Several cases this year have demonstrated the continuing trend of U.S. courts’ respect toward foreign insolvency proceedings. Recent decisions from the Third and Eleventh Circuits, Southern District of New York and other...more
Complex intercorporate structures and related financings pose specific challenges in the cross-border insolvency context. Where a number of affiliates are liable for the debts of a common corporate enterprise, complete...more
Valuation is a critical and indispensable element of the Chapter 11 bankruptcy process. It drives many aspects of a Chapter 11 case, from petition to plan confirmation, in all circumstances....more
Historically, many companies seeking bankruptcy protection have attempted to streamline and shorten their Chapter 11 cases to reduce cost and risk. But the COVID-19 pandemic may be disrupting that trend, especially in...more
When a company faces financial distress and seeks to sell its assets, both the seller and the buyer may prefer to implement the transaction through a Section 363 sale in a Chapter 11 bankruptcy case of the seller. A Chapter...more
Two recent bankruptcy court decisions - In re Serviços de Petróleo Constellation SA1 and In re Agrokor d.d.2 - demonstrate the increasing complexity of applying basic chapter 15 principles of “universalism” to global...more
The recent decision in In re National Bank of Anguilla (Private Banking Trust) Ltd.1 may cause readers to do a double-take. First, it is co-authored by two bankruptcy judges: Hon. Stuart M. Bernstein and Hon. Martin Glenn....more
Timing is key to valuation of all types and in all contexts. But in bankruptcy, valuation timing can take on heightened importance because a central element of bankruptcy involves distributing value as of a specific point in...more
Delaware law allows members and partners of limited liability companies (LLCs) and limited partnerships (LPs) to waive the fiduciary duties of their management in their LLC or LP agreements. When an LLC or LP is insolvent,...more
Most lawyers familiar with chapter 15 cross-border insolvency proceedings might assume that “foreign” debtors in chapter 15 cases must be foreign entities — that is, entities not organized under the laws of U.S. states. For...more