Commentary & Analysis on Current Events & Issues in Large & Mid-Market Chapter 11 Cases
Commentary & Analysis on Current Events & Issues in Large & Mid-Market Chapter 11 Cases
The chapter 11 case of mortgage lender and servicer Residential Capital, LLC (“ResCap”) is fascinating on a number of levels. Its parent company, Ally Financial, Inc. (“AFI”), hopes to use ResCap’s bankruptcy to extricate itself from potential liabilities arising from the
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Continue Reading Not Required, But Still Appropriate – Judge Glenn Appoints Examiner in ResCap
Last week’s Chapter 11 filing by NewPage Corporation, a company with assets and liabilities in the billions of dollars, stands as a relative rarity in the current restructuring environment. Running contrary to the “new normal” in larger restructurings,
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Continue Reading NewPage – A Good Old Fashioned Free-Fall Chapter 11 Case
“Frank McCourt” “Los Angeles Dodgers” “Major League Baseball Constitution” “Kirk Gibson”…
Continue Reading Los Angeles Dodgers Chapter 11 – Can They Get Kirk Gibson Admitted Pro Hac in Delaware?
I am serving this year on the Editorial Advisory Board for the Journal of Corporate Renewal, published by the Turnaround Management Association and available to all TMA members. My guest editor’s column for the June issue, "Keeping Pace With Chapter
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Continue Reading Keeping Pace With Chapter 11’s “New Normal”
As discussed in previous posts on this site, back in December the Second Circuit Court of Appeals issued a summary order that reversed the bankruptcy court’s confirmation of the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO
The Second Circuit Court of Appeals issued a summary order this week upholding the aggressively unfavorable treatment of a senior secured creditor under the reorganization plan (the “Plan”) of DBSD North America, f/k/a ICO North America (“DBSD”). (The Second Circuit upheld
Some legal commentators have lamented the extent to which lenders have been able to use debtor in possession (“DIP”) financing arrangements to gain control over an entire Chapter 11 case. DIP lenders have usually been able to justify aggressive provisions, and
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Continue Reading Court Tosses Life Vest to Trico Marine Services
The chapter 11 case of DBSD North America, Inc. (“DBSD”), f/k/a ICO North America, has been marked by aggressive tactics and extreme positions from its commencement. DBSD, a non-operating satellite communications company, and its second lien noteholders made clear their intent
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Continue Reading Second Circuit Stays DBSD North America Plan
The U.S. Court of Appeals for the Third Circuit has ruled in Visteon that retiree medical benefits cannot be terminated by a debtor during the pendency of a Chapter 11 case – even if the benefit plan reserved the debtor’s
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Continue Reading Third Circuit’s Obtuse Devotion to “Plain Meaning” Continues in Visteon
Another member of the Delaware Bankruptcy Court has weighed in on the appropriate scope of Bankruptcy Rule 2019 (see previous post). Judge Brendan Shannon signed an order a few days ago that directs the Ad Hoc Committee of Noteholders in the chapter
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Continue Reading Further Developments in Delaware Regarding Bankruptcy Rule 2019
