Chapter 11 Plans

On March 3, 2015, the Eighth Circuit issued an opinion holding—consistent with past Eighth Circuit precedent—that an order denying plan confirmation does not constitute a final order that may be appealed without leave of the court.  The opinion was not only a harsh reality-check for the debtor, but a reminder of the circuit split that […]

If cramdown failures are par for the course, why are we all so fascinated with them? One thing is certain: they always provide a good teaching moment for practitioners. Marlow Manor’s chapter 11 single asset real estate case is no different. In Marlow Manor, the Ninth Circuit Bankruptcy Appellate Panel held that the bankruptcy court […]

Yesterday, many citizens all over the country voted for local and state leaders and proposed ballot measures in their districts. Social media was abuzz with uploaded photos of individuals donning “I voted” stickers, and timelines were flooded with status messages urging people to exercise their civic rights and vote. Nevertheless, there were also those that […]

“Life is not about perfect information. Life is about choices, which is why you have elections.” Bankruptcy Blog readers could be forgiven for thinking that this quote was taken from the writings of a philosopher king from Plato’s Utopian Kallipolis. Not so. In fact, no need for us to travel farther on Metro North than […]

This is the last entry in our four-part series analyzing Judge Drain’s widely read bench ruling issued on August 26, 2014 in connection with the confirmation hearing of Momentive Performance Materials and its affiliated debtors. In Parts I and II, we discussed Judge Drain’s conclusions regarding the appropriate calculation of cramdown interest rates for secured […]

As we began discussing this week in our previous entries, on August 26, 2014, Judge Drain of the Bankruptcy Court for the Southern District of New York issued a momentous bench ruling in connection with the confirmation hearing of Momentive Performance Materials and its affiliates. The decision grappled with a number of important topics in […]

On August 26, 2014, Judge Drain concluded the confirmation hearing in Momentive Performance Materials and issued several bench rulings on cramdown interest rates, the availability of a make-whole premium, third party releases, and the extent of the subordination of senior subordinated noteholders. This four-part Bankruptcy Blog series examines Judge Drain’s rulings in detail, with Part […]