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    Your purchaser has filed a petition for bankruptcy relief. now what do you do?
    2012-12-06

    Particularly in the current economy, it is not uncommon for purchasers, anywhere along the supply-to-distribution chain, to claim financial distress and file for bankruptcy relief.  How can a person or entity hope to collect on debts owed by a “bankrupt” purchaser?  There follows a basic primer on bankruptcy terms and procedures, as well as steps an unsecured creditor may follow to be in the best position to collect on what is owed without incurring substantial attorneys’ fees.

    A Primer

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mitchell Silberberg & Knupp LLP, Bankruptcy, Debtor, Debt
    Authors:
    Mary Lane
    Location:
    USA
    Firm:
    Mitchell Silberberg & Knupp LLP
    Hostess liquidation and BCTGM union
    2012-12-06
    • Approximately 5,000 Bakery Confectionery Tobacco and Grain Millers Union (BCTGM) members across the country struck Hostess Brands, Inc., to protest the company’s imposition of its last, best, and final contract. That contract, which provided for an 8% wage cut and a 17% reduction in health and welfare benefits, was rejected by BCTGM members in September, but ratified by some 7,500 Hostess employees represented by the Teamsters. In October, Hostess received federal bankruptcy court approval to impose the contract.
    Filed under:
    USA, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Liquidation
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    In brief: claims-trading hobgoblins redux?
    2012-12-01

    In the July/August 2012 edition of the Business Restructuring Review, we reported on a Delaware bankruptcy-court ruling that reignited the debate concerning whether sold or assigned claims can be subject to disallowance under section 502(d) of the Bankruptcy Code on the basis of the seller’s receipt of a voidable transfer. In In re KB Toys, Inc., 470 B.R. 331 (Bankr. D. Del. 2012), the court rejected as unworkable the distinction between a sale and an assignment of a claim for purposes of disallowance that was drawn by the district court in Enron Corp. v. Springfield Associates, L.L.C.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Enron
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Stockton, California, ruling: bankruptcy court powerless to prevent retiree benefit reductions by municipal debtor
    2012-12-01

    Amid the economic hardships brought upon us by the Great Recession, the plight of cities, towns, and other municipalities across the U.S. has received a significant amount of media exposure. The media has been particularly interested in the spate of recent chapter 9 bankruptcy filings by Vallejo, Stockton, San Bernardino, and Mammoth Lakes, California; Jefferson County, Alabama; Harrisburg, Pennsylvania; and Central Falls, Rhode Island. A variety of factors have combined to create a virtual maelstrom of woes for U.S.

    Filed under:
    USA, California, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Public, Jones Day, Bankruptcy, Debtor, Foreclosure, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Jeffrey B. Ellman (Jeff) , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Investment funds not liable for portfolio company's underfunded pension liability under federal court ruling
    2012-12-03

    On October 18, 2012, the U.S. District Court for the District of Massachusetts ruled that two private equity investment funds managed by Sun Capital Partners, Inc. were not liable for their bankrupt portfolio company's multiemployer pension plan withdrawal liability (Sun Capital Partners III, LP v. New England Teamsters and Trucking Industry Pension Fund, Civ. Action No. 10-10921-DPW (D. Mass. Oct. 18, 2012)).

    Filed under:
    USA, Massachusetts, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Proskauer Rose LLP, Employee Retirement Income Security Act 1974 (USA), Private equity, Joint and several liability, Sun Capital Partners, Pension Benefit Guaranty Corporation
    Authors:
    Ira G Bogner , Robert M. Projansky , Andrea S Rattner
    Location:
    USA
    Firm:
    Proskauer Rose LLP
    Because of Winn-Dixie? SDNY Bankruptcy Court looks beyond literal compliance with venue statute and transfers Patriot Coal cases to Eastern District of Missouri
    2012-12-03

    On November 27, 2012, in a ruling that undoubtedly will impact the choice of venue for many large corporate bankruptcies in the future, Judge Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New York transferred venue of the chapter 11 cases of Patriot Coal Corporation and ninety-eight of its affiliates to the Eastern District of Missouri.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Trade union, Delaware General Corporation Law, United States bankruptcy court, US District Court for the Southern District of New York
    Authors:
    Thomas Curtin
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    SDNY finds direct payments to shareholders in a IBO are safe harbored under section 546(e) of the Bankruptcy Code
    2012-12-04

    On November 7, 2012, Judge Lewis A. Kaplan for the United States District Court of the Southern District of New York held that payments made in connection with a leveraged buyout to holders of privately held securities were safe harbored under section 546(e) of the Bankruptcy Code notwithstanding the fact that the payments passed directly from the purchaser to the seller without the use of any financial intermediary. AP Services LLP v. Silva, et al., Case No. 11-03005 (S.D.N.Y. Nov. 7, 2012).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Shareholder, Security (finance), Privately held company, Leveraged buyout, Title 11 of the US Code, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Valuing collateral: do low-income housing tax credits count?
    2012-11-27

    In re Creekside Senior Apartments, LP, 477 B.R. 40 (6th Cir. B.A.P. 2012) –

    In valuing a bank claim secured by a low-income housing project for purposes of a plan of reorganization, should the remaining federal low‑income housing tax credits allocated to the project be taken into consideration?  In Creekside the bankruptcy court said yes, and the bankruptcy appellate panel agreed.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Tax, Troutman Pepper, Debtor, Collateral (finance), Tax credit, Limited partnership
    Location:
    USA
    Firm:
    Troutman Pepper
    Tax regulation alert – new tax rules to benefit debtors
    2012-11-28

    Pension issues in the American Airlines (AMR) bankruptcy1 have resulted in the Internal Revenue Service (IRS) issuing new final regulations, effective November 8, 2012 (Final Regulations), which broadly impact all debtors facing underfunded pension plan obligations. The Final Regulations provide chapter 11 bankruptcy debtors facing distress terminations of their tax-qualified defined benefit pension plans with the additional option of amending the plans to eliminate accelerated payment options.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, Squire Patton Boggs, Bankruptcy, Debtor, Defined benefit pension plan, Internal Revenue Service (USA), Pension Benefit Guaranty Corporation, Internal Revenue Code (USA)
    Authors:
    Stephen D. Lerner , Thomas J. Salerno , K. Derek Judd , Bradley A. Cosman
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Weathering the storm: Vitro’s Concurso plan is theoretically enforceable in the United States . . . but not this time . . . under these circumstances
    2012-11-28

    On November 28, 2012, the United States Court of Appeals for the Fifth Circuit published an opinion affirming the bankruptcy court’s ruling that the Mexican Plan of Reorganization (the “Concurso Plan”) of the Mexican glass-manufacturing company, Vitro, S.A.B.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Comity, Stay of execution, United States bankruptcy court, Fifth Circuit
    Authors:
    Robin E. Phelan , Scott Everett , Judith Elkin , Jordan Bailey
    Location:
    USA
    Firm:
    Haynes and Boone LLP

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