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    Liquidation Lessons From 11th Circ. Pension Plan Ruling
    2021-01-20

    This article was originally published in Law360. Any opinions in this article are not those of Winston & Strawn or its clients. The opinions in this article are the authors' opinions only.

    In Pension Benefit Guaranty Corp. v. 50509 Marine LLC et al.[1] the U.S. Court of Appeals for the Eleventh Circuit held that the Pension Benefit Guaranty Corp. can recover an employer's defined benefit pension plan termination liability--often millions of dollars--from controlled group members that did not even exist when the contributing employer liquidated years earlier.[2]

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Employee Retirement Income Security Act 1974 (USA), Private equity, Eleventh Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Key Considerations for Midstream Companies Facing Distressed Producers
    2020-04-30

    Recent weeks have witnessed seismic shifts in the oil and gas industry because of crashing oil prices, demand destruction associated with the COVID-19 pandemic, and crude oil storage reaching record capacity levels. Upstream producers are especially vulnerable to these market pressures and have begun shutting in wells, asserting force majeure, and cutting costs. As counterparties to distressed producers, midstream players face new challenges in navigating contractual relationships and mitigating risk.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Winston & Strawn LLP, Force majeure, Coronavirus
    Authors:
    Monica A. Diddell , Ben D. Smolij , Michael J. Blankenship , Isaac E. Griesbaum , Christopher G. Cottrell
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Financial services update June 23 2014 judicial developments
    2014-06-23

    Gupta’s $13.9 Million SEC Insider Trading Penalty Affirmed

    Filed under:
    Argentina, USA, Capital Markets, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Second Circuit
    Location:
    Argentina, USA
    Firm:
    Winston & Strawn LLP
    8th Circ. Ruling May Provide Relief For Bakken Debtors
    2020-08-21

    This article was originally published in Law360. 

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Coronavirus, Eighth Circuit
    Authors:
    Isaac E. Griesbaum , Katherine A. Preston
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Q&A: The Effects of Financial Distress on Fiduciary Duties
    2020-06-25

    During this time of economic upheaval amidst the COVID-19 pandemic, many corporate borrowers are faced with the inability to service debt obligations, and creditors may seek to hold corporate officers and directors accountable as a result. In these uncertain times, it is wise to review the fiduciary duties of corporate directors and officers and the effects of financial distress on such duties.[1] The following Q&A provides guidance on this issue from a Delaware law perspective, as Delaware is the most commonly cited jurisdiction for corporate governance.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Corporate governance, Coronavirus
    Authors:
    Gregory M. Gartland , Carrie V. Hardman
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Bankruptcy Court Holds That Stay at Home Order Triggers Force Majeure Clause in Restaurant Lease
    2020-06-18

    For months, landlords and tenants impacted by the COVID-19 pandemic have wondered whether force majeure clauses in leases would excuse a tenant's non-payment of rent. On June 3, 2020, a Bankruptcy Court for the Northern District of Illinois offered us an early look into how courts might interpret such clauses in the midst of the current crisis. In In re Hitz Restaurant Group, No. 20-B05012, 2020 WL 2924523 (Bankr. N.D. Ill. June 3, 2020), the Bankruptcy Court ruled that Executive Order 2020-7, the Stay-at-Home Order (the "Order") enacted by Illinois Governor, J.B.

    Filed under:
    USA, Insolvency & Restructuring, Real Estate, Winston & Strawn LLP, Landlord, Force majeure, Coronavirus
    Authors:
    Amanda L. Groves , Kristan Q. Laden , David B Halberstein
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Employee Considerations in Corporate Restructurings
    2020-06-10

    The impact of COVID-19 is yet to be fully realized, and many companies are yet to consider restructuring as a means to survive the pandemic, but all companies and all creditors can benefit now from learning how employee matters are treated in a bankruptcy proceeding under chapter 11 of the U.S. Bankruptcy Code (as amended, the Bankruptcy Code). This blog provides a high-level overview of some of the most material matters affecting an employee workforce in the context of a chapter 11 restructuring.

    Filed under:
    USA, Employee Benefits & Pensions, Insolvency & Restructuring, Winston & Strawn LLP, Employee Retirement Income Security Act 1974 (USA), Private equity, Collective bargaining agreements, Coronavirus, Affordable Care Act 2010 (USA), Title 11 of the US Code
    Authors:
    Steve Flores , Carrie V. Hardman , Scott E. Landau , August E. Huelle
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Sell-Side Directors May Be Liable for Breach of Fiduciary Duty Claims for Failing to Investigate Company's Post-Closing Solvency
    2020-12-28

    In In re Nine West LBO Securities Litigation (Case No. 20-2941) (S.D.N.Y. Dec. 4, 2020), a federal district court denied in part a motion to dismiss claims brought by the Nine West liquidating trustee against former directors (the "Defendants") of The Jones Group, Inc. (the "Company"), Nine West's predecessor, for, among other things, (i) breaches of their fiduciary duties of care and loyalty, and (ii) aiding and abetting breaches of fiduciary duties. The litigation arises from the 2014 LBO of the Company by a private equity sponsor ("Buyer").

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Private equity, Due diligence
    Authors:
    Dominick DeChiara , Bryan C. Goldstein , Carey D. Schreiber , Bradley C. Vaiana
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Focus on Tax Controversy - November 2020
    2020-11-19

    In the wake of the recent economic downturn caused by the COVID-19 pandemic, there will likely be a sharp rise in bankruptcy filings by businesses seeking to obtain relief from the burdens of excessive debt.1 1 Winston & Strawn’s Tax Controversy and Litigation Group litigates tax disputes in the bankruptcy courts and works in conjunction with the firm’s Bankruptcy Practice Group. Portions of this article were originally published by the author in 2008.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Winston & Strawn LLP, Coronavirus, Internal Revenue Service (USA), Title 11 of the US Code
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Bankruptcy Court’s Jurisdiction to Resolve Tax Claims
    2020-11-19

    In the wake of the recent economic downturn caused by the COVID-19 pandemic, there will likely be a sharp rise in bankruptcy filings by businesses seeking to obtain relief from the burdens of excessive debt.[1] The bankruptcy code is designed to provide debtors relief and protection from creditors, which includes the Internal Revenue Service (“IRS”).

    Filed under:
    USA, Insolvency & Restructuring, Tax, Winston & Strawn LLP, Employee Retirement Income Security Act 1974 (USA), Coronavirus, Internal Revenue Service (USA), Title 11 of the US Code
    Authors:
    Richard A. Nessler
    Location:
    USA
    Firm:
    Winston & Strawn LLP

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