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    Announcement of Bankruptcy Filing Foreshadows What's to Come
    2020-04-09

    The sudden fall of the oil market is already wreaking havoc on companies, and recent bankruptcy filings may be just the beginning.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Phelps Dunbar LLP, Coronavirus
    Authors:
    Patrick "Rick" M. Shelby
    Location:
    USA
    Firm:
    Phelps Dunbar LLP
    The CARES Act, Consumer Bankruptcy, and Mortgage Servicing: What to Know and Potential Pitfalls
    2020-04-09

    Enacted March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) places short-term obligations and restrictions on lenders and servicers of federally backed loans. As part of these limitations due to Coronavirus Disease 2019 (COVID-19), lenders and servicers are temporarily subject to moratoriums on foreclosures, mandatory forbearance obligations, and revised credit reporting obligations.

    Filed under:
    USA, Banking, Company & Commercial, Insolvency & Restructuring, Greenberg Traurig LLP, Coronavirus, CARES Act 2020 (USA)
    Authors:
    Michele L. Stocker , Jacob D. Bundick , Michael R. Hogue
    Location:
    USA
    Firm:
    Greenberg Traurig LLP
    Unionized Covid-19 Loan Recipients Face Troubling Non-Abrogation Commitment
    2020-04-10

    In an increasingly desperate business climate, thousands of businesses are expected to apply for emergency loans created by the Coronavirus Aid Relief and Economic Security Act (CARES Act) – but unionized employers may want to think twice before walking this path. Certain commitments necessary to secure these loans– including a commitment not to abrogate existing collective bargaining agreements – could impact your labor relations strategy well beyond the course of the COVID–19 emergency.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Fisher Phillips, Coronavirus, National Labor Relations Board (USA), CARES Act 2020 (USA)
    Authors:
    Clyde Jacob III
    Location:
    USA
    Firm:
    Fisher Phillips
    Undescribed “Beneficial Interest” in Property Insufficient to Confer Article III Standing to Contest Foreclosure
    2020-04-11

    In Thakkar v. Bay Point Capital Partners, LP (In re Bay Circle Properties, LLC), 2020 WL 1696303 (11th Cir. Apr. 8, 2020), the Eleventh Circuit dismissed an appeal because the only appellant remaining after a settlement lacked Article III standing (and in any event failed to meet the “person aggrieved doctrine” standard for appealing a bankruptcy court order).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Eversheds Sutherland (US) LLP
    Location:
    USA
    Firm:
    Eversheds Sutherland (US) LLP
    COVID-19: Impact of the CARES Act on Subchapter V Reorganizations under the Bankruptcy Code
    2020-04-13

    On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, Public Law No. 116-136 (the “CARES Act” or the “Act”), the stimulus package designed to mitigate the widespread economic impacts of the coronavirus (“COVID-19”). The Act includes important temporary modifications [1] to Subchapter V of the Bankruptcy Code (the “Code”), applicable to small -business debtor reorganizations.

    Temporary Increase in Debt Limit

    Filed under:
    USA, Insolvency & Restructuring, Litigation, K&L Gates LLP, Donald Trump, Coronavirus, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    Michael J. Gearin , A. Lee Hogewood III , Margaret R. Westbrook , Emily Mather
    Location:
    USA
    Firm:
    K&L Gates LLP
    Chapter 11 Debtors Mothball Proceedings to Wait Out COVID-19 Shutdowns
    2020-04-13

    Recent emergency motions from Modell’s Sporting Goods, Inc. (“Modell’s) and Pier 1 Imports, Inc. (“Pier 1”) to put their chapter 11 cases on ice may signal a growing trend. As the economic consequences of efforts to contain and respond to COVID-19 infections render deal-making difficult or impossible, what were the best-laid plans a few weeks ago often no longer make sense.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, McGuireWoods LLP, Coronavirus
    Authors:
    Douglas M. Foley , Sarah B. Boehm
    Location:
    USA
    Firm:
    McGuireWoods LLP
    COVID-19: Rethinking Chapter 11 as an Asset Sale Strategy—Distressed Asset Sales in the Crisis
    2020-04-08

    When a company faces financial distress and seeks to sell its assets, both the seller and the buyer may prefer to implement the transaction through a Section 363 sale in a Chapter 11 bankruptcy case of the seller. A Chapter 11 sale process provides certain protections to the buyer from fraudulent transfer and other claims of the seller’s creditors, and a seller may be able to maximize the purchase price of its assets through a Section 363 auction process.

    Filed under:
    USA, Insolvency & Restructuring, Wilmer Cutler Pickering Hale and Dorr LLP, Coronavirus
    Authors:
    George W. Shuster, Jr. , Benjamin W. Loveland
    Location:
    USA
    Firm:
    Wilmer Cutler Pickering Hale and Dorr LLP
    Vigilance Now Can Help Avoid Scrutiny Later: Fiduciary Duties in the Midst of a Global Pandemic
    2020-04-08

    Faced with constantly evolving circumstances in these challenging times, officers and directors should not lose sight of what is arguably their most important corporate role–that is, as a fiduciary. The question, particularly as a corporation’s financial situation changes and restructuring is being considered, is: Who is that fiduciary duty owed to? Unfortunately, the answer depends on whether the corporation is insolvent or near insolvent, which is why being vigilant now will help avoid scrutiny by creditors later.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Lowenstein Sandler LLP
    Authors:
    Jeffrey Cohen , Matthew Boxer , Michael A. Kaplan , C. Patrick Thomas
    Location:
    USA
    Firm:
    Lowenstein Sandler LLP
    M&A in the COVID Era - Part II - Debt Financing Opportunities for Middle Market PE Funds
    2020-04-06

    The global COVID-19 pandemic has created uncertainty around the planned deal-making activities of many middle market private equity funds. However, this environment also creates significant opportunity to provide investment and financing to companies that find themselves in distressed circumstances.

    Background

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Mintz, Private equity, Coronavirus
    Authors:
    Joseph W. Price , Matthew B. Gautier
    Location:
    USA
    Firm:
    Mintz
    Rhode Island Superior Court Establishes Non-Liquidating Receivership Calendar in Response to COVID-19 Crisis
    2020-04-06

    On March 31, 2020, the Rhode Island Superior Court announced the creation of its COVID-19 Receivership Program. The Program establishes a unique non-liquidating receivership calendar intended to assist Rhode Island businesses that are unable to pay their debts as they become due as a result of the coronavirus pandemic. The Program is designed to give struggling businesses time to obtain emergency funding under the CARES Act or other source, to resume paying its ongoing obligations under Court supervision, and repay its prepetition debt.

    Filed under:
    USA, Rhode Island, Banking, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Coronavirus, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    William J. Hanlon , Michael E. Jusczyk
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP

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