Dania Slim

Manipulation of “center of main interest” to secure UK bankruptcy venue does not bar chapter 15 recognition so long as creditors are not disadvantaged.

Source: Global Restructuring Review

Pillsbury insights on insolvency-related solutions, obstacles and precedents for owners, landlords and lenders to consider.

Recent decisions reflect a renewed focus on lock-up provisions by bankruptcy courts.

In the absence of a formal declaration or notification to UNIDROIT, Alternative A (as adopted domestically by Sweden) is deemed to have no international effect and no applicability in U.S. bankruptcy case.

Source: ABI Journal

The Fifth Circuit recently held that claims and defenses arising from an indemnification agreement with a debtor could not be asserted against a liquidation trust because the chapter 11 plan barred those claims and defenses, and the trust was not a successor-in-interest to the debtor.

Two recent bankruptcy court decisions reflect a split of authority on subchapter V eligibility.

The Ninth Circuit Bankruptcy Appellate Panel holds that a discharge injunction does not bar an alter ego claim against a non-debtor where, under applicable law, the result of an alter ego finding is not to deem the entities as one and the same, but to hold one liable for the other’s debts.

Distressed de-SPACed companies are increasingly turning to chapter 11 as a means of restructuring their debts and preserving going-concern value.

Source: ICLG

Lacking a common scheme or plan, two adjacent commercial condominium units owned by the same debtor and subject to the same mortgage and deed, but having different tenants, commercial uses, plans for commercial development and lot numbers, did not qualify as “single asset real estate” for bankruptcy purposes.

In rejecting an incidental beneficiary’s cure claim, the Second Circuit reasoned that affording a non-party administrative priority “would let it cut the line and stand in front of even secured creditors in exchange for nothing.”

Cross-practice team led by members of Pillsbury’s Insolvency & Restructuring practice advised Rockley on its prepackaged chapter 11 plan, which substantially deleveraged its balance sheet and injected additional funding into the company.

New York bankruptcy court breaks with precedent and endorses time approach for calculating lease termination damages over rent amount approach, resulting in smaller claims for landlords.