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    Bankruptcy court allows collateral agent to credit bid without 100% approval of senior lenders in same facility
    2009-04-28

    In a recent decision, the Bankruptcy Court for the District of Delaware allowed the collateral agent for senior lenders to credit bid for the debtors’ assets even though all of the senior lenders had not authorized the bid. One of the senior lenders had objected to the group’s acquisition of the debtors’ assets by the credit bid. In re GWLS Holdings, Inc., 2009 WL 453110 (Bankr. D. Del. Feb. 23, 2009) (Walsh, J.).

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Waiver, Consent, Line of credit, Secured creditor, Secured loan, Title 11 of the US Code, Uniform Commercial Code (USA), Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Adam C. Harris , David M. Hillman , Lawrence V. Gelber , Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel 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
    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
    Montana Bankruptcy Court subordinates $375 million Credit Suisse loan in Yellowstone Club Chapter 11
    2009-05-18

    Yellowstone Mountain Club LLC (Yellowstone Club) developed land near Yellowstone National Park in Montana as a high-end residential development with a private ski and golf club.

    The development of Yellowstone Club didn’t progress as promptly or as smoothly as projected. Memberships ended up being sold at substantially discounted prices.

    Filed under:
    USA, Montana, Insolvency & Restructuring, Litigation, Bricker & Eckler LLP, Shareholder, Interest, Debt, Due diligence, Cashflow, Broadcast syndication, Credit Suisse, United States bankruptcy court
    Authors:
    David M. Whittaker
    Location:
    USA
    Firm:
    Bricker & Eckler LLP
    General Growth Properties bankruptcy court enters final order on cash collateral, cash management, and DIP financing issues
    2009-05-18

    Our May 11th memo entitled “General Growth Properties Bankruptcy Court Defers Final Ruling on Cash Collateral, Cash Management and DIP Financing Issues” concluded that the ultimate impact of the bankruptcy filings of General Growth Properties, Inc. and its affiliates would depend in large part on how the cash collateral and DIP Loan issues were resolved. On May 13th, Judge Allan L. Gropper, the U.S. Bankruptcy Judge before whom these bankruptcies are pending, entered final orders on the pending cash collateral, cash management and debtor-in-possession financing motions.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Limited liability company, Debt, Mortgage loan, Limited partnership, Subsidiary, Commercial mortgage-backed security, Secured loan, United States bankruptcy court
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft 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

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