In a recent opinion providing guidance to bankruptcy courts on a developing issue of law, the Second Circuit affirmed a decision of the District Court for the Southern District of New York subordinating contribution claims pursuant to section 510(b) of
Bankruptcy Report
Bankruptcy Report, published by Hughes Hubbard & Reed LLP, focuses on legal developments and case analyses related to bankruptcy and restructuring. The blog covers significant bankruptcy cases, including large corporate liquidations and reorganizations, and discusses court rulings affecting creditors, debtors, and trustees. It addresses issues such as plan confirmation, claims against directors and officers, key employee retention programs, and jurisdictional matters in bankruptcy proceedings. The blog also highlights the firm's involvement in notable bankruptcy matters and provides insights into the practical implications of bankruptcy law for financial and corporate restructuring.
Latest from Bankruptcy Report - Page 5
Puerto Rico’s Restructuring Outlook Remains Hazy
A request for unanimous consent made on Wednesday, December 9th in the Senate to a bill that would allow Puerto Rico to declare bankruptcy was unsuccessful. This prevents prompt passage of the proposed bill by the Senate to extend Chapter…
What Constitutes Fraud in Bankruptcy? SCOTUS To Resolve First And Fifth Circuit Split In 2016
Earlier this month the Supreme Court granted certiorari to hear the Fifth Circuit case Husky International Electronics, Inc. v. Ritz, which originated in the United States Bankruptcy Court for the Southern District of Texas. The Fifth Circuit’s decision interprets “actual…
Third Circuit Allows Debtors’ Funds Purchased in Section 363 Sale to Bypass IRS and be Distributed to Administrative and Unsecured Creditors
By Karen Chau
The Third Circuit has affirmed the Delaware Bankruptcy Court’s approval of a section 363 sale and related settlement agreement over IRS’s objection to provisions in the sale and settlement agreements that provide payments to unsecured creditors and other administrative creditors…
Social Media Ethics: Keeping Up with Changing Obligations
October’s ABI Journal features commentary from Hughes Hubbard’s James B. Kobak Jr. and Ignatius Grande on the latest developments and ethics opinions impacting attorneys’ use of social media. Kobak and Grande note that “it is more important than ever before…
The Reach of Bankruptcy Courts
In the beginning of the opinion he wrote for Stern v. Marshall, Chief Justice Roberts referenced Charles Dickens’ Bleak House, in which Dickens gives a grim description of a lawsuit litigated in a foggy courtroom.[1] In resolving the tumultuous…
Baha Mar Creditors Head Back to Bahamas
By John Dunn
On Tuesday, September 15, 2015, Judge Kevin J. Carey, United States Bankruptcy Judge for the District of Delaware, granted motions to dismiss Chapter 11 proceedings relating to the failed Baha Mar resort project filed by Baha Mar’s Bahamian creditors CCA…
In Recent Ruling, SCOTUS Preserves Junior-Lien Lenders’ Secured Claims
On June 1, 2015, the U.S. Supreme Court issued its decision in Bank of America v. Caulkett.[1] The Court’s unanimous opinion, which was written by Justice Thomas, established that junior mortgage lienholders maintain a “secured” claim against a bankrupt…
SCOTUS Holds That Bankruptcy Courts Have Jurisdiction In Stern Claims
By Erin Diers
In Wellness International Network v. Sharif, the Supreme Court recently weighed in again on the scope of a bankruptcy court’s jurisdiction, holding in a 6-3 opinion that Article III authorizes bankruptcy judges to exercise judicial power over Stern claims…
Structured Dismissal: The “Least Bad Alternative”
The Third Circuit, in Official Committee of Unsecured Creditors v. CIT Group/Business Credit Inc. (In re Jevic Holding Corp.),[1] became the first court of appeals to approve the settlement and dismissal of a chapter 11 case. Structured dismissals, as…