The Great Atlantic and Pacific Tea Company, better known as A&P, recently moved for approval of a structured dismissal of its most recent chapter 11 case. Debtors seek structured dismissal of their chapter 11 cases when they cannot confirm a
Herrick, Feinstein LLP
Herrick, Feinstein LLP is a law firm that publishes detailed legal analyses and updates primarily focused on bankruptcy and restructuring matters. Their content often covers court decisions, bankruptcy filings, creditor and debtor rights, and procedural developments in insolvency cases. The firm provides insights into complex legal issues such as make-whole payments in bankruptcy, mass tort litigation strategies, and asset sale procedures under bankruptcy law. Herrick's publications serve legal professionals and stakeholders interested in commercial bankruptcy, creditor-debtor relations, and corporate restructuring processes.
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Nonconsensual Third-Party Releases Not Limited to Plans of Reorganization
A decision in the Delaware District Court allowing nonconsensual third-party releases in plans of liquidation has a surprising origin – the Harvey Weinstein scandal.
In October of 2017, the Weinstein scandal exploded across the nation, bringing to light over 80…
Cryptocurrency Investment Firm’s Liquidation Plan Approved—Wait, What?
On March 11, 2021, the Bankruptcy Court for the District of Delaware approved a plan of liquidation for Cred Inc. and debtor affiliates, a collection of cryptocurrency investment firms that filed for Chapter 11 protection on November 8, 2020. So…
Texas Storm Continues to Spark Chapter 11 Filings by Electric Providers
The record-breaking winter storm that hit Texas in February led to an unprecedented demand for electricity, which the state’s electric utilities were not able to satisfy at pre-storm price levels. Electric Reliability Council of Texas (“ERCOT”), a non-profit that manages…
Proposed Law Would Extend COVID-19 Bankruptcy Relief
When Congress passed the CARES Act last year, it included changes to the Bankruptcy Code that helped individuals and businesses. Many of these provisions expire on March 27, 2021 even though the economy has not yet returned to normal. The…
Texas Deep Freeze Spurs Chapter 11 Filing for Waco Based Energy Company
Because of the unprecedented winter storm that clobbered Texas in February 2021, Brazos Electric Power Cooperative, Inc., was forced to file for chapter 11 in response to staggering increases in energy prices around the time of the storm. According to…
In and Out of Bankruptcy in One Day: Record-Setting Prepackaged Restructuring Plan Confirmed Within Hours of Chapter 11 Filing
Belk Inc., a national privately-owned department store chain, just completed a $450 million debt restructuring in less than 24 hours! U.S. Bankruptcy Judge Marvin Isgur confirmed the plan the morning of the First Day Hearing despite the U.S. Trustee’s concerns…
Navient’s Expedited Motion to Dismiss Student Loan Borrowers’ Involuntary Chapter 11 Petition
Earlier this month, three student loan borrowers filed an involuntary Chapter 11 petition under 11 U.S.C. § 303(b)(1) for Navient Solutions LLC, a student loan servicer. Three or more entities who each hold a claim against an involuntary debtor can…
Subchapter V: The Paper Anniversary
When Congress passed the Small Business Reorganization Act (“SBRA”) in August 2019, we lived in a different world. The SBRA added a “Subchapter V” to the Bankruptcy Code for small business debtors, responding to longstanding criticism of the Bankruptcy Code’s…
Greylock Capital Associates, LLC May Preview A Rash of Filings To Reject New York City Leases
Greylock Capital Associates, LLC, a New York-based hedge fund founded in 2004, recently filed for chapter 11 protection under subchapter V for small businesses. Assets under management for Greylock have halved since 2017 and the hedge fund has cut its…