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    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
    GM files for protection under Chapter 11 of the Bankruptcy Code
    2009-06-08

    As widely expected, GM and all of its domestic subsidiaries filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York on June 1, 2009. Besides General Motors Corporation, the other three associated debtors are: Chevrolet-Saturn of Harlem, Inc., Saturn, LLC and Saturn Distribution Corporation. Please note that GMAC is not included in these bankruptcy filings.

    Filed under:
    USA, New York, Insolvency & Restructuring, Faegre Drinker Biddle & Reath LLP, Bankruptcy, Debtor, Limited liability company, Supply chain, United Automobile Workers, General Motors, Ally Financial, US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Faegre Drinker Biddle & Reath LLP
    Bankruptcy court equitably subordinates claim of non-insider senior lender
    2009-06-08

    In an unusual ruling recently entered in the Chapter 11 case of Yellowstone Mountain Club, LLC and certain of its subsidiaries, the United States Bankruptcy Court for the District of Montana equitably subordinated the claim of a non-insider senior secured lender. While the equitable subordination of a claim is rare, the Yellowstone decision may signal that courts will be looking at loan transactions with a highly critical eye.

    Filed under:
    USA, Montana, Insolvency & Restructuring, Litigation, Choate Hall & Stewart LLP, Bankruptcy, Shareholder, Credit (finance), Debtor, Unsecured debt, Market liquidity, Holding company, Subsidiary, Secured loan, Credit Suisse, Ninth Circuit, United States bankruptcy court
    Authors:
    Douglas R. Gooding , John F. Ventola
    Location:
    USA
    Firm:
    Choate Hall & Stewart LLP
    U.S. Supreme Court Justice Ginsburg delays sale of Chrysler assets
    2009-06-08

    This afternoon, U.S. Supreme Court Justice Ruth Bader Ginsburg issued an order extending the temporary stay placed by a federal appeals court in New York last week on the sale of Chrysler LLC’s assets to a new company, to be partially owned by Italian automaker Fiat S.p.A., to allow opponents to the sale sufficient time to seek Supreme Court review.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Retirement, Troubled Asset Relief Program, Chrysler, Emergency Economic Stabilization Act 2008 (USA), Supreme Court of the United States, United States bankruptcy court
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Sixth Circuit affirms bankruptcy court's decision permitting cramdown of a secured creditor's interest in an unattached mobile home and land
    2009-06-05

    Reinhardt v. Vanderbilt Mortgage and Finance Inc. (In re Reinhardt)

    563 F.3d 558 (6th Cir. Ohio 2009)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Bricker & Eckler LLP, Bankruptcy, Debtor, Unsecured debt, Interest, Federal Reporter, Mortgage loan, Personal property, Secured creditor, US Code, Title 11 of the US Code, United States bankruptcy court, Sixth Circuit
    Authors:
    Rachel A. Mulchaey
    Location:
    USA
    Firm:
    Bricker & Eckler LLP
    Lehman requests bar date for creditor claims
    2009-06-05

    On May 26, Lehman Brothers Holdings Inc. (LBHI) filed a motion requesting the U.S. Bankruptcy Court for the Southern District of New York to establish August 24 as the deadline for filing proofs of claim against LBHI and its affiliates, and to establish a procedure for such filing, including a required form to be completed online relating to derivatives claims, and a new proof of claim form specific to this case.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Surety, Debtor, Legal burden of proof, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Lehman Brothers proposed order establishing claims filing bar date
    2009-06-05

    On May 26, 2009, Lehman Brothers Holdings Inc. and its affiliated U.S. chapter 11 debtors (“Lehman” or the “U.S. Debtors”) filed a motion (“Motion”) requesting the U.S. Bankruptcy Court (“Bankruptcy Court”) to set August 24, 2009 at 5:00 p.m. (ET) as the deadline for filing proofs of claim against the U.S. Debtors (the “Bar Date”). The Motion1 seeks entry of a proposed order (“Proposed Order”), that (i) establishes the Bar Date; (ii) approves the Proof of Claim Form; and (iii) approves the proposed notice procedures and form for the Bar Date notices.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, Liability (financial accounting), Lehman Brothers, United States bankruptcy court
    Authors:
    Fabien Carruzzo , Howard T. Spilko
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Lenders file motions to dismiss twenty-one General Growth Properties bankruptcy cases as bad-faith filings
    2009-06-04

    Metropolitan Insurance Company has joined ING Clarion Capital Loan Services, Inc., Wells Fargo Bank, N.A., and FRM Funding Company, Inc in requesting the Bankruptcy Court to dismiss as bad faith filings the bankruptcy cases of twenty-one property level CMBS borrower subsidiaries of General Growth Properties, Inc. ING filed the first motion on May 4th with respect to eight debtors, and a hearing was set for May 27th. That hearing was subsequently adjourned to June 17th. Creditors having similar motions to be heard on June 17th were required to file their motions to dismiss by May 29th .

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Debt, Maturity (finance), Involuntary dismissal, Bad faith, Cashflow, Subsidiary, Commercial mortgage-backed security, Wells Fargo, ING Group, MetLife, United States bankruptcy court
    Authors:
    Mark C. Ellenberg
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Supreme Court expected to rule on third-party releases
    2009-06-24

    Introduction

    On March 30, 2009, the United States Supreme Court heard oral argument in Travelers Indemnity Co. v. Bailey,1 a case that addresses the jurisdiction of bankruptcy courts to authorize third-party releases in the context of a debtor’s plan of reorganization.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Injunction, Conspiracy (criminal), Supreme Court of the United States, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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