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Amendment Of Core Payment Terms Only: Second Circuit Court Of Appeals Reverses The Marblegate Challenge To Section 316(B) Of Trust Indenture Act 1939
Restructuring lawyers and distressed companies alike were granted welcome relief by the US Second Circuit Court of Appeals when it overturned the decision of the District Court in the case of Marblegate Asset Management, LLC v Education Management Finance Corp.
United States
2 Feb 2017
Reed Smith Prepares Enforceability Opinion For IECA New Master Netting Agreement
On October 7, 2016, Reed Smith assisted the International Energy Credit Association ("IECA") in preparing an enforceability opinion for the release its Master Netting Agreement (the "MNA") under both English and U.S. law.
United States
15 Oct 2016
Troubled Waters: The Raging Storm over Safe Harbors
A pair of recent decisions adds more fuel to the debate over forum shopping by debtors.
United States
4 Aug 2016
Second Circuit Raises A Caution Flag For Sales Free-And-Clear Of Claims
A recent decision from the United States Court of Appeals for the Second Circuit avoided answering the first question and gave a nuanced answer to the second.
United States
3 Aug 2016
Commercial Restructuring & Bankruptcy Alert – January 2016
Reed Smith's global Commercial Restructuring & Bankruptcy team have recently published the January issue of their quarterly newsletter.
United States
6 Jan 2016
Commercial Restructuring & Bankruptcy Alert – May 2015, No. 2
Reed Smith's global Commercial Restructuring & Bankruptcy team have recently published the May issue of their quarterly newsletter.
19 May 2015
Third Circuit Refuses To Permit Debtor Lessor To Reject An Oil And Gas Lease
The Court of Appeals for the Third Circuit confirmed that the Pennsylvania Landlord and Tenant Act is inapplicable to an agreement by a landowner authorizing the "lessee" to extract oil and gas lying beneath the property's surface.
United States
23 Mar 2015
Judge Says That Stockton, California Can Cut Pension Obligations
On October 1, 2014, the bankruptcy judge overseeing the chapter 9 proceeding of Stockton, California observed from the bench that the city can cut pension obligations.
United States
14 Oct 2014
Madoff Trustee’s Clawback Reach Cut Short
Foreign investors who are concerned about the extraterritorial application of U.S. bankruptcy law can draw some comfort from a recent decision.
United States
19 Sep 2014
Commercial Restructuring And Bankruptcy Newsletter: Helpful Information For Lenders!
Reed Smith's Commercial Restructuring and Bankruptcy (CRAB) attorneys recently released their December 2013 newsletter covering issues in the restructuring and bankruptcy field, many of which are relevant to lenders.
United States
13 Dec 2013
CR&B Alert - September 2010
Suppliers to chapter 11 debtors-in-possession should always ensure that they are not being paid from the debtor’s "cash collateral" without court approval.
United States
22 Sep 2010
Commercial Restructuring & Bankruptcy Alert - June, 2010
In In re Reliant Energy Channelview, LP (No. 09-2074, 2010 U.S. App. LEXIS 956, 3d Cir., Jan. 15, 2010), the Third Circuit Court affirmed the District Court's denial of a break-up fee to a stalking horse bidder, applying the reasoning of Calpine Corp. v. O'Brien Env't. Energy, Inc. (181 F.3d 527, 3d Cir. 1999) ("O'Brien").
United States
1 Jul 2010
Third Circuit Rules that Philadelphia Newspapers' Lenders Cannot Credit Bid
A divided panel of the Third Circuit Court of Appeals affirmed the district court's ruling in In re: Philadelphia Newspapers, et. al. (3d. Cir., Case No. 09-4266) and held that secured creditors do not have a statutory right to credit bid their debt at a sale conducted under a plan of reorganization pursuant to which the debtor elects to provide the secured creditors with the "indubitable equivalent" of their secured claim.
United States
30 Mar 2010
Commercial Restructuring & Bankruptcy Alert - February, 2010
Recent Ninth and Second Circuit opinions allowing unsecured creditors to claim post-petition attorneys' fees signal a break from past practices.
United States
30 Mar 2010
Commercial Restructuring & Bankruptcy Alert - July, 2009
A Virginia bankruptcy court has issued a decision that should be a major eye-opener for any entity that engages in tax-free exchanges under section 1031 of the Internal Revenue Code.
United States
20 Jul 2009
Commercial Restructuring & Bankruptcy News - April 2009
The U.S. Bankruptcy Court for the District of Delaware recently issued a decision addressing triangular set-off provisions, which potentially has very far-reaching implications for the enforceability of contractual set-off rights under U.S. law.
United States
11 May 2009
Ninth Circuit Upholds Harsh Remedy Imposed On Lender
In an issue of apparent first impression in the circuit, the U.S. Court of Appeals for the Ninth Circuit has found that the depletion or diminution of the debtor’s estate is not a requirement for avoiding an unauthorized post-petition transaction under section 549 of the Bankruptcy Code.
United States
6 Nov 2008
As Restaurants Falter, Planning For Restructuring, Bankruptcy Is Crucial
It’s the perfect storm: a confluence of events has converged upon the restaurant industry, driving those operating in this sector to brace for the inevitable shakeout.
United States
6 Nov 2008
Ninth Circuit Joins Majority: Permits Creditor To Obtain Interest At Default Rate
The U.S. Court of Appeals for the Ninth Circuit has determined that an oversecured creditor may collect interest at the default rate set by the contract or note.
United States
5 Nov 2008
Dragnet Clause Is Enforceable
The U.S. Court of Appeals for the Seventh Circuit has held that a dragnet clause within a master security agree¬ment was effective, even though a subsequent loan agreement remained silent as to whether pre-existing collat¬eral secured the new advance.
United States
11 Mar 2008
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