Financial distress persists in the commercial real estate market, raising the prospects that property owners and landlords could seek relief under chapter 11 of the Bankruptcy Code. The Bankruptcy Code contains numerous...more
Suppose you own farmland or retail commercial space and you lease your property. What happens to your lease if the lessee files bankruptcy? And what must be done if your lessee wants to continue to honor your lease...more
Section 365(h) of the Bankruptcy Code provides considerable protection to a tenant in the event of a bankruptcy filing by its landlord. Despite rejection of its lease, the tenant can elect to retain its rights, including the...more
Recently, in IDEA Boardwalk, LLC v. Revel Entertainment Group, LLC; Polo North Country Club, Inc. (In re Revel AC Inc.), No. 17-3607 (3d Cir. Nov. 30, 2018), the Third Circuit held that Section 365(h) of the Bankruptcy Code...more
The ability of a trustee or chapter 11 debtor-in-possession ("DIP") to sell bankruptcy estate assets "free and clear" of competing interests in the property has long been recognized as one of the most important advantages of...more