Mondaq USA: Insolvency/Bankruptcy, Re-structuring
Stoll Keenon Ogden PLLC
In April 2005, the Bankruptcy Abuse Prevention Consumer Protection Act ("BAPCPA") was signed into law, representing the most extensive revisions to the bankruptcy code in 35 years.
Fox Rothschild LLP
On February 2, 2016, Hancock Fabrics, Inc. and 6 affiliates filed for relief under chapter 11 of the Bankruptcy Code.
Fox Rothschild LLP
A $4 million settlement was recently signed off by a New York bankruptcy judge to resolve a class action lawsuit brought on by former employees of Thelen LLP.
Stoll Keenon Ogden PLLC
The district court grants the creditor's motion to dismiss the appeal as untimely. The pro se debtors filed their notice of appeal of a stay relief order three days after the 14-day period per Bankruptcy Rule 8002 had expired.
Troutman Sanders LLP
In a case of first impression before the 9th Circuit, on January 28, 2016, the Court held that the Absolute Priority Rule applies in all chapter 11 cases, even if the debtor is an individual.
Despite improved European growth and stronger U.S. economic data, falling commodity prices (particularly oil) and the higher number of high yield bonds trading at distressed levels suggest another year of volatility is in store.
Fox Rothschild LLP
The Debtors had entered into an agreement with Quapaw to provide ATM and other cash advance services to Quapaw's customers, and that any funds advanced to a customer by Quapaw would be reimbursed by the Debtors.
Fox Rothschild LLP
The UST objected to the applications because they include a provision indemnifying them for expenses incurred in any successful defense of their fees.
Fox Rothschild LLP
The Ninth Circuit ruled Thursday that the absolute priority rule still applies to individual Chapter 11 reorganizations after the Bankruptcy Code was amended in 2005...
Stoll Keenon Ogden PLLC
The Sixth Circuit B.A.P. affirms the bankruptcy court's order denying the creditor's motion to reopen the bankruptcy case.
Stoll Keenon Ogden PLLC
The Sixth Circuit affirms the district court's finding that the Chapter 11 plan was proposed in bad faith. The plan proposed to pay small claims in full but over a 60-day period.
Fox Rothschild LLP
On January 26, 2016, the Delaware Bankruptcy Court denied Debtors Noble Logistics Inc., et al.'s motion for summary judgment on their objections to the claims filed by Richard Maximo individually, and on behalf of the Putative Class.
Fox Rothschild LLP
UHH claimed that because it was not served the Debtors' motion to reject the CBA, it should be entitled to an administrative claim for health care benefits it provided through October 31, 2014.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
It is a familiar scenario: a company is on the verge of bankruptcy, bound by the terms of a collective bargaining agreement (CBA), and unable to negotiate a new agreement.
Hughes Hubbard & Reed LLP
Sentinel, a trading firm, had (in violation of federal law) pledged its customers' securities to Bank of New York Mellon and Bank of New York ("BNYM") as collateral for $312 million of loans to support Sentinel's proprietary trading.
Fox Rothschild LLP
In my August post, I stated that it was too early to tell whether Curtis James Jackson III, better known as rapper 50 Cent, would be able to come to a consensual Chapter 11 plan for repayment with creditors.
Stoll Keenon Ogden PLLC
The Seventh Circuit reverses the district court and affirms the bankruptcy court, holding that a tax sale under Illinois's interest rate auction system does not necessarily establish a transfer...
Stoll Keenon Ogden PLLC
The bankruptcy court overrules the debtor's objection to the division of unemployment insurance's claim for overpayment of benefits to the debtor.
Troutman Sanders LLP
On January 8, in the case of Eden Place, LLC v. Perl (In re Perl), the Ninth Circuit issued a published opinion, overturning the decision of the Bankruptcy Appellate Panel...
Stoll Keenon Ogden PLLC
On remand from the Sixth Circuit, the district court apportions fault 50/50 between the two defendants (pursuant to KRS 411.182) and reduces the punitive damage award proportionally with the reduction of compensatory damages.
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Fox Rothschild LLP
Swift Energy Co. ("Swift") has become the latest U.S. shale driller to file for Chapter 11 bankruptcy, filing a voluntary petition on December 31, 2015. Swift pumps oil in the Eagle Ford Shale in South Texas and in Louisiana fields.
Dykema Gossett
A case pending before the Court of Appeals for the First Circuit could upend the established rules for paying off student loans.
Troutman Sanders LLP
While bankruptcy filings have been down this past year, the number of decisions of interest for the banking and finance industries continues to remain steady.
Sullivan & Worcester LLP
The modification or cancellation of outstanding debts can lead to complicated and often adverse tax consequences to both the borrower and the lender.
Dentons (US)
In a "loan-to-own" investment, an investor acquires secured debt at a discount to leverage the face amount of the debt in an asset purchase or debt-to-equity swap.
Jones Day
Compared to much of the rest of the world, the United States had the most positive economic, business, and financial news in 2014.
Dykema Gossett
Doral Bank's failure was a result of years of financial losses and economic turmoil and was the largest bank failure since 2010.
Nutter McClennen & Fish LLP
Last week, the United States Court of Appeals for the Sixth Circuit issued a decision in the case of Cyber Solutions International LLC v. Pro Marketing Sales, Inc.
Moritt, Hock & Hamroff LLP
During the volatile economic climate of recent years, expedited 363 sales have been favored over more traditional reorganizations under Chapter 11.
Fox Rothschild LLP
On January 15, 2016, the Third Circuit Court of Appeals issued a precedential opinion (the "Opinion") affirming the October 20, 2014 opinion of Judge Gross.
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