News & Analysis as of

Bankruptcy law-news Elections & Politics

Read Bankruptcy Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
Cadwalader, Wickersham & Taft LLP

European Restructuring: 2024 in Review and Outlook for 2025

Market - overview Whilst Europe did not witness the flood of restructuring and insolvencies some had predicted at the start of the year, 2024 was a significant year nonetheless. Many commentators now predict an extended...more

DLA Piper

Fifth Circuit Rules that Serta Simmons Bedding, LLC’s 2020 Uptier Transaction Violated Pro Rata Distribution Covenant

DLA Piper on

In a landmark ruling, the US Court of Appeals for the Fifth Circuit ruled that a June 2020 refinancing transaction (the Uptier Transaction) entered by Serta Simmons Bedding, LLC (SSB, or the Debtor) and certain of its lenders...more

Eversheds Sutherland (US) LLP

Recent Bankruptcy Decision Reminds of the Importance of Corporate Governance Documents

On January 6, 2025, the United States Bankruptcy Court for the Northern District of Illinois (the Bankruptcy Court) granted a mortgage lender’s motion to dismiss a debtor’s bankruptcy filing due to the debtor’s lack of...more

Faegre Drinker Biddle & Reath LLP

Fifth Circuit Rejects Equitable Mootness Application in the Strongest Possible Terms, Excises Indemnity

In a landmark decision, the United States Court of Appeals for the Fifth Circuit rejected the application of equitable mootness in the strongest possible terms, stating that if the doctrine rendered the bankruptcy court’s...more

Cozen O'Connor

The Supreme Court of Canada Clarifies the Doctrine of Corporate Attribution

Cozen O'Connor on

On October 11, 2024, the Supreme Court of Canada (the SCC) rendered a decision clarifying the corporate attribution doctrine in the bankruptcy and insolvency context. Aquino v. Bondfield Construction Co.1 involved a dispute...more

Troutman Pepper Locke

What Are First-Day Motions and the First-Day Hearing, and Why Should I Care? - Creditor’s Rights Toolkit

Troutman Pepper Locke on

Once a company files for Chapter 11 bankruptcy, it must sort through a myriad of potential issues and transition into operating as a business subject to the Bankruptcy Code. Through various “First-Day Motions,” a debtor will...more

Eversheds Sutherland (US) LLP

The 5th Circuit Calls Into Question Uptier Exchanges and the Doctrine of Equitable Mootness

On December 31, 2024, the United States Court of Appeals for the Fifth Circuit (Fifth Circuit) exited 2024 by issuing a pivotal decision in a bankruptcy case that addresses recently utilized refinancing schemes and appears to...more

Conyers

The Use of Mediation in Restructuring and Insolvency: A Cayman Islands Perspective

Conyers on

With the rising popularity of alternative dispute resolution globally (including in insolvency related cases), it is important to take stock of where the Cayman Islands currently stands (as a leading jurisdiction in...more

Akin Gump Strauss Hauer & Feld LLP

Serta - Fifth Circuit Decision

On December 31, 2024, the U.S. Court of Appeals for the Fifth Circuit issued its long-awaited decision regarding the permissibility of the Serta Simmons Bedding (Serta) uptier liability management exercise (the 2020 Uptier)...more

Cadwalader, Wickersham & Taft LLP

The Twilight, or Rebirth, of Liability Management? Serta and Mitel Decisions Reach Opposite Conclusions on the Permissibility of...

Introduction & Key Takeaways - The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have...more

Stradling Yocca Carlson & Rauth

California Business Divorce: Partner Fraud and Personal Liability - Important Lessons from Bartenwerfer v. Buckley

The Story Behind the Case - Kate and David Bartenwerfer started their business with a straightforward plan. The couple decided to renovate and sell a house they jointly owned in San Francisco. David handled the remodeling...more

Bradley Arant Boult Cummings LLP

I’m WARNing You… Maybe? Bankruptcy Court Considers Exception to Layoff Notice Statute

The federal Worker Adjustment Retraining Notification Act (the WARN Act), generally requires that employers give workers 60 days’ written notice of any plant closings or mass layoffs. If employers do not comply with this...more

DLA Piper

SDNY Bankruptcy Court Approves Settlement Agreements with Nonconsensual Third-Party Releases for Insurance Companies

