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CFIUS Takes Notice of Crypto Company Bankruptcy Sale, Signaling Heightened CFIUS Attention to Bankruptcy-Related Transactions
2023-01-30

In a provocative demonstration that it scrutinizes all types of transactions, no matter their origin, the Committee on Foreign Investment in the United States (“CFIUS”) has reportedly been vetting the proposed $1 billion sale of bankrupt crypto lender Voyager Digital’s assets to Binance.US. Voyager Digital filed for Chapter 11 bankruptcy in July 2022, and, after an initial agreement to sell its assets to FTX crumbled, Binance.US provided Voyager Digital with the winning offer for its assets in December 2022. But, after the sale’s announcement on December 30, 2022, the U.S.

Filed under:
USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Vinson & Elkins LLP, Bankruptcy, Cryptocurrency, Anti-money laundering, US Department of Justice, Committee on Foreign Investment in the United States, FTX
Authors:
George R. Howard
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article
Sanofi v. Mallinckrodt: Delaware Decision Highlights Importance of Asset Sale Structures in Later Bankruptcy Proceedings
2023-01-23

In Sanofi-Aventis U.S. LLC v. Mallinckrodt PLC,1 the United States District Court for the District of Delaware ruled that a debtor that purchased intellectual property under a prepetition asset purchase agreement could continue to retain and use the property post-confirmation while discharging its obligations to pay any future royalties otherwise owed. The decision highlights the importance of structuring transactions up-front to minimize the consequences of future bankruptcies.

Background

Filed under:
USA, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, United States bankruptcy court, US District Court for District of Delaware
Authors:
David S. Meyer , William L. Wallander , Steven M. Abramowitz , Katherine Drell Grissel
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article
Second Circuit Determines Agent’s Mistaken Payment of Principal to Lenders Does Not Invoke “Discharge-For-Value” Exception to Restitution
2022-12-21

On September 8, 2022, a three-judge panel in the United States Court of Appeals for the Second Circuit (the “Second Circuit”) reversed the United States District Court for the Southern District of New York (the “District Court”) when it determined that lenders of a syndicated loan facility to Revlon, Inc.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, Second Circuit, United States bankruptcy court, US District Court for SDNY
Authors:
William L. Wallander , David S. Meyer , Steven M. Abramowitz
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article

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