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Bankruptcy & Restructuring Law
New Chapter 11 Filing – Seadrill New Finance Limited
By Cole Schotz
On January 11, 2021, Seadrill New Finance Limited (“NSNCo”), issuer of Seadrill secured notes due 2025, and several affiliates filed a petition for relief under Chapter 11 of the Bankruptcy…
Bankruptcy & Restructuring Law
New Chapter 11 Filing – JPA No. 111 Co., Ltd.
By Cole Schotz
“On December 17, 2021, Tokyo-based specialty purpose vehicles JPA No. 111 Co., Ltd. and JPA No. 49 Co., Ltd. formed to acquire and lease Airbus A350 aircraft, filed a petition…
Plan Proponent
SDNY Rejects Third-Party Releases in Purdue Pharma Bankruptcy Appeal
Late yesterday, Judge Colleen McMahon (SDNY), in a 142-page (!) opinion, reversed the plan confirmation order in the Purdue Pharma Chapter 11 appeal on the basis that its non-consensual third-party…
Delaware Bankruptcy Blog
Chapter 13 – Analysis of the Debt Limit under Section 109(e) of the Bankruptcy Code
By Carl D. Neff
In a Chapter 13 bankruptcy, also known as a wage earner's plan, individual debtors may be permitted to retain their property, and develop a plan to repay a portion or…
Restructuring Matters
Lenders Beware: The Supreme Court’s Ruling in Fulton May Not Be the Final Word on Violations of the Automatic Stay
By Frederick (Rick) Hyman, Scott Lessne
In its much-discussed decision, City of Chicago v. Fulton, 141 S. Ct. 585 (2020), the Supreme Court ruled that the City of Chicago (“City”) was not in violation of Section…
Herrick Restructuring Review
Debtors Beware: Congress Takes Aim At “Eve of Filing” Executive Compensation
By Steven Smith, Rachel Ginzburg
Some recent high profile restructuring debtors made multi-million dollar retention bonuses on the eve of bankruptcy filings. The U.S. Government Accountability Office (GAO) took notice of these pre-petition payments and,…
Health Law Prof Blog
Crushed by COVID-19 Medical Bills, Coronavirus Victims Need Debt Relief Under the Bankruptcy Code and Workers’ Compensation Laws
Creola Johnson (Ohio State University), Crushed by COVID-19 Medical Bills, Coronavirus Victims Need Debt Relief Under the Bankruptcy Code and Workers’ Compensation Laws, 125 Penn State L. Rev. (2021):After the…
Hunton Retail Law Resource
Courts Begin Interpreting New Due Diligence Requirements for Trustees Before Filing Preference Actions
In an underreported amendment to the Bankruptcy Code, the Small Business Reorganization Act amended §547(b) of the Code to add an explicit requirement for the bankruptcy trustee or debtor in…
A Lawyer's Blog
MATRIMONIAL – ATTORNEY FEES AND BANKRUPTCY
Campagna Johnson Mady, P.C. v. Kalsi (In re Kalsi), 20-10330 (MG) (Bankr. S.D.N.Y. Sep. 2, 2021):"The cross-motions for summary judgment in this adversary proceeding seek a determination of dischargeability of…
Restructuring Matters
District Court Considers “Overarching Transfer” When Applying Bankruptcy Safe Harbor
The District Court for the Southern District of New York recently issued an important decision that provides further support for a holistic analysis when applying the Bankruptcy Code’s “safe harbors.” …