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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
    Second Circuit affirms dismissal of creditors' committee equitable subordination complaint
    2007-08-20

    The U.S. Court of Appeals for the Second Circuit, on July 9, 2007, decisively affirmed a bankruptcy court's dismissal of an equitable subordination complaint filed by a creditors' committee against eight investment fund lenders. Official Committee of Unsecured Creditors of Applied Theory Corporation v. Halifax Fund, L.P., et al. (In re Applied Theory Corporation), ___ F.3d ___, 2007 U.S. App. LEXIS 16180 (2d Cir. July 9, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Unsecured debt, Federal Reporter, Standing (law), Limited partnership, Investment funds, Secured creditor, Unsecured creditor, Secured loan, Second Circuit, United States bankruptcy court, Fourth Circuit, Trustee
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Second Circuit Rejects Arbitration of Debtor’s Asserted Discharge Violation
    2018-06-15

    A bankruptcy court properly denied a bank's motion to compel arbitration of a debtor's asserted violation of the court's discharge injunction, the U.S. Court of Appeals for the Second Circuit held on March 7, 2018. In re Anderson, 2018 U.S. App. LEXIS 5703, 20 (2d Cir. Mar. 7, 2018). Finding a purported "inherent conflict between arbitration of [the debtor's] claim and the Bankruptcy Code," the Second Circuit reasoned that the bankruptcy court "properly considered the conflicting policies in accordance with law." Id., quoting In re United States Lines, Inc., 197 F.3d 631, 641 (2d Cir.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy discharge, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Update on Insider Litigation
    2015-12-10

    The U.S. Bankruptcy Court for the Northern District of Illinois ordered the “equitable subordination” of insider secured claims against a Chapter 11 debtor on Nov.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Fisker part II: Delaware District Court refuses to hear appeal of controversial Bankruptcy Court decision capping credit bid
    2014-02-12

    We recently wrote about the highly controversial decision of the Delaware Bankruptcy Court in In re Fisker Automotive capping a secured creditor’s right to credit bid its $168 million claim at $25 million.[1] The secured creditor immediately appealed to the District Court.[2] As a procedural matter, the secured creditor had an absolute right to have its appeal heard only if the Bankruptcy Court’s ruling was considered a “final order.” If it was not a “final order,” then the District Court had discretion on whether to hear the merits of the appeal. On Feb.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Secured creditor, United States bankruptcy court
    Authors:
    Adam C. Harris , David M. Hillman , James T. Bentley
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Bankruptcy court approves plan to liquidate CDO
    2012-01-19

    On Dec. 21, 2011, the U.S. Bankruptcy Court for the District of New Jersey approved a liquidation plan for collateralized-debt obligation issuer (“CDO”) Zais Investment Grade Limited VII (“ZING VII”). The plan incorporates a settlement between senior noteholders who had initiated the bankruptcy case by filing an involuntary petition against the CDO, and junior noteholders who were appealing the Bankruptcy Court’s April 26, 2011 order granting the involuntary petition.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Schulte Roth & Zabel LLP, Bankruptcy, Collateral (finance), Liquidation, Collateralized debt obligation, Mortgage-backed security, United States bankruptcy court
    Authors:
    Lawrence V. Gelber , David J. Karp , Craig Stein
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Fifth Circuit corrects undervaluation of secured lender’s priority claim more than two years after consummation of reorganization plan
    2010-11-19

    The U.S. Court of Appeals for the Fifth Circuit, on Oct. 19, 2010, corrected a bankruptcy court’s calculation of a secured lender group’s superpriority administrative claim more than two years after consummation of the debtor’s Chapter 11 reorganization plan. In re SCOPAC et al., F.3d__, 2010 WL 4069525, at *2-3, *5-6 (5th Cir. Oct. 19, 2010) (Jones, Ch.J.) [“Pacific Lumber II”]; see alsoIn re Pacific Lumber Co., 584 F.3d 229, 242 (5th Cir. 2009) [“Pacific Lumber I”] (plan “substantially consummated within weeks of confirmation”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Collateral (finance), Federal Reporter, Foreclosure, Secured creditor, Valuation (finance), United States bankruptcy court, Fifth Circuit
    Authors:
    Michael L. Cook , Joseph E. Bain
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Bankruptcy court cannot surcharge credit bidding asset buyer with expenses of sale
    2009-04-07

    The U.S. Court of Appeals for the Fifth Circuit held on March 25, 2009, that a bankruptcy court had improperly surcharged property in the hands of a credit bidding asset buyer with the expenses of the judicial sale. In re Skuna River Lumber, LLC, __F.3d ___, 2009 U.S. App. LEXIS 6175 (5th Cir. 3/25/09). Explaining that the “bankruptcy court had no jurisdiction to take such action,” the Fifth Circuit also vacated the district court’s improper ruling that the bankruptcy judge could enter a personal judgment against the asset buyer. Id., at *9.  

    Facts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Federal Reporter, Conveyancing, Secured creditor, Secured loan, United States bankruptcy court, Fifth Circuit, Seventh Circuit
    Authors:
    Adam C. Harris , David M. Hillman , Lawrence V. Gelber , Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Investment bank's advisory fee properly calculated under reasonableness standard
    2007-08-06

    The U.S. Court of Appeals for the Eleventh Circuit held on July 26, 2007, that a bankruptcy court properly calculated an investment bank's advisory fee under a reasonableness standard. In re Citation Corp., ___ F.3d ___ 2007 WL 2128165 (July 26, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Conflict of interest, Bankruptcy, Shareholder, Debtor, Federal Reporter, Investment banking, Contingent fee, Westlaw, United States bankruptcy court, Eleventh Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Ninth Circuit Rejects Disqualification of Secured Lender’s Vote on Plan
    2018-06-11

    “ . . . [A] bankruptcy court may not designate claims for bad faith simply because (1) a creditor offers to purchase only a subset of available claims in order to block a [reorganization] plan . . . and/or

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Ninth Circuit, United States bankruptcy court
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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