Supreme Court Holds Professionals Are Not Entitled to Fees for Defending Fee Applications

June 22, 2015

In a decision that has already prompted much discussion and debate amongst the bankruptcy bar, the Supreme Court held in Baker Botts LLP v. ASARCO that under section 330(a)(1) of the Bankruptcy Code, estate professionals are not entitled to fees for defending fee applications.  The Court found that in drafting the Bankruptcy Code, Congress had […]

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Weil Business Finance & Restructuring Partner Joseph Smolinsky Discusses Distressed Coal Considerations at the 2015 Barclays High Yield Bond and Syndicated Loan Conference

June 19, 2015

Weil Business Finance & Restructuring partner Joseph Smolinsky spoke at the Barclays 2015 High Yield Bond and Syndicated Loan Conference in Colorado Springs, Colorado. The session, which was held as a webinar, included a presentation to the investment community on distressed coal considerations, followed by a question and answer period. Listen to an archived audio […]

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Guaranteed Subordination: Fifth Circuit Subordinates Claims Arising Under Guarantees of Securities Issued by an Affiliate

June 18, 2015

In a decision with broad and significant implications for many investors, the Court of Appeals for the Fifth Circuit has held that claims arising under a guarantee of a security issued by an affiliate can be subject to mandatory subordination pursuant to section 510(b) of the Bankruptcy Code.  While the decision may come as a […]

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Speak Before Confirmation or Forever Hold Your Peace: Tenth Circuit Upholds Dismissal of Nondischargeability Suit After Confirmed Plan Treats Claim as “Satisfied in Full”

June 17, 2015

Can a nondischargeability suit survive after a claim is deemed “satisfied in full” under a confirmed plan?  The Tenth Circuit recently considered this question in Bank of Commerce & Trust Co. v. Schupbach (In re Schupbach).  The court held that such a claim cannot survive where a plan is confirmed without objection or appeal regarding […]

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Momentive Plan Confirmation Affirmed: I Can See Clearly Now the Claim Has Gone

June 16, 2015

On May 4, Judge Vincent Bricetti of the United States District Court for the Southern District of New York issued a ruling in the Momentive Performance Materials cases affirming the bankruptcy court’s confirmation rulings.  Key themes raised in this case of interest to distressed investors and addressed in Judge Bricetti’s ruling include the appropriate interpretation […]

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BREAKING NEWS: Professionals Are Not Entitled to Fees for Defending Fee Apps

June 15, 2015

This morning, in a 6-3 decision, the Supreme Court held in Baker Botts LLP v. ASARCO that under section 330(a)(1) of the Bankruptcy Code, estate professionals are not entitled to fees for defending fee applications.  The Court found that in drafting the Bankruptcy Code, Congress had not expressly departed from the American Rule, which provides […]

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German BaFin permits origination, restructuring and prolongation of loans to German borrowers by certain funds without a banking licence

June 12, 2015

Co-authored by Ludger Kempf. A major topic in domestic and international restructurings that involve German borrowers is whether or not the grant of a new loan or the restructuring or prolongation of existing loans in the context of such restructuring by investors, such as special situation funds, requires a German banking licence. Continue reading >>

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