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Bankruptcy Civil Remedies

Read Bankruptcy Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
Farrell Fritz, P.C.

Party City Seeks to Monetize its Lease Portfolio Through Bankruptcy Auction Process

Farrell Fritz, P.C. on

On December 21, 2024, Party City Holdco Inc. and certain of its subsidiaries initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas to accomplish an orderly wind down of its...more

DLA Piper

Impactful Rulings and Cases Shaping Bankruptcy Law: 2024 Restructuring Recap

DLA Piper on

The restructuring landscape in 2024 demonstrated dynamic shifts, with courts across jurisdictions issuing pivotal rulings that helped reshape bankruptcy law....more

Carlton Fields

Florida Appeals Court Decisions: Week of January 13-17, 2025

Carlton Fields on

U.S. Eleventh Circuit Court of Appeals - Guan v. Ellingsworth Res CA - bankruptcy - Doty v. State - capital case, postconviction relief - Owens v. State - postconviction relief, multiple motions - Davis v. State -...more

Seward & Kissel LLP

Sack Exchange and Which Craft?

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Purdue's Sackler family offers to increase contribution in new opioid settlement, WSJ reports | Reuters - The Sackler family, owners of Purdue Pharma, is offering to increase their contribution to the opioid lawsuit...more

Nelson Mullins Riley & Scarborough LLP

Delaware Bankruptcy Court Holds No General Exception to an Automatic Stay of Case After Denial of Arbitration in Bankruptcy Cases

A December 13, 2024, opinion from Judge Walrath held that a 2023 decision from the U.S. Supreme Court in Coinbase, Inc. v. Bielski, 599 U.S. 736 (2023) requires staying prosecution of an adversary proceeding when the...more

Jones Day

Diocese of Rockville Centre Pioneers a Global Resolution for Itself, Its 136 Parishes, and its Settling Insurers Post-Purdue

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In order to resolve hundreds of Child Victims Act lawsuits alleging sexual abuse, the Diocese of Rockville Centre commenced chapter 11 to seek protection for itself, its parishes, and schools, as well as providing equitable...more

Cozen O'Connor

Broad Street Brief: Mayor Parker Fast-Tracks Market East Master Plan

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The Philadelphia 76ers have abandoned plans to build a Center City arena, which was pitched as a critical development for East Market Street. Instead, the team will partner with Comcast Spectacor to construct a new arena near...more

Mintz - Health Care Viewpoints

EnforceMintz — Novel Criminal Charges and Emerging Civil Trends from Opioid Enforcement in 2024

In past years we have discussed how opioid-related enforcement efforts have remained a top federal and state priority (here, here, and here). In 2024, opioid-related enforcement efforts continued across the entire opioid...more

Goodwin

Credit Bidding: Converting Secured Loans to Winning Bids

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When a company enters bankruptcy, its assets are often sold to the highest or best bid. Secured lenders — those who have perfected liens on the company's assets — have a unique advantage under Section 363(k) of the Bankruptcy...more

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

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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

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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

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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

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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

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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

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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

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