayer Brown
    Lehman bankruptcy court holds that pre-petition collateral transfers and guaranties to clearing bank are safe harbored
    2012-04-26

    On April 19, 2012, the Lehman bankruptcy court handed down its decision on the long-pending motion to dismiss filed by JPMorgan Chase Bank, N.A., in response to Lehman Brothers Holdings Inc.’s $8.6 billion avoidance action against it. The action sought to recover the value of collateral taken by JP Morgan in its role as principal clearing bank to Lehman in the run-up to the Lehman insolvency.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Clearing (finance), Collateral (finance), JPMorgan Chase, Lehman Brothers, United States bankruptcy court
    Authors:
    Howard S. Beltzer , Joshua Cohn , Mark G. Hanchet , Christopher J. Houpt , Brian Trust
    Location:
    USA
    Firm:
    Mayer Brown
    Dodd-Frank: Title II Orderly Liquidation Authority
    2011-01-31

    On 18 January 2011, the Federal Deposit Insurance Corporation (“FDIC”) issued an interim final rule (the “Rule”) with request for comments regarding certain provisions of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd- Frank Act”). Title II creates the Orderly Liquidation Authority (“OLA”), which is a mechanism under which “covered financial companies” can be liquidated in a uniform fashion rather than under inconsistent insolvency regimes.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Mayer Brown, Consumer protection, Unsecured debt, Liquidation, Depository institution, Subsidiary, Parent company, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Federal Deposit Insurance Corporation (USA)
    Authors:
    David W. Alberts
    Location:
    USA
    Firm:
    Mayer Brown

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