In Chapter 11 cases, one of a vendor’s best shots at getting paid its pre-petition debt is being designated as a “critical vendor”....more
The fall of Enron Texas is the second largest US state (after Alaska). It is an economic engine in the US, fuelled primarily by the oil and gas industry. When Houstonbased Enron Corporation filed its Chapter 11 case in the...more
David Conaway reports on a recent Chapter 11 plan of reorganization submitted by Purdue Pharma (Oxycontin) to resolve a mass tort claim.
The Supreme Court of the United States (SCOTUS) is having difficulty swallowing the...more
10/13/2023
/ Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
OxyContin ,
Pharmaceutical Industry ,
Purdue Pharma ,
Reorganizations ,
Third-Party Release Agrements ,
Willful Misconduct
Material Chapter 11 cases have morphed to the point that the outcome is often predetermined at the “first day” hearing. Unsecured creditors with material credit exposure should engage early to protect their interests and...more
With the effects of the pandemic and recession being felt throughout the transportation industry, our firm has seen an increase in claims by unpaid motor carriers against shippers and consignees for nonpayment, where the...more
On 5 July 2022, SAS AB and 13 affiliates filed for Chapter 11 protection in the Southern District of New York. Owned 44% by the Kingdoms of Denmark and Sweden, SAS encountered financial turbulence resulting from increased...more
10/14/2022
/ Airlines ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Debt Restructuring ,
Debtors ,
Insolvency ,
Lenders ,
Reorganizations
The world economy is experiencing the perfect storm of inflation, interest rate increases, supply chain disruption, and a potential global recession. These conditions exert pressure on trading partners who may have nowhere to...more
As a result of recent high profile Chapter 11 cases, such as Purdue Pharma and Johnson & Johnson, there has been great Congressional and media attention to controversial Chapter 11 practices. These include debtors’ forum- and...more
8/3/2022
/ Bankruptcy Court ,
Bankruptcy Reform ,
Chapter 11 ,
Commercial Bankruptcy ,
Corporate Counsel ,
Corporate Financing ,
Corporate Management ,
Corporate Officers ,
Corporate Restructuring ,
New Legislation ,
Proposed Legislation
WE WON. WE MADE NEW LAW -
In the Chapter 11 case of Beaulieu Group, LLC (carpet industry in Dalton, Georgia) in the U.S. Bankruptcy Court for the Northern District of Georgia, we defended Auriga Polymers Inc. (a...more
As a result of recent high profile Chapter 11 cases, such as Purdue Pharma and Johnson & Johnson, there has been great Congressional and media attention to controversial Chapter 11 practices. These include debtors’ forum and...more
David Conaway, Partner and Finance, Banking, Creditors’ Rights and Insolvency Regional Service Line Leader, reports on the world-wide reach of the US Chapter 11 'Automatic Stay."
Originally published in Eurofenix, Winter...more
In this first part of his article, David sets the parameters for understanding U.S. bankruptcy concepts…
According to the American Bankruptcy Institute, total commercial Chapter 11 filings in July 2021 decreased 62...more
Since its beginning in 1978, Chapter 11 has been the primary tool for financially distressed U.S. and foreign companies to efficiently restructure their balance sheets and business operations.
Successful Chapter 11 cases...more
Along Charlotte’s interstate highways, billboards call out rising wages for manufacturing jobs as companies try to meet demand in a rebounding economy.
“That’s a sign that there’s a big, big challenge right now,” says Ben...more
According to the American Bankruptcy Institute, total commercial Chapter 11 filings in July 2021 decreased 62 percent from the previous year. Commercial Chapter 11 filings totaled 244 in July 2021, down from the July 2020...more
In the context of a series of complex re-financings and roll-up transactions by Revlon in May and June, 2020, human error caused a $500 million loss for Citibank.
On 16 February 2021, in the case of In re Citibank August...more
We are closely following Revlon on behalf of several creditor interests.
In the context of a series of complex re-financings and roll-up transactions by Revlon in May, 2020, human error caused a $500 million loss for...more
David examines the impact of ipso facto clauses with reference to UK and Dutch insolvency proceedings by Simeon Gilchrist and Nicolaes Tollenaar.
Originally published in Eurofenix, Winter 2020/2021.
...more
With the effects of the ongoing pandemic and ever-changing economic conditions being felt throughout the transportation industry, our firm has recently seen an increase in claims by unpaid motor carriers against shippers and...more
According to the American Bankruptcy Institute, 3,600 companies filed Chapter 11 in the first half of 2020. Chapter 11 filings for 2020 are on pace to eclipse any year since 2012. During the same period, businesses worldwide...more
COVID-19 has, and for the foreseeable future will, have an unprecedented adverse impact on the global economy and all companies’ business operations.
Governments and banking systems throughout the world have initiated...more
Covid-19 has and for the foreseeable future will have unprecedented adverse impact on the global economy and all companies’ business operations. Government and banking systems throughout the world have initiated massive aid...more
In assisting companies doing business with their customers and the supply chain, we have noted that companies increasingly propose to their customers incentives to purchase goods, often in the form of rebates and discounts....more
COVID-19 has and for the foreseeable future will have unprecedented adverse impact on the global economy and all companies’ business operations. Government and banking systems throughout the world have initiated massive aid...more
The “Small Business Reorganization Act of 2019” (SBRA) signed into law on August 23, 2019 contains two amendments to Chapter 11 preference laws, which are NOT limited to small business reorganizations. ...more