Searching Content indexed under Financial Restructuring by Goodwin Procter LLP ordered by Published Date Descending.
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Building Consensus In A Municipal Bankruptcy
Throughout the United States, many municipalities are facing severe financial distress and being forced to examine Chapter 9 -- the section of the Bankruptcy Code governing municipality eligibility -- as a means of eliminating debt and restructuring their obligations.
United States
14 Oct 2012
Are Pension Wars Coming In CA Municipal Bankruptcies?
On September 12, 2012, CalPERS’ general counsel released a public statement setting forth CalPERS’ legal position on the limitations of the power of the bankruptcy.
United States
3 Oct 2012
Tweeter Decision Extends WARN Act Liability to Distant Parent Companies
We regularly caution financial sponsors of failing companies about "responsible person" exposure that their entities, their designated directors and the operating management of the failing company may face.
United States
1 Nov 2011
New California Law Will Restrict Cities' Access To Bankruptcy Under Chapter 9
Like many other states, California is in the midst of a financial crisis often referred to as "the next Greece." California’s fiscal crisis has heightened fears that its other cities or municipal agencies will follow the City of Vallejo into federal bankruptcy protection under Chapter 9 ("Chapter 9") of Title 11 of the United States Code (the "Bankruptcy Code").
United States
27 Oct 2011
Third Circuit Decision in In re Philadelphia Newspapers Has Ramifications for Secured Creditors’ Credit Bid Rights
A recent decision by the Third Circuit Court of Appeals has significant ramifications for relationships between borrowers and lenders that extend beyond the boundaries of bankruptcy proceedings.
United States
8 Apr 2010
GGP Ruling Exposes Weaknesses In Popular Bankruptcy Remote SPE Structures
In a recent ruling declining to dismiss the Chapter 11 cases of several subsidiaries of General Growth Properties ("GGP"), the U.S. Bankruptcy Court for the Southern District of New York demonstrated that special purpose entities ("SPEs"), designed to avoid bankruptcy, can nonetheless be subject to bankruptcy proceedings.
United States
25 Aug 2009
Bankruptcy Auctions: The New Buyout Market?
What is a private equity firm to do in the current leverage constrained market? The days of bidding up the prices of profitable and growing businesses in robust auctions fueled by stapled financing featuring PIK/toggle covenant light terms at 7x EBITDA are a thing of the past.
United States
29 Apr 2009
California Appellate Court Rules that Attorney General’s Suit Against Broker-Dealer over Revenue Sharing on Mutual Fund Sales not Pre-Empted by NSMIA
The United States District Court for the District of Minnesota (the "District Court") reviewed a plaintiff’s claim that a defendant nonbank collection agency had violated the Fair Debt Collection Practices Act ("FDCPA") by (1) charging an impermissible rate of interest; and (2) misrepresenting their entitlement to attorneys fees. The defendant had received via assignment a defaulted credit card debt from a national bank.
United States
19 Sep 2007
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