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Chapter 11
Keeping Pace With Chapter 11’s “New Normal”
By Ben Feder on
Posted in Chapter 11
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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The Dog That Didn’t Bark – Second Circuit’s Opinion in DBSD North America Disallows Gifting, But Is Silent on Cramdown of Secured Creditor
By Ben Feder on
Posted in Chapter 11
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…
Second Circuit Affirms Unfavorable Plan Treatment of Senior Secured Creditor in DBSD North America
By Ben Feder on
Posted in Chapter 11
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…
Court Tosses Life Vest to Trico Marine Services
By Ben Feder on
Posted in Chapter 11, DIP Financing
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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Second Circuit Stays DBSD North America Plan
By Ben Feder on
Posted in Chapter 11
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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Third Circuit’s Obtuse Devotion to “Plain Meaning” Continues in Visteon
By Ben Feder on
Posted in Chapter 11
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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Further Developments in Delaware Regarding Bankruptcy Rule 2019
By Ben Feder on
Posted in Chapter 11
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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Delaware Bankruptcy Court Divided on Bankruptcy Rule 2019 Disclosure Requirements
By Ben Feder on
Posted in Chapter 11
Last month, many distressed investors and chapter 11 professionals viewed Judge Mary Walrath’s decision on Bankruptcy Rule 2019 as a possible tipping point in the ongoing debate regarding the reach of Rule 2019’s disclosure requirements with respect to so-called…
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