Distressed m&a is the “new normal” in Chapter 11 cases, as noted here and elsewhere. Two large media marketing and advertising companies, SuperMedia and Dex One, took the “new normal” to new extremes last week by filing simultaneous and
Distressed M&A
Too Cool for School Specialty – Alternative DIP Financing Allows Educational Company to Avoid Immediate Sale
By Ben Feder on
Posted in DIP Financing, Distressed M&A
The School Specialty chapter 11 case began in what has become all too typical fashion. The company, overleveraged and short of cash, had no choice but to accept a lifeline extended by its second lien secured lender, a private investment fund. The…
Bip . . . Bip . . . Bip . . . “Pong” Creator Atari Files for Chapter 11
By Ben Feder on
Posted in Distressed M&A
Atari, Inc., the creator of the primordial video game “Pong”, filed for Chapter 11 yesterday in the U.S. Bankruptcy Court for the Southern District of New York. Its parent company, Atari SA, simultaneously sought bankruptcy protection in France. The moves…
Continue Reading Bip . . . Bip . . . Bip . . . “Pong” Creator Atari Files for Chapter 11
I Never Liked Twinkies
By Ben Feder on
Posted in Distressed M&A
Blink and You Missed It – Emergency Sale of Digital Domain Media Approved
By Ben Feder on
Posted in Distressed M&A
Judge Brendan Shannon of the U.S. Bankruptcy Court for the District of Delaware last week approved the sale of Digital Domain Media Group, the special effects company founded by James Cameron, following one of the fastest distressed m&a…
Continue Reading Blink and You Missed It – Emergency Sale of Digital Domain Media Approved
Chapter 11 Once Again Safe for Undersecured Lenders – Supreme Court Affirms Right to Credit Bid in RadLax
By Ben Feder on
Posted in Distressed M&A
The U.S. Supreme Court today in Radlax Gateway Hotel, LLC, et al. v. Amalgamated Bank unanimously upheld the right of secured creditors to credit bid their debt upon a sale of their collateral pursuant to a nonconsensual chapter 11…
Supreme Court Indubitably Grapples With Credit Bidding
By Ben Feder on
Posted in Distressed M&A
The Supreme Court heard arguments yesterday in RadLAX Gateway Hotel over whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell encumbered assets without providing its secured lenders an opportunity to credit bid their debt. …
Continue Reading Supreme Court Indubitably Grapples With Credit Bidding
Does a Single “Or” Excommunicate Congressional Intent From the Bankruptcy Code? Supreme Court to Resolve Circuit Split on Credit Bidding
By Ben Feder on
Posted in Distressed M&A
The U.S. Supreme Court will rule this term in RadLAX Gateway Hotel Inc. v. Amalgamated Bank on whether the Bankruptcy Code permits a debtor in a chapter 11 case to sell encumbered assets without providing the secured lender an opportunity…
Los Angeles Dodgers’ Chapter 11 Case: No Replay of Texas Rangers’ Drama
By Ben Feder on
Posted in Distressed M&A
A World Series as exciting as any in memory ended two weeks ago. Notwithstanding the end of the season, the Los Angeles Dodgers’ chapter 11 case offered the promise of more baseball-related thrills. Dodger’s owner Frank McCourt and Major League Baseball (“MLB”)…
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So This Is Why Judges Bother to Write Dissenting Opinions — Seventh Circuit Decision on Credit Bidding Vindicates Judge Ambro’s Philadelphia Newspapers Dissent
By Ben Feder on
Posted in Distressed M&A
Critics of last year’s decision on credit bidding by the Third Circuit Court of Appeals in the Philadelphia Newspapers chapter 11 case welcomed the Seventh Circuit’s recent unanimous opinion in River Road Hotel Partners LLC. The Seventh Circuit expressly adopted…