Recent Posts

Energy Future Holdings – Bidding Procedures Fight Highlights Conflicts Among Affiliated Debtors
Posted on 12 Dec 2014 by Kelley Drye & Warren LLP

by Ben Feder Energy Future Holdings (EFH), f/k/a TXU Corp., an energy company centered in Texas, was taken private in 2007 in the largest leveraged buyout transaction that has ever taken place . The deal was largely predicated on an anticipated rise... Read More

Third Circuit Rejects 3 More Appeals of W.R. Grace’s Reorganization Plan
Posted on 5 Sep 2013 by Emerson Heffner

PHILADELPHIA — (Mealey’s) The Third Circuit U.S. Court of Appeals on Sept. 4 in two opinions rejected challenges by Canada, Montana and a South Carolina hospital to Chapter 11 bankruptcy debtor W.R. Grace & Co.’s confirmed plan of... Read More

9th Circuit Vacates Asbestos Bankruptcy Reorganization; Says Trust Isn’t In Control
Posted on 29 Oct 2013 by Tom Moylan

SAN FRANCISCO — (Mealey’s) The Ninth Circuit U.S. Court of Appeals on Oct. 28 vacated the bankruptcy reorganization plan for a former asbestos insulator, finding that the plan failed to satisfy the requirements of Section 524(g) of the Bankruptcy... Read More

Auto-Hauler Allied Systems Holdings' Car Wreck of a Chapter 11 Case May Finally Be at an End
Posted on 19 Sep 2013 by Kelley Drye & Warren LLP

Many commentators have remarked that a “new normal” has evolved for Chapter 11 proceedings , wherein the major constituents negotiate the salient terms and exit strategy of the debtor’s restructuring prior to the filing of the bankruptcy... Read More

Fewer Restructurings and More Liquidations in Southern District of New York
Posted on 3 Mar 2009 by Ed Leung

Under the theory that old news is still good news, I’m pleased to report that Collier International Business Insolvency Guide expert author Stephen Z. Starr, of Starr & Starr PLLC, was quoted in the January 11 New York Magazine Intelligencer... Read More

Claims Trading from the Inside Out: Ninth Circuit BAP Holds that a Non-Insider Claimant's Vote on a Plan Is Not Discounted Merely Because the Claimant Purchased Its Claim from an Insider
Posted on 22 Apr 2013 by Sheppard Mullin

by Michael M. Lauter In an unpublished decision in In re The Village at Lakeridge, LLC , BAP Nos. NV-12-1456 and NV-12-1474 (B.A.P. 9th Cir. Apr. 5, 2013), the United States Bankruptcy Appellate Panel of the Ninth Circuit held that a vote on a plan... Read More

Twinkie Maker Hostess Seeks Liquidation as Deal with Unions Breaks Down
Posted on 16 Nov 2012 by James Cordrey

NEW YORK - (Mealey's) Twinkie maker Hostess Brands Inc., which had been proceeding with a bankruptcy reorganization plan, moved in the U.S. Bankruptcy Court for the Southern District of New York on Nov. 16 for authorization to convert its proceeding... Read More

In re City of Vallejo, 403 B.R. 72; 2009 Bankr. LEXIS 705 (Bankr. E.D. Cal. Mar. 13, 2009)
Posted on 28 May 2009 by John Gallagher & Todd Duffield

John Gallagher & Todd Duffield, of Paul, Hastings, Janofsky & Walker LLP, consider the ruling by a California bankruptcy court that a chapter 9 debtor is not bound by the requirements of Code section 1113 or any state law in rejecting a collective... Read More

Voyage of the Damned: The GM Tort Claimants' Opening Appellate Brief -- Brother, Can You Spare a Quarter?
Posted on 24 Sep 2009 by Steve Jakubowski

What started out a couple months ago as a " Slow Boat to China ," today feels more like the " Voyage of the Damned ." Yesterday I filed this " Opening Brief " (plus the Sale Opinion at Appendix A and the Sale Order and... Read More

The Saab Reorganization in Sweden: The Expedited and Successful Restructuring and Sale of a Global Automobile Manufacturer
Posted on 2 Nov 2009 by Patrick Mears, John Gregg & Mathias Winge

In this Emerging Issues commentary, authors Patrick E. Mears, John T. Gregg and Mathias Winge discuss Saab Automobile AG, a foreign subsidiary of General Motors. This company filed for reorganization in Sweden in February of 2009 under Sweden's Reorganization... Read More

Chrysler Files Bankruptcy - Part II: Testing The Limits Of Section 363 Sales
Posted on 5 Jun 2009 by Steve Jakubowski.

" Be careful what you wish for ," the old saying goes, and so too for those who wished for Chrysler to file for bankruptcy in order to achieve their objectives. Chrysler and all its major constituents will argue that the house is on fire and... Read More

Out of the Fray ... Onto the "Slow Boat to China": Putting the Brakes on the GM Bankruptcy Appeal
Posted on 10 Jul 2009 by Steve Jakubowski

Three weeks ago, as I discussed here , I jumped into the GM fray and filed this objection on behalf 5 product liability claimants who, absent the "free and clear" sale protections sought by GM under Section 363, would have had the right to add... Read More

PBGC v. Oneida Ltd.
Posted on 20 May 2009 by Richard Levin

Richard Levin, of Cravath, Swaine & Moore LLP, considers the significance of the first appellate decision holding that a company is liable to the Pension Benefit Guaranty Corporation for pension termination premiums after it emerges from a chapter... Read More

Debtor Employee Retention and Incentive Compensation Programs
Posted on 19 Feb 2009 by American College of Bankruptcy

Bankruptcy Code section 503(c) severely limits a debtors ability to pay management retention bonuses, severance, and other amounts. Holding on to valuable employees during a bankruptcy case can be a daunting task, and this Emerging Issues Analysis offers... Read More

Blockbuster: Going Bust?
Posted on 23 Sep 2010 by J. Michael McBride

Many of us with kids of a certain age know the Friday night ritual: take the kids to Blockbuster to rent a movie. That era may be going away as companies find that they no longer need expensive bricks and mortar stores to rent movies. Next up for... Read More