The American Bankruptcy Institute Commission to Study the Reform of Chapter 11 released its long-awaited, much-anticipated Final Report and Recommendations on December 8, 2014. Since the release of the Report, the Weil Bankruptcy Blog provided our readers with summaries of the most interesting and important issues addressed in the Report.  Continue reading >>

OAS S.A. Part II – SDNY Holds That Austrian Financing Subsidiary Has Its Center of Main Interests in Brazil

July 28, 2015

On July 13, 2015, the Bankruptcy Court for the Southern District of New York granted recognition to the Brazilian bankruptcy proceedings of three entities from The OAS Group (“OAS”), a Brazilian infrastructure enterprise.  Recognition was granted over the objection of two significant holders (the “Noteholders”) of OAS’s aggregate $875 million senior notes due 2019 (the […]

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SDNY Sides with Fifth Circuit and the UNCITRAL Model Law when Granting Recognition to OAS S.A. et al.

July 27, 2015

On July 13, 2015, the Bankruptcy Court for the Southern District of New York issued its decision in In re OAS S.A. et al. that recognized, as foreign main proceedings, three Brazilian bankruptcy proceedings currently pending for The OAS Group (“OAS”) – a Brazilian construction and engineering enterprise.  The bankruptcy court granted recognition over the […]

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A Tale of Two Residences

July 24, 2015

We had a dream we’d go trav’lin, together We’d spread a little lovin then we’d keep movin’ on Trav’lin’ along there’s a song that we’re singin’, C’mon get happy A whole lotta lovin’ is what we’ll be bringin’, We’ll make you happy, We’ll make you happy (from “C’Mon Get Happy”) This edition of Bankruptcy Beach […]

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Bankruptcy Court Reinforces the Notion That Counting the Number of Eligible Creditors Commencing an Involuntary Case Really Counts

July 23, 2015

While commencing a bankruptcy case is most commonly undertaken voluntarily by the debtor itself, the Bankruptcy Code gives certain creditors authority to force certain entities into chapter 11 or 7 bankruptcy.  Unfortunately for the unwilling chapter 11 or 7 debtor, so long as petitioning creditors meet the statutory requirements to commence an involuntary case, the […]

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Does Silence Mean Consent? Some Courts Have Found That It Does Not (at Least for Purposes of Sales Under Section 363(f))

July 22, 2015

In melodramatic movie weddings, guests are urged, before the couple is joined in matrimony, to “speak now or forever hold their peace” (although this phrase never seems to work its way into actual wedding ceremonies – presumably because there are no longer legitimate objections to a marriage that guests should be voicing at the wedding). […]

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Blurred Lines: Seventh Circuit Keeps Alive Claims Based upon Law Firm’s Alleged Failure to Advise on Degrees of Business Risk

July 21, 2015

Attorney.  Counselor.  Advisor.  As “the last bastion of the generalist,” the role of the restructuring attorney takes various forms and requires a restructuring attorney to wear many different hats – at times acting both as lawyer and business advisor.  This combination of business and law is very often what draws professionals to the practice area […]

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