Bankruptcy Court Denies Debtor’s Request to Pay Estate Professionals with Cash Collateral

March 17, 2015

Undersecured creditors may breathe a little easier.  In a recent decision, the United States Bankruptcy Court for the Northern District of Illinois denied the debtors’ request to use an undersecured creditor’s cash collateral, in the form of postpetition rents, to pay estate professional fees, holding that the undersecured creditor was not adequately protected even though […]

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The Sale of Litigious Rights in an Insolvency Context – A Civil Law Approach

March 16, 2015

NORTH OF THE BORDER UPDATE This article has been contributed to the blog by Ziyi Shi.  Ziyi Shi is an associate cross-appointed to the Corporate Group and Insolvency and Restructuring Group of Osler, Hoskin & Harcourt LLP. Under Québec law, the sale of litigious rights gives rise to a right of redemption in favour of […]

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Frivolous Petitions Cannot Be Completely Eliminated

March 13, 2015

Since the early Nineties, Czech insolvency legislation has undergone a number of positive changes. Creditor position improved, including that of secured creditors, and the protection of both the debtor and the bankrupt has also been strengthened. Moreover, with the new Insolvency Act effective from 2008, reorganization began to be more widely used in addressing bankruptcies. […]

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Kill Till: ABI Commission Recommends Market Rate for Cramdowns

March 12, 2015

Judge Drain’s recent bench rulings in Momentive Performance Materials in 2014 generated a great deal of controversy in the distressed debt world.  Distressed investors, lenders, and commentators have questioned whether the Momentive rulings will lead to an industry trend in which debtors seek to cram down their secured lenders to take advantage of the ability […]

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March Madness Kicks Off – All About the ABI Report

March 11, 2015

Last week, we announced the Weil Bankruptcy Blog’s annual March Madness Tournament.  March Madness is finally here! As we noted, we at Weil Bankruptcy Blog HQ have spent quite a bit of time discussing and debating the Final Report and Recommendations of the American Bankruptcy Institute Commission to Study the Reform of Chapter 11.  (See […]

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Three’s a Crowd: Payoffs, Numerosity, and Involuntary Petitions

March 10, 2015

Debtors seeking dismissal of an involuntary bankruptcy proceeding may want to consider a recent decision of the Bankruptcy Court for the District of Columbia.  In denying an individual debtor’s motion to dismiss an involuntary petition, the court in In re Barkats held that a debtor may not pay off petitioning creditors to the detriment of […]

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Making an Exit, Part II: ABI Commission Recommendations on Chapter 11 Plan Content, Voting and Exit Orders

March 9, 2015

We resume our ongoing coverage of the Report of the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 as it relates to exiting the chapter 11 case. A prior post highlighted key proposals about plan voting, and today’s post discusses key proposals about plan settlements, exculpation and release provisions, and exit orders.

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