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Financial Institutions › Chapter 7 › Commercial Bankruptcy

Jones Day

First Impressions: Seventh Circuit Rules that the Bankruptcy Code's "Safe Harbor" for Securities Contracts Transfers Applies to...

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Section 546(e) of the Bankruptcy Code's "safe harbor" preventing avoidance in bankruptcy of certain securities, commodity, or forward-contract payments has long been a magnet for controversy. Several noteworthy court rulings...more

King & Spalding

The Seventh Circuit Upholds District Court’s Decision That Safe Harbor Provision of Section 546(e) Applies to Privately Held...

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A recent ruling from the United States Court of Appeals for the Seventh Circuit provides additional comfort for lenders receiving full repayment in connection with leveraged acquisitions. The U.S. Bankruptcy Code gives...more

Woodruff Sawyer

Corporate Bankruptcy: A Guide for Directors and Officers

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When the economy is stressed, corporations and their directors and officers must brace for a prolonged downturn. Unfortunately for some companies, filing for bankruptcy will be inevitable....more

Troutman Pepper

A Win for Lenders: Seventh Circuit Finds UCC-1 Collateral Description Reference Sufficient

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In a win for lenders, on September 11, the U.S. Court of Appeals for the Seventh Circuit reversed the U.S. Bankruptcy Court for the Central District of Illinois, holding that the collateral description in the UCC-1 financing...more

Pillsbury Winthrop Shaw Pittman LLP

Officers’ Duty to Obey Board of Directors’ Instructions Overrides Duty to Provide Information

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Citing duty to obey the board’s lawful instructions, the Seventh Circuit rejects breach of fiduciary duty claims under Indiana law against bankrupt bank holding company’s former officers. Corporate officers of a distressed...more

Orrick, Herrington & Sutcliffe LLP

U.S. Sixth Circuit Holds that Customary Language in Amendment and Restatement Agreements May Extinguish Existing Security...

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On August 23, 2016, the U.S. Court of Appeals for the Sixth Circuit held in the Chapter 7 bankruptcy case In re Fair Finance Company that an amendment and restatement of a loan and security agreement may have been a novation...more

Troutman Pepper

Credit Bidding: Not An Absolute Right (And What Does That Mean?)

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In re RML Dev., Inc., 528 B.R. 150 (Bankr. W.D. Tenn. 2014) – A mortgagee sought to modify a sale order to (1) modify the bid procedures and (2) confirm that it had a right to credit bid. The debtor obtained a court...more

Dechert LLP

Payments to Investors in a Securitization Structure Protected from Avoidance

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In what appears to be a matter of first impression, the U.S. Bankruptcy Court for the Northern District of Illinois recently held that payments made to investors in a two tiered securitization structure commonly employed in...more

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