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Chapter 11 Plans

Opportunities in Bankruptcy: Turning Coal Into Diamonds

“The time to buy is when there’s blood in the streets.” – Baron Rothschild Don’t Panic, There Are Many Opportunities in Bankruptcy When a client or a competitor files for bankruptcy, it is natural to reflect on the downside. What’s going to happen to my outstanding receivable? Is the market primed for a downturn? How […]


Dealing with Distress for Fun & Profit— Installment #18—How to Confirm a Chapter 11 Plan

A written tour of business bankruptcy and its alternatives. This is the latest in the series, Dealing with Distress for Fun & Profit, which you can read from the beginning if you like.  In this bat-installment, we turn to what is, theoretically, one of the most important parts of any chapter 11 case: confirming a […]


A Primer on the Chief Restructuring Officer (CRO)

A Brief History of the Chief Restructuring Officer The role of a Chief Restructuring Officer (“CRO”) is approximately four decades old.  While still a somewhat new role in the 1990s, CROs are now ubiquitous in the restructuring community.  Todd Zywicki, a George Mason law professor who specializes in bankruptcy law, traces the origin of the […]


Battling Bankrupt Bargains – A Non-Debtor Perspective on Executory Contracts

mong the most powerful and best known tools the Bankruptcy Code provides a debtor is the ability to reject burdensome contracts or to assume (and potentially assign) valuable contracts. From the perspective of non-debtor counterparties to such contracts, it may seem that the Bankruptcy Code stacks the deck against them. The well-publicized spike in retail bankruptcy cases has highlighted the treatment of leases of non-residential real property (i.e., store leases).


The “Absolute Priority Rule” and Other “Rules” of “Priority” in Bankruptcy

Are They Really “Absolute,” Are They Really “Rules,” and Do They Always Provide “Priority” to Some Claimants Over Others? At its core, corporate bankruptcy addresses the problem of the “inadequate pie.”  While occasionally the debtor will be solvent, in most cases, the debtor will, for lack of a better term, be “bankrupt”—that is, it won’t have […]


Creditors’ Committees in Chapter 11 May Be Under Attack

The Delaware Bankruptcy Court has ruled that professional fees are not limited to the amount of the “carve-out” approved as part of a post-petition financing order. In In re Molycorp, Judge Sontchi ruled that counsel fees, which are otherwise approved by the court, must be paid to confirm a plan of reorganization—even if the approved […]


PROACTIVE MEDIATION: The Great Innovation of Detroit and Diocese Reorganizations

Hard times lead to new ways. The City of Detroit falls on hard times—and files bankruptcy to find a new way. Catholic Dioceses in various places are confronted with massive litigation burdens—and are finding solutions through bankruptcy. The Detroit bankruptcy case and the group of Diocese bankruptcy cases have little in common: The Diocese cases […]


Dealing With Distress For Fun & Profit – Installment #7 – Plan Confirmation

A written tour of business bankruptcy and its alternatives Our last installment focused on what we called the “mundane” middle of a chapter 11 case. You can read it here. This time we discuss something a bit more exciting: confirmation. Summary Chronology Here is the basic chronology leading up to confirming a plan, for those of […]


Dealing With Distress For Fun & Profit – Installment #6 – The Mundane Middle of A Bankruptcy Case

A written tour of business bankruptcy and its alternatives In case you are hopping on board the bus in the middle of our tour, you may want to know that this installment looks at some of the more mundane stuff that happens after a Chapter 11 case is filed but before the end of the […]


Dealing With Distress For Fun & Profit – Installment #4 – The Lifecycle of a Distressed Company

A written tour of business bankruptcy and its alternatives Companies in chapter 11 typically consider (or at least should consider) other options before ending up there. In fact, distressed businesses tend to follow a fairly predictable pattern, or lifecycle: denial, anger, bargaining, depression, and acceptance- – – No, those are the five stages of grief. […]


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