Popular, Bankruptcy Court

Delaware District Court Sheds Light on Standards for Dismissal of Chapter 11 Case Based on Bad Faith

DLA Piper on 9/13/2024

On August 28, 2024, Judge Gregory B. Williams of the US District Court for the District of Delaware issued a ruling in AIG Financial Products Corporation, Civ. No. 23-573, affirming an order on appeal from the Delaware...more

Talc-Related Matter Filings Predictably Increase, As New Bankruptcies are Filed

Husch Blackwell LLP on 9/5/2024

Observers of filing trends in personal injury mesothelioma matters alleging exposure to talc contaminated with asbestos have noted that the bankruptcy filing of a predominant defendant in those matters did little to slow the...more

Circuit Split: Eleventh Circuit and Second Circuit Disagree on Eligibility Requirements for Chapter 15 Debtors

Jones Day on 8/1/2024

Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the...more

Bankruptcy Court Rejects Attempts to Lock Up Creditor Votes in Favor of Reorganization Plan

Pillsbury Winthrop Shaw Pittman LLP on 7/31/2024

Recent decisions reflect a renewed focus on lock-up provisions by bankruptcy courts. The U.S. Bankruptcy Court for the Southern District of New York recently severed a provision from a post-petition agreement that required...more

Delaware Bankruptcy Court Ruling Creates a Nightmare for D&O Policyholders Facing Qui Tam Actions

Pillsbury - Policyholder Pulse blog on 6/6/2024

When is a claim “brought” against an insured? A Delaware bankruptcy court’s answer to this seemingly innocuous question turned into a nightmare for the estate of a bankrupt insured...more

Understanding Suppliers’ Rights and Remedies in Retail and Hospitality Bankruptcies

ArentFox Schiff on 5/28/2024

On May 14, Outfox Hospitality LLC, the parent company of the retail chain Foxtrot Market, along with its affiliates, filed for Chapter 7 bankruptcy protection in the Bankruptcy Court for the District of Delaware, with the...more

Singapore International Commercial Court Issues First Decision on Recognition of Cross-Border Bankruptcy Cases under Model Law

Jones Day on 3/26/2024

Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the...more

Supreme Court Hits the Brakes on Boy Scouts Chapter 11 Plan

White and Williams LLP on 2/19/2024

In a terse last-minute order, the United States Supreme Court stayed implementation of the Boy Scouts of America’s (“BSA”) confirmed Chapter 11 plan, which would have stripped thousands of survivor claimants of their ability...more

Second Circuit Adopts "Transfer-by-Transfer" Approach to Bankruptcy Code's Safe Harbor for Securities Contracts Payments

Jones Day on 2/8/2024

The scope of the Bankruptcy Code's "safe harbor" shielding certain securities, commodity, or forward-contract payments from avoidance as fraudulent transfers has long been a magnet for controversy, particularly after the U.S....more

Bankruptcy Trustees and Receivers Beware: The California Second District Court of Appeal Tests The Barton Doctrine’s Limits on...

Buchalter on 10/27/2023

In Breanne Martin v. Leslie Gladstone, the Second District Court of Appeal recently decided a case that could reverberate throughout the receivership and bankruptcy industries. This case comes at a propitious moment as...more

Bankruptcy in the Cannabis Space

Troutman Pepper on 10/25/2023

Though controversial, cannabis has steadily grown into a booming industry. Despite this rapid growth and the legalization of cannabis in numerous states, cannabis is still classified as a Schedule I drug under the Controlled...more

How A Union Fight Played A Key Role In Yellow's Bankruptcy

Holland & Hart LLP on 8/14/2023

Trucking giant Yellow Corp. skuttled operations and filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on Aug. 6, a mere three years after receiving $700 million in pandemic-era relief...more

Liquidating Chapter 11 Plan Confirmed Despite Provision Temporarily Enjoining Litigation Against Corporate Debtors

Jones Day on 7/28/2023

To prevent "trafficking in corporate shells," the Bankruptcy Code prohibits any discharge of corporate or partnership debts if the debtor is not an "individual" and, in a chapter 11 case, if the debtor proposes a liquidating...more

Second Circuit Assesses Propriety of Third-Party Releases in Purdue

McDermott Will & Emery on 6/13/2023

On May 30, 2023, the US Court of Appeals for the Second Circuit released its long-awaited opinion addressing Purdue Pharma’s confirmed chapter 11 bankruptcy plan. Although the appeal challenged more than one aspect of the...more

Cannabis and Bankruptcy, Ep. 2: Considerations for Businesses [More with McGlinchey, Ep. 54]

McGlinchey Stafford on 5/24/2023

In the second installment in a three-part series exploring issues in cannabis and bankruptcy, McGlinchey attorneys Heidi Urness, Timothy Byrd, and Rudy Cerone dive into the bankruptcy protections available to businesses,...more

Allegations Against Lender for Aiding and Abetting Ponzi Scheme Partially Survive the Lender’s Motion for Summary Judgment

King & Spalding on 4/28/2023

On March 23, 2023, the U.S. Bankruptcy Court for the Southern District of Florida partially denied summary judgment to Deutsche Bank on, among others, claims for aiding and abetting conversion and breach of fiduciary duty,...more

How Will Bankruptcy Courts Shape Crypto Regulation?

Epiq on 4/5/2023

Last year’s cryptocurrency market crash a/k/a “the crypto winter” did not cause trembles in the U.S. economy, but it caused enormous losses to its investors. The near collapse of this decentralized currency market resulted in...more

SVB Financial Group Files for Chapter 11 Bankruptcy

Lowenstein Sandler LLP on 3/21/2023

Early Friday morning, March 17, 2023, SVB Financial, the former holding company of SVB, filed a voluntary Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York, citing the...more

Supreme Court Limits the Ability to Discharge Debts Obtained by Fraud

Miller Nash LLP on 3/8/2023

The discharge provided in bankruptcy is fundamental, allowing the “honest but unfortunate” debtor a fresh start. There are various exceptions to the discharge found in Sections 523 and 727 of the Bankruptcy Code—designed to...more

2022 Year in Review: Digital Currency and Blockchain Litigation and Enforcement Developments

Goodwin on 2/14/2023

Throughout a tumultuous 2022, the digital currency and blockchain space saw a number of significant investigation, litigation, and enforcement matters as regulators continue their laser focus on the industry. This Year in...more

Third Circuit Dismisses J&J Affiliate LTL’s Talc Liability Chapter 11 Filing; “Good Faith” Under 1112(b) Requires Financial...

Cadwalader, Wickersham & Taft LLP on 2/10/2023

Executive Summary: On January 30, 2023, the U.S. Court of Appeals for the Third Circuit (the “Court”) issued an opinion in In re LTL Management, LLC, No. 22-2003, 2023 WL 1098189, at *1 (3d Cir. Jan. 30, 2023) (“LTL...more

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