DLA Piper on

In the chapter 11 bankruptcy case of In re Roman Catholic Diocese of Rockville Centre, New York, Case No. 20-12345 (MG), the US Bankruptcy Court for the Southern District of New York recently approved settlement agreements...more

Morrison & Foerster LLP

Latest Uptier Decisions in Serta and Mitel Remind Contract Language Matters

The caselaw on “uptiers” as liability management exercises (LMEs) grew by two opinions on the last day of 2024. In Serta, the Fifth Circuit reversed the bankruptcy court’s blessing of the pre-bankruptcy uptier and...more

Holland & Knight LLP

A Tale of 2 Rulings: Serta, Mitel Cases Remind Why Contract Language Matters in Debt Documents

Holland & Knight LLP on

A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit has unanimously held that the debt exchange undertaken by Serta Simmons Bedding did not qualify as an "open market purchase" under the terms of Serta's...more

Ropes & Gray LLP

Law Reviews, Dictionaries, and Uptiers: The Fifth Circuit Weighs In on Serta

Ropes & Gray LLP on

Market participants might be wary of opinions that begin with a recitation of academic literature and then turn to dictionaries. The former tend to be authored with an eye toward systemic change rather than direct experience...more

Skadden, Arps, Slate, Meagher & Flom LLP

Rockville Centre Case Offers a Framework for Settling Mass Tort Bankruptcy Claims Post-Purdue

The Supreme Court’s 2024 Purdue decision1 held that the Bankruptcy Code does not authorize a release and injunction under a Chapter 11 plan of claims against a non-debtor, even if they relate to claims against or by the...more

Goodwin

Seven Success Factors for Winning Section 363 Acquisitions

Goodwin on

In the high-stakes world of bankruptcy asset acquisitions, Bankruptcy Code Section 363 provides a powerful mechanism for purchasing assets “free and clear” of most claims, liens, and encumbrances. Success in these...more

Husch Blackwell LLP

Cannabis Trends in 2025

Husch Blackwell LLP on

2024 was a primarily lean and flat year for the U.S. cannabis industry. The state-legal cannabis industry has been volatile from its inception, and 2024 represented a year of winnowing with many cannabis businesses failing....more

Lowenstein Sandler LLP

Fifth Circuit Rejects Non-Pro Rata Uptier Transaction From Serta Simmons; Landmark Ruling May Have Chilling Effect on Similar...

On December 31, a unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit (the Court or the Fifth Circuit) held that the controversial $200 million Serta Simmons Bedding (SSB) uptier financing...more

Seward & Kissel LLP

Atextual Behavior, Selling Retail, and Slipping on Appeal

Seward & Kissel LLP on

5th Circuit rejects Serta Simmons' controversial 2020 debt deal | Reuters - The 5th U.S. Circuit Court of Appeals ruled Tuesday that mattress maker Serta Simmons did not treat its lenders equally in a controversial 2020...more

Troutman Pepper Locke

Fifth Circuit Ruling Alters Uptier Transaction Landscape

Troutman Pepper Locke on

Overview: The Fifth Circuit’s highly anticipated decision on December 31, 2024, in the Serta Simmons case has significant implications for borrowers and lenders in financial distress situations. The issue on appeal concerned...more

A&O Shearman

Bank of England policy statement and statement of policy on power to direct a CCP to address impediments to resolvability

A&O Shearman on

The Bank of England has published a statement of policy setting out its approach to exercising its power to direct a CCP to address impediments to resolvability under the Financial Services and Markets Act 2023. This power...more

Proskauer Rose LLP

The End of Non-Pro Rata Uptiers? Fifth Circuit Rules that Serta Exchange was Not an “Open Market Purchase”

Proskauer Rose LLP on

The United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) ruled on December 31, 2024 that Serta Simmons Bedding’s (“SSB”) 2020 uptier exchange included a transaction that, contrary to the assertions of...more

Offit Kurman

2024: Year in Review: Third-Party Releases After Purdue Pharma

Offit Kurman on

The most notable decision in the bankruptcy world in 2024 was the Supreme Court’s decision in Purdue Pharma. Harrington v. Purdue Pharma, L.P., 144 S. Ct. 2071 (2024). At the heart of the fight in Purdue Pharma were...more

7,668 Results
 / 
View per page
Page: of 307

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide