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    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
    General Motors files bankruptcy
    2009-06-01

    General Motors and Affiliates File for Chapter 11 Bankruptcy Protection

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Credit (finance), Debtor, Accounts receivable, Debt, US Federal Government, US Department of the Treasury, General Motors, United States bankruptcy court
    Authors:
    Gary D. Santella , Reinhold F. Krammer
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    Chapter 11 ruling calls into question basic tenets of securitization structures
    2009-05-29

    On May 14, 2009, Judge Allan Gropper of the US Bankruptcy Court, Southern District of New York, approved a US$400 million DIP financing package in the US$27 billion General Growth Properties, Inc. (“GGP”) Chapter 11 case. Judge Gropper’s ruling also included approval of GGP’s proposal to use cash flow generated by shopping centers, structured by GGP as bankruptcy remote, special purpose entities, to fund GGP’s ongoing central operations while in bankruptcy.  

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, White & Case, Bankruptcy, Debtor, Collateral (finance), Debt, Asset-backed security, Cashflow, Subsidiary, Commercial mortgage-backed security, Credit rating, Credit rating agency, United States bankruptcy court
    Authors:
    David Thatch , John Donovan , Jonathan Schechter , Scott Berger
    Location:
    USA
    Firm:
    White & Case
    Like-kind exchanges and the use of a qualified intermediary
    2009-05-28

    Under Section 1031 of the Internal Revenue Code, a taxpayer does not recognize gain or loss on the exchange of like-kind property. Before 1984, the Code did not specifically address so-called deferred exchanges - exchanges in which the taxpayer relinquished property and some time later received the replacement property - although at least one leading case did. The 1984 rules require that the taxpayer identify the replacement property within 45 days after the disposition and close on the replacement property and close within 180 days after the disposition.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Dykema Gossett PLLC, Bankruptcy, Surety, Debtor, Consideration, Internal Revenue Service (USA), Internal Revenue Code (USA), United States bankruptcy court, US District Court for Eastern District of Virginia
    Authors:
    Anthony Ilardi, Jr. , Robert Davidson , Sheryl L. Toby , Wayne D. Roberts
    Location:
    USA
    Firm:
    Dykema Gossett PLLC
    Visteon files bankruptcy
    2009-05-28

    Visteon and Affiliates File for Bankruptcy Protection

    Visteon Corporation and related affiliates (“Visteon”) filed voluntary bankruptcy petitions on May 28, 2009, in the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”). Visteon intends to continue to operate its businesses while in bankruptcy. Although Visteon UK, Ltd., has already filed bankruptcy in Great Britain, it appears that Visteon’s other non-U.S. subsidiaries will not be filing separate proceedings and will not be part of Visteon’s U.S. bankruptcy proceeding.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Masuda Funai Eifert & Mitchell Ltd, Bankruptcy, Credit (finance), Debtor, Debt, Bill of lading, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Gary D. Santella , Reinhold F. Krammer
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    GM announces details of U.S. Treasury’s asset sale proposal; unofficial committee of bondholders indicates support of proposal
    2009-05-28

    This morning, General Motors Corp. (GM) announced in a Form 8-K filing that the U.S. Treasury Department has proposed details of a reorganization plan to GM in the event that GM seeks bankruptcy protection and bankruptcy court approval for the sale of substantially all of its assets to a newly organized company (New GM) pursuant to Section 363 of the Bankruptcy Code (363 Sale). Following the proposed 363 Sale, the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Bond (finance), Bankruptcy, Debtor, Unsecured debt, Trade union, Beneficiary, Debt, Voluntary association, Liquidation, Form 8-K, Warrant (finance), HM Treasury (UK), US Department of the Treasury, General Motors, United States bankruptcy court
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    In re Yellowstone Mountain Club LLC - the pitfalls of “equitable subordination” for the unwary lender
    2009-06-04

    The recent ruling by the Bankruptcy Court for the District of Montana in the Chapter 11 case of In re Yellowstone Mountain Club LLC 1 (“Yellowstone”), which found that a senior secured lender had engaged in “overreaching and predatory lending practices”, suggests an application of lender liability theory from today’s perspective to a transaction that took place before the credit crisis.  

    Filed under:
    USA, Montana, Insolvency & Restructuring, Litigation, White & Case, Bankruptcy, Debtor, Unsecured debt, Fraud, Marketing, Debt, Underwriting, Leverage (finance), Secured loan, United States bankruptcy court
    Authors:
    Alan Gover , Alan Rockwell , Eric L. Berg
    Location:
    USA
    Firm:
    White & Case
    General Motors bankruptcy - critical deadlines have been set for suppliers to General Motors
    2009-06-03

    On June 1, 2009, General Motors Corporation (“GM”) filed for Chapter 11 bankruptcy protection in the Bankruptcy Court of the Southern District of New York (the “Court”). Pursuant to numerous first day motions filed by GM, the Court has entered various orders relating to the administration of this bankruptcy proceeding. Of particular significance to GM’s suppliers are the following:

    1. Deadlines Relating to the Assumption of Supplier Contracts.

    Filed under:
    USA, New York, Insolvency & Restructuring, Masuda Funai Eifert & Mitchell Ltd, Contractual term, Bankruptcy, Supply chain, Precondition, Bill of lading, General Motors, Chrysler, United States bankruptcy court
    Authors:
    Gary D. Santella , Reinhold F. Krammer
    Location:
    USA
    Firm:
    Masuda Funai Eifert & Mitchell Ltd
    The GGP case—what it means for lenders
    2009-06-03

    On April 16, General Growth Properties, Inc. and certain of its affiliates (“GGP”) filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York. GGP operates a national network of approximately 200 shopping centers. To the surprise of many, most of GGP’s property-specific SPE subsidiaries (“SPE Debtors”) also filed for bankruptcy.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Collateral (finance), Fiduciary, Debt, Credit risk, Mortgage loan, Foreclosure, Real estate investment trust, Maturity (finance), Cashflow, Subsidiary, Secured loan, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP

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