In this third and final instalment of our review of key issues concerning schemes of arrangements, we contrast schemes with US Chapter 11 proceedings.  The shape of a restructuring is often influenced by a number of key factors; we highlight those that are most likely to be relevant.

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In re Jevic Holding Corp. Part II: In a Close Call, Third Circuit Approves Settlement Agreement and Structured Dismissal that Deviate from Bankruptcy Code’s Priority Scheme

July 1, 2015

Benjamin Franklin is quoted as having said “in this world nothing can be said to be certain, except death and taxes.”  No offense to Mr. Franklin, but we had always thought that there was at least one other certainty in this world—in a bankruptcy case, creditors get paid pursuant to the priority scheme under section […]

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In re Jevic Holding Corp. Part I: Third Circuit Authorizes Structured Dismissals in Limited Circumstances

June 30, 2015

The Third Circuit’s recent holding in In re Jevic Holding Corp., raised a number of intriguing topics for us bankruptcy nerds so we could not resist taking a closer look at one of the issues presented in the case – structured dismissals.  If you are not familiar with the concept, you are probably not alone, as […]

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Banks and Bitcoin Exchanges

June 29, 2015

This is the fifth post in our Bitcoin Bankruptcy series on the Weil Bankruptcy Blog.  We have concluded that a hypothetical U.S.-based bitcoin exchange likely would not constitute a stockbroker or a commodity broker under the Bankruptcy Code.  Therefore, unless the bitcoin exchange is a certain type of bank, it is probably eligible for chapter […]

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Lookback Period:  Two Weeks

June 26, 2015

This week, the Weil Bankruptcy Blog premieres a new series, “Lookback Period.”  In these entries, we will periodically review and summarize the hot topics on which we have been writing over the last couple of weeks.  We thought this might be an easy way on a summer Friday (or a rainy weekend) to catch up […]

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Everything Has Its Own Value: 7th Circuit Holds That Forbearances by a Lender May Be Considered When Determining Reasonably Equivalent Value

June 25, 2015

The United States Court of Appeals for the Seventh Circuit recently held that numerous forbearances by a lender that allowed a single asset real estate borrower to stave off bankruptcy for four years provided value in the context of a constructive fraudulent transfer action. 1756 W. Lake St. LLC v. Am. Chartered Bank (In re […]

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Delaware Bankruptcy Court Holds That Vacating Premises After Rejection of a Lease Does Not Constitute Termination of the Lease

June 24, 2015

Breach or termination?  In most cases involving the rejection of an unexpired lease where the debtor is the lessee, whether a rejection constitutes merely a “breach,” as stated in section 365(g) of the Bankruptcy Code, or a “termination” is largely academic – the debtor vacates the premises, and the lessor files a prepetition claim for […]

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