Nava Hazan

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Can a senior secured creditor, who credit bid for substantially all of a debtor’s assets, contribute non-estate property to a litigation trust for the benefit of general unsecured creditors without following the absolute priority rule?  In the recent Constellation Enterprises case, the Bankruptcy Court for the District of Delaware ruled that, as a result of the Supreme Court’s Jevic decision, it cannot and on that basis refused to approve a settlement which would have provided…
TMA’s Journal for Corporate Renewal July/August 2016 published an article written by Nava Hazan, Mark Salzberg and Susan Kelly, which discusses how the US Bankruptcy Courts have been open to foreign debtors, as well as the limits to such availability, which was the subject of the recent Baha Mar decision in Delaware. The article further describes how it is increasingly common for foreign companies to use the English scheme of arrangement in cross-border restructuring matters.…
eSquire Global Crossings will be on holiday until the New Year.  We look forward in 2016 to continuing to bring our readers observations and insights on significant restructuring and insolvency issues, cases and developments from the United States, the United Kingdom, Europe, Australia and around the world.  We wish everyone a happy holiday and a great New Year!…
It has been one year since we launched our global and cross-border restructuring and insolvency blog, eSquire Global Crossings.  The blog has been a tremendous success and we have you, our loyal clients and friends, to thank.  In more than 160 blog entries to date, we have provided our observations and insights on significant restructuring and insolvency issues, cases and developments from the United States, the United Kingdom, Europe and around the world.  To date,…
An important decision was issued last week by the Bankruptcy Court for the District of Delaware in favor of Squire Patton Boggs’ client CCA Bahamas, Inc. (“CCA Bahamas”). The decision provides guidance on when U.S. bankruptcy courts should dismiss cases filed by foreign debtors. See In re Northshore Mainland Services, Inc., et al., Case No. 15-11402 (KJC).  Northshore will certainly be used for support by parties objecting to foreign corporations filing Chapter 11 cases…
Nava Hazan and Susan Kelly have written an article for the newsletter of the American Bankruptcy Institute’s Business Reorganization Committee about how the UK and US have become the two main jurisdictions where debtors outside of such jurisdictions have been able to successfully restructure their businesses, due to the flexibility of the UK and US’ legal systems and their shared focus on reorganization, as opposed to liquidation. The article was in two parts. The first part…
Chapter 15 of the Bankruptcy Code provides a mechanism for a foreign debtor or representative in non-U.S. insolvency proceedings to protect such debtor’s U.S. assets from U.S. creditors’ collection actions or to stay any litigation commenced in the U.S. The ultimate goal in a chapter 15 proceeding is to preserve the value of the assets of the foreign debtor for the benefit of all its creditors globally. Chapter 15 prevents piecemeal (and potentially contrary) adjudication…
Nava Hazan and Susan Kelly have written for the October newsletter of the American Bankruptcy Institute’s Business Reorganization committee about how the UK and US have become the two main jurisdictions where debtors outside of such jurisdictions (foreign debtors) have been able to successfully restructure their businesses, due to the flexibility of the UK and US legal systems and their shared focus on reorganization as opposed to liquidation. The article is in two parts. The first…