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    Modifying Exchange Act reporting in bankruptcy ~ a primer
    2009-05-04

    In light of the continuing economic downturn, many issuers with periodic reporting obligations under the Securities Exchange Act of 1934 are or may be faced with the prospect of reorganizing or liquidating under the United States Bankruptcy Code. These issuers must file their Exchange Act reports under the strain of the bankruptcy process, which imposes practical difficulties in completing and timely filing the reports during a time when resources are limited. Can these reporting requirements be modified so that issuers can more readily satisfy them?

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Foley & Lardner LLP, Public company, Bankruptcy, Security (finance), Liquidation, Balance sheet, Annual report, Form 10-K, Form 10-Q, Form 8-K, Tender offer, US Securities and Exchange Commission, Securities Exchange Act 1934 (USA), Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Foley & Lardner LLP
    Seventh Circuit holds that bankruptcy court improperly reduced oversecured lenders’ claim
    2009-05-13

    The U.S. Court of Appeals for the Seventh Circuit held on May 5, 2009, that a group of secured lenders were fully secured and “entitled to a full recovery” from the debtor despite the bankruptcy court’s improper valuation of the collateral (improved airport terminal space) securing the lenders’ underlying $60 million loan. In re United Airlines, Inc., ___ F.3d ___, 2009 U.S. App. LEXIS 9648 (7th Cir. 5/5/09) (Easterbrook, Ch. J.). The lower courts had valued the lenders’ collateral at $35 million, leaving them with a $25 million unsecured claim.

    Filed under:
    USA, Aviation, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Federal Reporter, Foreclosure, Valuation (finance), Airport, United Airlines, United States bankruptcy court, Seventh Circuit
    Authors:
    Adam C. Harris , David M. Hillman , Lawrence V. Gelber , Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Decision casts doubt on effectiveness of "free and clear" sales under 11 U.S.C. § 363
    2009-05-12

    In a recent decision, the Ninth Circuit Bankruptcy Appellate Panel (BAP) changed the legal landscape of bankruptcy asset sales. Prior to Clear Channel Outdoor, Inc. v. Knupfer, 391 B.R. 25 (B.A.P. 9th Cir. 2008), courts routinely stripped liens from assets purchased in a bankruptcy sale. Moreover, appeals of these sales were generally considered non-reviewable. The BAP in Clear Channel overturned these two longstanding features of bankruptcy asset sales, and, if followed, this decision could result in enforcement of existing property liens against asset purchasers.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Stinson LLP, Bankruptcy, Limited liability company, Foreclosure, Condominium, Remand (court procedure), US Code, Trustee, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Authors:
    Robert Kugler
    Location:
    USA
    Firm:
    Stinson LLP
    Recent significant commercial bankruptcy filings
    2009-05-12

    The following is a list of some recent larger U.S. bankruptcy filings in various industries. To the extent you are a creditor to any of these debtors, or other entities which may have filed for bankruptcy protection, you as a creditor are entitled to certain protections under the Bankruptcy Code.  

    AUTOMOTIVE

    Mark IV Industries, affiliates file Chapter 11; reach “agreement in principle” with lenders.  

    GAMING  

    Filed under:
    USA, Insolvency & Restructuring, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Retail, Debtor, Unsecured debt, Option (finance), Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    General Growth Properties bankruptcy court defers final ruling on cash collateral, cash management and DIP financing issues
    2009-05-11

    Following several weeks of speculation about how pending cash collateral, cash management, and debtor-in-possession financing motions might affect basic principles of structured finance, the bankruptcy court deferred a final ruling on the motions and extended the interim cash collateral order. In so doing, Judge Allan L. Gropper of the United States Bankruptcy Court for the Southern District of New York suggested that CMBS lenders organize themselves so that common issues can be identified and resolution expedited.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Legal personality, Debtor, Collateral (finance), Fiduciary, Interest, Debt, Limited partnership, Bad faith, Default (finance), Subsidiary, Commercial mortgage-backed security, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Chrysler Chapter 11 proceedings update
    2009-05-08

    As widely reported, on April 30, 2009, (the Petition Date), Chrysler LLC and its 24 domestic and indirect subsidiaries (the Debtors) filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Court).

    Filed under:
    USA, Insolvency & Restructuring, Faegre Drinker Biddle & Reath LLP, Interim order, Limited liability company, Line of credit, US Department of the Treasury, Chrysler, United States bankruptcy court
    Location:
    USA
    Firm:
    Faegre Drinker Biddle & Reath LLP
    Eighth Circuit affirms Bankruptcy Appellate Panel's interpretation of reinsurance agreement
    2009-05-27

    As previously reported (3/17/08 post), this case involves the interpretation of the terms of a reinsurance contract and the duties of the parties under that contract. In the most recent development, the Eighth Circuit affirmed the Bankruptcy Appellate Panel’s judgment affirming in part, and reversing in part, a prior decision of the bankruptcy court regarding the reinsurance contract at issue.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Jorden Burt LLP, Bankruptcy, Debtor, Reinsurance, Eighth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
    Authors:
    John Black
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Sale of Chrysler LLC’s assets is imminent – update number 3
    2009-05-27

    Judge Arthur J. Gonzalez presided over hearings May 20, 2009, in this mega bankruptcy case. There were 21 matters on the agenda, as well as an emergency motion, that were heard or adjourned to a later date, in approximately two and a half hours of hearings (click here for a link to the audio file provided by the Clerk of the U.S. Bankruptcy Court for the Southern District of New York; it may take a moment to load before playing).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Faegre Drinker Biddle & Reath LLP, Bankruptcy, Debtor, Unsecured debt, Constitutionality, Secured loan, US Federal Government, United Automobile Workers, Chrysler, United States bankruptcy court
    Location:
    USA
    Firm:
    Faegre Drinker Biddle & Reath LLP
    Weathering the storm: retiree benefits and Section 1114
    2009-05-27

    Retiree benefits are often a central issue in bankruptcy cases. For many employers the high cost of retiree medical benefits has been a significant contributing factor to the Chapter 11 filing and a matter of ongoing concern if the debtor is to be able to successfully reorganize. Understandably, employees, retirees and unions are equally concerned about the status of retiree benefits. Their obvious interest is to attempt to prevent the erosion of benefits that had been expected to be available during retirement.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Bankruptcy, Debtor, Trade union, Retirement, Good faith, Business judgement rule, At-will employment, Unilateralism, US Congress, US Code, Title 11 of the US Code, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Court awards ASARCO damages in action against parent company
    2009-05-20

    On August 30, 2008, the United States District Court for the District of Northern Texas issued its ruling on whether Americas Mining Corporation (“AMC”) (and its parent Grupo Mexico) had caused ASARCO LLC (“ASARCO”), a wholly owned subsidiary of Grupo Mexico, to fraudulently transfer stock of Southern Peru Copper Company (“SPCC”) from ASARCO to AMC. The Court determined that AMC was liable for (1) intentional fraudulent transfer, (2) aiding and abetting breach of fiduciary duty under New Jersey law; and (3) civil conspiracy under Arizona law. See ASARCO LLC v.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Share (finance), Bankruptcy, Breach of contract, Dividends, Fiduciary, Interest, Market liquidity, Subsidiary, Conspiracy (civil), United States bankruptcy court
    Authors:
    Alan W Kornberg , Matthew Scheck
    Location:
    USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP

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