Lee E. Buchwald, the Chapter 7 trustee of Magnesium Corporation of America and Renco Metals, Inc. (“Debtors”), announces a bankruptcy auction of an interest in certain litigation claims against The Renco Group, Inc. and Ira Leon Rennert,...Read Full Article
NOTICE OF PUBLIC SALE BY ORDER OF ASSIGNEE FOR THE BENEFIT OF CREDITORS OF OLYMPIC OIL LTD. 5000 W 41st St. CICERO, IL 60804 SALE OF ASSETS: Notice is hereby given that on Monday, July 25, 2016 at 2:00 pm, central time (the “Date of...Read Full Article
Firms targeting fellow restructuring professionals’ disinterestedness to gain leverage Transparency and disclosure are pillars of the bankruptcy system. Companies going through chapter 11, as debtors, are required to publicly report information...Read Full Article
Are “electronic document” provisions appearing in your commercial loan documents? This is the second in a series examining two provisions recently reviewed by me in commercial real estate transactions. Unfortunately, the two provisions have serious problems: for UCC Article 3 notes, making a copy of it will not clothe the copy with Article 3 protections. Copy & Trash the Original Note: No No & No Electronic...
On July 13, 2016, Appalachian Conventional Production Comp (“Appalachian” or “Debtor”) filed a Chapter 7 liquidation in the United States Bankruptcy Court for the District of Delaware. According to the Debtor’s Petition, Appalachian has assets less totaling less than $500,000, and liabilities between $500,000 and $1 million. Click here to view a copy of Appalachian’s Petition, Schedules of Assets...
A few weeks ago, a panel of the Eleventh Circuit issued an opinion, In re Seaside Engineering & Surveying, Inc., No. 14-11590, denying an appeal of a chapter 11 confirmation order, that includes, among several issues considered, a brief holding relying on [a misreading of] Till v SCS Credit Corp. The entire section of the opinion dealing with Till is only 7 sentences and 12 lines long. The case involved a tiny amount of...
Per www.npr.orgMay 5, 2016:Many credit card and loan agreements these days have in the small type what's called a "mandatory arbitration clause." Most people don't even know what that means. But by signing, customers agree not to sue the financial firm in a class action lawsuit. Instead, they agree to work out any problem with an arbitrator hired by the bank."The company can sidestep the legal system, avoid accountability, and continue to pursue...
Kirsten Erichsen and Andrew J. Wilkinson examine sovereign debt restructuring in an article published in Butterworths Journal of International Banking and Financial Law. This article considers what lessons can be learned from Greece, Argentina and Ukraine’s sovereign restructurings.
The chapter 11 case of Energy Future Holdings (“EFH” or “Debtors”) roared back to life this month. Certain key conditions for the plan of reorganization approved last December (the “First Plan”) to become effective were not met by a deadline of April 30, and one of the major parties to the support agreement that underlay the First Plan gave written notice of termination on May 1. The Debtors followed up...
On 12 February 2016 Snowden J handed down his judgment in Indah Kiat International Finance Company B.V.  EWHC 246 (Ch). Indah Kiat International Finance Company B.V. (“Indah Kiat”), part of the global Asia Pulp & Paper Group (one of the world’s largest pulp and paper manufacturers), applied for an order convening a meeting of scheme creditors to consider and, if thought fit, approve a proposed scheme of...
Today is the tenth anniversary of the launch of Credit Slips. We started the blog in the middle of a big research project as an exercise in team building We also thought the blog might be a place where we could try to reach a wider audience about the scholarship coming out of the project. It is hard to believe we are still chugging along after 10 years. A lot has happened in 10 years. When we started, blogging was relatively new and...
On June 28, 2016, the U.S. Supreme Court agreed to hear a challenge to a Third Circuit-affirmed settlement and dismissal of the chapter 11 cases of Jevic Transportation, Inc. (“Jevic”) and certain of its affiliates. See Official Comm. of Unsecured Creditors v. CIT Grp./Bus. Credit Inc. (In re Jevic Holding Corp.), 787 F.3d 173 (3d Cir. 2015), cert. granted Czyzewski v. Jevic Holding Corp., No. 15-649, 2016 WL 3496769 (U.S....
A written tour of business bankruptcy and its alternatives George Kuney and Jonathan Friedland Our most recent installment in this series gives an overview of the automatic stay. In this installment we dive a little deeper, and we start with...Read Full Article
Times and mores are changing. More and more people and more and more states have de-stigmatized and legalized (in at least some respects) marijuana use, sales and cultivation. As the marijuana “industry” expands, and however...Read Full Article
JOINT NOTICE OF PUBLIC SALE BY ORDER OF THE SECURED PARTY AND ASSIGNEE FOR THE BENEFIT OF CREDITORS SECURITY INDUSTRIES, INC. 1000 GEORGIANA ST. HOBART, IN, 46342 SALE OF ASSETS: Notice is hereby given that on Monday, June 13, 2016 at...Read Full Article
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BloombergGadfly reports that the retail industrys sales slump is partially self-inflicted.
The International Shipholding Corporation reports that International Shipholding Corporation Provides Update On Implementation Of Strategic Plan
Takata Will Restructure, Seek Cash Amid Air-Bag Recalls, reported by the Wall Street Journal.
Business & Finance Restructuring reports that Federal Government Enacts New Restructuring Law for U.S. Territories and Their Instrumentalities.
The Chicago Tribune reports that Xerox said to be in talks to acquire, then split Chicago-based R.R. Donnelley.
According to the Wall Street Journal, Florida Heart Center Asks Judge to Approve Justice Department Settlement.
Medium.com reports that Tech job postings are down 40% and nobodys talking about it
According to Bloomberg, Unloved Coal Seen Surging as China Cuts Collide With La Nina.
JD Supra reports that Sports Authority sells it customer database to Dicks Sporting Goods for $15 million
LendingClubs Newest Problem: Its Borrowers, reported by the Wall Street Journal.
Bloomberg reports that Oil Falls to Two-Month Low as U.S. Rig Count Rises, Dollar Firms.
Seeking Alpha reports that C&J Energy Services Enters Into Restructuring Support Agreement With Key Creditors
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