Education & Information About Restructuring & Insolvency

PUBLIC NOTICE OF ARTICLE 9 SALE: Alfa Romeo & Fiat of Chicago

July 16, 2018

NOTIFICATION OF INTENDED DISPOSITION OF COLLATERAL BY PUBLIC AUCTION SALE SALE OF ASSETS: Notice is hereby given that, at 2:00 p.m. prevailing Central Time, on Thursday, July 26, 2018, the Secured Party Santander Bank, N.A. (the “Secured...

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July 16, 2018

NOTICE OF PUBLIC SALE OF COLLATERALUNDER ILLINOIS UNIFORM COMMERCIAL CODE 1. Executive Summary. Patrick Kane (“Lender”) and William Platt (“Borrower”) are parties to a promissory note dated as of March 21, 2012 (as amended,...

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PUBLIC NOTICE OF 363 AUCTION: Cold Storage & Food Processing Facility

June 18, 2018

NOTICE OF §363 AUCTION: COLD STORAGE & FOOD PROCESSING FACILITY 1. Key Deadlines. The auction will be held on August 15, 2018; the bid deadline is August 14th at Noon. The property is being sold pursuant to Bankruptcy Code §363 in the...

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PUBLIC NOTICE OF 363 SALE: Two Hotels in Peoria, IL

June 8, 2018

NOTICE OF 363 SALE OF TWO HOTELS IN PEORIA, IL Keen-Summit Capital Partners LLC has been engaged by GEM Hospitality, LLC, et al. (“Debtors”), as exclusive adviser for the sale of the nationally registered historic Marriott Peoria Pere...

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The Supreme Court Narrows the Bankruptcy Code Safe Harbor for Securities Transaction Payments

June 7, 2018

By Erin N. Brady (Hogan Lovells) & Anna Kordas (Jones Day) In our last article, we discussed the U.S. Supreme Court’s acceptance for review of the Seventh Circuit’s decision in FTI Consulting, Inc. v. Merit Management Group, LP, 830...

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May 21, 2018

NOTICE OF AUCTION OF THE ASSETS OF Penthouse™ 1. Overview of the Opportunity. Penthouse™ is the iconic men’s brand. Founded by Bob Guccione in 1965, Penthouse has been a leader in the Adult Entertainment Industry for over 50 years....

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Loan Modification vs Forbearance. Things to Consider.

May 28, 2018

At the point in time when the economic structure of loan becomes financially unsupportable for the borrower, a lender is faced with a few options.  The lender could simply default the loan and begin collection activity.  Alternatively, the lender could seek to re-work the deal in some way to provide some breathing room for the borrower.  No good deed goes un-punished, so it’s good to understand the impact of the two most...

Fox Expands Presence in Wilmington Through Merger With Shaw Fishman

June 7, 2018

Fox Rothschild is pleased to announce that, effective June 11, it will merge with Shaw Fishman Glantz & Towbin LLC, a 23-attorney firm with robust practices in bankruptcy, commercial litigation and real estate. The merger with the Chicago-based firm will also deepen Fox’s capabilities in Wilmington, with the addition of counsel Johnna Darby and partner Tom Horan. Johnna Darby represents businesses of various sizes and in various...

Second Circuit Decision in Momentive: Half a Loaf is Better Than None, But Even the American HomePatient Approach Does Not Conform to the Fair and Equitable Standard

October 21, 2017

On Friday, the Second Circuit panel that heard the senior secured lenders’ appeal in MPM Silicones issued its opinion affirming the lower courts’ holdings in all but one respect, that being the interest rate applicable to a cramdown / cram-up of the senior secured claims under 11 U.S.C. § 1129(b)(2)(A)(I).  The court held that the lower courts’ application of the Till formula had been incorrect as a matter of...

Succession &/@ Ocean Rig

July 3, 2018

The new HBO series Succession captures moments in the life of a wealthy family confronting the reality its patriarch will at some point step away from his job.  In last week's episode, I Went to Market, the family comes together to celebrate Thanksgiving, consuming enough alcohol for some family members to share their honest opinions of others.  Some leave early.  It may not be the worst of their experiences...

In Advance Watch, SDNY Bankruptcy Court Offers How-To Guide on Serving Process on Foreign Defendants and Applies Broad Implied Consent Standard under Stern and Wellness

July 5, 2018

In a recent opinion from the Bankruptcy Court for the Southern District of New York, Judge Glenn determined it was appropriate in three adversary proceedings to enter default judgments against foreign defendants that refused to answer the plaintiff’s summons and complaint. Kravitz v. Deacons (In re Advance Watch Co., Ltd.) offers a helpful tutorial for plaintiffs looking to serve process and other documents on foreign defendants. Moreover,...

Delaware Judge Rejects Challenge to Payment of Fees for Indenture Trustee in Southeastern Grocers Chapter 11 Case

June 12, 2018

Southeastern Grocers (operator of the Winn-Dixie, Bi Lo and Harvey’s supermarket chains) recently completed a successful restructuring of its balance sheet through a “prepackaged” chapter 11 case in the District of Delaware. As part of the deal with the holders of its unsecured bonds, the company agreed that under the plan of reorganization it would pay in cash the fees and expenses of the trustee for the indenture under which...

Ocean Rig: Charting a Course Through Chapter 15 Provisional Relief, Recognition, and Appeals

July 13, 2018

Evan Hollander and Emmanuel Fua co-authored an article for the August 2018 issue of The Review of Banking & Financial Services about the unique issues involved in the recent chapter 15 bankruptcy proceedings of offshore drilling contractor Ocean Rig UDW. The proceedings produced precedent setting rulings regarding the scope of provisional relief available prior to a recognition hearing, the steps necessary to establish a debtor’s COMI...

Keeping up with the Appointments Clause: Puerto Rico bankruptcy update

July 13, 2018

In January I wrote about Aurelius seeking a do-over. In a carefully reasoned thirty-five page decision, the district court has denied the do-over.  Put more legally, the court held that PROMESA's method of establishing the Puerto Rico Oversight Board did not run afoul of the Constitution's Appointments Clause. The Oversight Board is an instrumentality of Puerto Rico, concluded the court, not officers of the United States.

Delaware Organizational Meeting – Active Care, Inc.

July 17, 2018

Upcoming Committee Formation Meeting:  Thursday, July 26, 201810:00 AM Case Name: 18-11659 (LSS) Location: U.S. Trustee Office, 844 King Street, Suite 3209, Wilmington, DE 19801 Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief. Contact Norman L. Pernick and G. David Dean for more information.