Education & Information About Restructuring & Insolvency

First Circuit Rejects Fraudulent Transfer Attack on Lender’s Transfer of Asset Sales Proceeds

June 20, 2018

By Michael Cook A bankruptcy trustee could not “avoid [a] debtor’s transfer” of encumbered asset sale proceeds when the debtor holds the funds “as a mere disbursing agent [under] a contract that” restricted its use, held...

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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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PUBLIC NOTICE OF CHAPTER 11 SALE: Augustus Energy Resources, LLC

May 17, 2018

NOTICE OF SALE OF ALL OF SUBSTANTIALLY ALL OF THE DEBTOR’S ASSETS PLEASE TAKE FURTHER NOTICE THAT, on April 27, 2018, the United States Bankruptcy Court for the District of Delaware (the “Court”) entered the Order (A) Approving...

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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...

Recent Developments in Practice: New York, Delaware and Singapore

June 2, 2017

This piece was originally published by the International Committee of the American Bankruptcy Institute (ABI).  For more information about the ABI, see http://www.abi.org/.Recent Developments in Practice: New York, Delaware and SingaporeTally M. WienerLaw Offices of Tally M. Wiener, Esq.; New YorkDate Created: Fri, 05/26/2017 - 11:17 2 Weeks before Hanjin Shipping sought protection from its creditors in Korea, I got an unexpected call:...

The Fifth Circuit Considers Enforceability of Bankruptcy Blocking “Golden Share” Provisions in Franchise Services

June 15, 2018

Weil Summer Associate MJ Koo contributed to this post In a recent decision, the Fifth Circuit narrowly held that federal law does not prevent a bona fide shareholder from exercising its voting right in the company’s charter to prevent the filing by the company of a bankruptcy petition merely because it is also an unsecured creditor.  In re Franchise Servs. of N. Am., Inc., 891 F.3d 198, 203 (5th Cir. 2018).  Although the Fifth...

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...

Orrick Wins S.D.N.Y. Dismissal of Chapter 15 Appeal by Purported Shareholder on Standing and Equitable Mootness Grounds

April 16, 2018

In an April 6, 2018 memorandum opinion and order, U.S. District Judge John G. Koeltl dismissed an appeal challenging the Chapter 15 recognition of a Cayman Islands restructuring of an offshore drilling contractor, holding that the appellant lacked standing and that the appeal was equitably moot. See In re Ocean Rig UDW Inc., No. 17-cv-7222 (JGK), 2018 WL 1725223 (S.D.N.Y. Apr. 6, 2018). The appeal was brought by a purported shareholder of...

File This Under Calling BS on Bankruptcy Fearmongering

June 21, 2018

As anyone familiar with bankruptcy would have predicted, the dire predictions of disaster for municipalities seeking bankruptcy protection have proven to be ... let's just say exaggerated. Bloomberg is out with a notable story this morning on Jefferson County's healthy return to the bond market, carrying an investment-grade rating of AA-  within five years of emerging from municipal bankruptcy. This squares with similar accounts of consumers...

New Delaware Chapter 11 Filing – ABT Molecular Imaging, Inc.

June 13, 2018

ABT Molecular Imaging, Inc. has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-11398).  ABT, based in Louisville, TN, designs, manufactures and distributes the world’s first and only small-footprint Biomarker Generator for Fludeoxyglucose, the imaging agent used in positron emission tomography.  ABT’s Petition reports $1 – $10 million in assets and...