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Chapter 9

Jones Day

Cayman Islands Branch of FDIC-Insured U.S. Bank Ineligible for Chapter 15 Relief

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The Bankruptcy Code bars certain individuals or entities from filing for bankruptcy protection, generally because they do not reside or have a place of business or property in the United States, fail to satisfy certain debt...more

Jones Day

Business Restructuring Review November–December 2023 | Vol. 22 No. 6

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Health Care Provider Bankruptcy Update: Patient Care Ombudsman Not Necessary In Every Health Care Business Bankruptcy Case - Recent headlines have starkly illuminated the headwinds facing health care providers struggling...more

Cadwalader, Wickersham & Taft LLP

Of Standing and Stonewalling: Chester, Pennsylvania Bankruptcy Sheds New Light on Chapter 9 Eligibility Requirements

On March 14, 2023, Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania (the “Court”) ruled that the City of Chester, Pennsylvania (the “City” or “Chester”) was eligible for municipal...more

ArentFox Schiff

Bondholders Should Reevaluate Indenture Provisions in Light of PREPA Lien Challenge Decision

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Bondholders of the Puerto Rico Electric Power Authority (PREPA) have a secured claim only up to the amount of certain funds established under their trust indenture, and an unsecured claim for the value of future net revenues...more

Amundsen Davis LLC

Could a Small Town in Pennsylvania Force Congress to Deschedule Cannabis?

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Last Thursday, November 10, 2022, a court-appointed receiver threw the City of Chester, Pennsylvania into bankruptcy. At its most basic, a chapter 9 bankruptcy case is a rarely used provision of the Bankruptcy Code which is...more

Jones Day

Debate Intensifies on Substantial Contribution Claims in Chapter 7 Cases

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To encourage creditors, equity interest holders, indenture trustees, and unofficial committees to take actions that benefit a chapter 9 or chapter 11 estate, the Bankruptcy Code confers administrative expense status on claims...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Validates PR Financial Oversight Board, but Challenges Remain

Since PROMESA was enacted in 2016 to pave the way for a comprehensive restructuring of Puerto Rico’s mounting municipal debt obligations, the U.S. District Court for the District of Puerto Rico (District Court) has become a...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Supreme Court Clears Bankruptcy Restructuring of Puerto Rico Government Pension Plans

On June 1, 2020, the Supreme Court of the United States issued a unanimous decision in Financial Oversight and Management Board for Puerto Rico v. Aurelius Investment, LLC, No. 18–1334, holding that the selection of the...more

Orrick, Herrington & Sutcliffe LLP

Municipal Bankruptcy: Avoiding and Using Chapter 9 in Times of Fiscal Stress (Second Edition)

We intend this pamphlet to provide an overview of chapter 9 for those who manage and govern municipalities. We offer some thoughts on how to avoid filing as well as how to successfully navigate a bankruptcy case and emerge in...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Financial Oversight and Management Board for Puerto Rico v. Aurelius Investment, LLC

On June 1, 2020, the U.S. Supreme Court decided Financial Oversight and Management Board for Puerto Rico v. Aurelius Investment, LLC, holding that the Appointments Clause of the Constitution does not restrict the appointment...more

Dechert LLP

Are the Standards Governing Trustee Appointment Different in Chapter 9?

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Yes, says the First Circuit. The First Circuit recently affirmed the District Court’s decision to deny a group of bondholders’ (the “Bondholders”) motion to have a trustee appointed for the Employees Retirement System of the...more

Burr & Forman

Municipalities: Revenue Crunches and Chapter 9 Bankruptcies on the Horizon

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Last year many states and municipalities across our country as well as the elected officials who led them celebrated our nation’s low unemployment, increasing tax revenue and the zenith moments of what was the longest...more

Jones Day

The Year in Bankruptcy: 2019

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Except for disastrous fires that sparked the largest bankruptcy filing of the year, liabilities arising from the opioid crisis, the fallout from price-fixing, and corporate restructuring shenanigans, economic, market, and...more

