Mondaq USA: Insolvency/Bankruptcy, Re-structuring
On April 24, 2013, Robert S. Bernstein, Plan Administrator for the Berkline/BenchCraft bankruptcy estates, began filing complaints with the Delaware Bankruptcy Court seeking to recover what he contends are preferential transfers.
San Bernardino’s financial situation has become clearer and the numerous disagreements regarding what documents to share have been resolved.
A discussion on a recent case, where a stalking horse was the winning bidder in a section 363 bankruptcy sale.
In a recent decision, the United States District Court for the Southern District of New York acknowledged that to be granted relief from the automatic stay under 11 U.S.C. § 362(d), a secured creditor has the initial burden to show that there has been a decline—or at least a risk of decline—in the value of its collateral.
A University of Michigan Law School graduate and former partner at the law firm Jones Day, has been selected by Governor Rick Snyder as Detroit's Emergency Financial Manager.
A company bought property from the debtor in the mid-1980s that turned out to be contaminated.
On April 24, 2013, Synagro Technologies ("Synagro") and various affiliates filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.
A discussion on a recent case where it was shown that a developer's properly crafted chapter 11 plan of reorganization can effectively "restore" trust funds that it previously had "diverted" under the New York Lien Law.
Between 2003 and 2006, Fitness Holdings issued approximately $24 million of promissory notes with maturities ranging from 2006 to 2009 to its sole shareholder, Hancock Park.
The debtor (AFIS) entered into a joint venture agreement with a third party (Quinlan) to acquire an apartment complex pursuant to a purchase agreement between the debtor and the seller.
The economic woes of Harrisburg, Pennsylvania, caused mainly by a troubled incinerator project have been mainstays in the economic news cycle.
In Morning Mist Holdings Limited v. Krys (In re Fairfield Sentry Limited), Case No. 11-4376, 2013 WL 1593348 (2d Cir. April 16, 2013), the United States Court of Appeals for the Second Circuit (the "Second Circuit") held that the relevant point in time for determining where the "center of main interests" ("COMI") of a debtor under chapter 15 of the United States Bankruptcy Code, 11 U.S.C. § 101 et seq. (the "Bankruptcy Code"), lies is the commencement of the case under chapter, and also held tha
"Whether one is baking a cake, building a house, or recording a mortgage, sometimes even the slightest deviation from the directions can lead to catastrophe.
Conventional wisdom says that it is nearly impossible to obtain a discharge of student loan debt in bankruptcy.
When doing business with a foreign company, it is important to identify the company’s "center of main interests" as creditors may find themselves bound by the laws of the COMI locale.
The United States Bankruptcy Court for the District of Delaware recently upheld a secured lender’s claim for a $23.5 million "makewhole" premium over the heavily litigated objection raised by the unsecured creditors’ committee in In re School Specialty, Inc., No. 13-10125.
The United States Bankruptcy Court for the District of Delaware recently upheld a secured lender’s claim for a $23.5 million "makewhole" premium.
A discussion based on a recent case, where a chapter 11 debtor sought to equitably subordinate a lender’s unsecured deficiency claim based on actions that it claimed interfered with operation of its property.
On Monday, April 22, 2013, Yarway Corporation filed a chapter 11 petition for bankruptcy.
Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 27 countries that comprise the European Union, as well as the collective viability of eurozone economies.
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Earlier today, Rotech Healthcare ("Rotech"), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.
The United States Court of Appeals for the Seventh Circuit ruled that a borrower can discharge her student loans under the bankruptcy code.
Conventional wisdom says that it is nearly impossible to obtain a discharge of student loan debt in bankruptcy.
The Scooter Store Files For Bankruptcy In Delaware, Citing Government Regulations And Investigations
On Monday, April 15, 2013 (the "Petition Date"), The Scooter Store Holdings, Inc. (the "Scooter Store" or "Debtor"), and various related entities filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.
On Monday, April 22, 2013, Yarway Corporation filed a chapter 11 petition for bankruptcy.
A pair of rulings recently handed down by Delaware and New York bankruptcy courts have contributed to the ongo¬ing debate about the role of "comity".
On April 24, 2013, Synagro Technologies ("Synagro") and various affiliates filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.
The Coulillards refinanced a purchase money mortgage.
Individual chapter 11 cases have historically not been the norm, because they required that the individual debtor comply with the same requirements to confirm a plan of reorganization that were applicable to corporations and businesses.
The recent decision in Liberty Bay Credit Union v. Belforte underscores the ongoing debate surrounding the exemption of student loans from discharge in bankruptcy as permitted by the U.S. Bankruptcy Code.