Blank Rome LLP

Problems in the Code

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The title III debt-adjustment proceedings for the Commonwealth of Puerto Rico and its agencies have yielded several important and, in some cases, groundbreaking rulings by the U.S. District Court for the District of Puerto...more

Nelson Mullins Riley & Scarborough LLP

First Circuit Provides ‘Guidance’ on Challenging Puerto Rico’s Debt Restructuring Statute

At the very end of a recent opinion, the First Circuit seemingly provided guidance on how bondholders can attack the constitutionality of Puerto Rico’s debt restricting act, PROMESA (The Puerto Rico Oversight, Management, and...more

Holland & Knight LLP

Recent Ruling Against Puerto Rico Revenue Bondholders Causes Waves in U.S.

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• The U.S. Court of Appeals for the First Circuit has upheld a controversial ruling by a U.S. District Court in a case involving special revenue bonds issued by the Puerto Rico Highway Transportation Authority (PRHTA). • The...more

King & Spalding

First Circuit Finds Chapter 9 Special Revenue Provisions Permit Voluntary Payment, But Do Not Require Them

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On March 26, 2019, the First Circuit Court of Appeals, affirming a decision by the District Court emanating out of the Puerto Rico Title III bankruptcy cases, found that Sections 928(a) and 922(d) of the Bankruptcy Code...more

Jones Day

First Impressions: Eleventh Circuit Rules That Equitable Mootness Applies in Chapter 9 Cases

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In Bennett v. Jefferson County, Alabama, 899 F.3d 1240 (11th Cir. 2018), a panel of the U.S. Court of Appeals for the Eleventh Circuit ruled as a matter of first impression that the doctrine of equitable mootness applies in...more

A&O Shearman

A Moot Point: Court Of Appeals For The Eleventh Circuit Holds That The Doctrine Of Equitable Mootness Is Applicable In A Chapter 9...

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The consummation of a plan of reorganization typically involves a series of complex actions by the debtor and its stakeholders (for example, existing debt and equity are extinguished and new debt and equity issued in their...more

King & Spalding

Egg On Their Face: Eleventh Circuit Dismisses Bankruptcy Appeal from Jefferson County Bankruptcy Plan Confirmation

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The U.S. Court of Appeals for the Eleventh Circuit Court upheld a bankruptcy court’s order retaining supervisory authority over Jefferson County, Alabama’s sewer rates for the next forty years. Extending a line of cases...more

Harris Beach PLLC

Detroit: Has Oversight Helped the Municipality Rebound?

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There is evidence of a turn-around for municipalities recently struggling to stay afloat. We have posted on several occasions about the fiscal challenges facing municipalities nationwide, from Detroit and Chicago in 2015 and...more

Mintz - Bankruptcy & Restructuring Viewpoints

Checking-In: Chapter 9, Chapter 11 or Ineligible?

Last week, President Trump unveiled his proposal to fix our nation’s aging infrastructure. While the proposal lauded $1.5 trillion in new spending, it only included $200 billion in federal funding. To bridge this sizable gap,...more

Bradley Arant Boult Cummings LLP

Recovering Administrative Claims in Chapter 9 Bankruptcy and Title III of PROMESA

Municipal bankruptcies under Chapter 9 of the Bankruptcy Code, 11 U.S.C. §§ 901-946 (Chapter 9), are rare. These cases are often filed to adjust bonded indebtedness and pension obligations. Congressional authorization for...more

Jones Day

In Brief: First Circuit Rules That Section 1109(b) of the Bankruptcy Code Creates an Unconditional Right to Intervene in an...

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In Assured Guaranty Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico, 872 F.3d 57 (1st Cir. 2017), the U.S. Court of Appeals for the First Circuit ruled that section 1109(b) of the Bankruptcy Code gave an unsecured...more

Jones Day

Focus on Health Care Provider Bankruptcies

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The next few years are expected to see a significant increase in the volume of bankruptcy cases filed by health care providers. Thus far in 2017, the number of bankruptcies in health care-related sectors, including hospitals,...more

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