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Inflation Reduction Act
Voyager: The Convergence of Chapter 11 and the Crypto Winter
Voyager Digital Assets, Inc., a leading cryptocurrency brokerage and lending platform, filed for Chapter 11 bankruptcy protection on July 5, 2022 in the Southern District of New York following a recent financial crisis impacting the crypto industry, which investors are...
In re TPC Group Inc: Delaware Bankruptcy Court Determines that Issuance of Priming Senior Notes is Not Prohibited Absent Express Anti-Subordination Provision
Following a July 6, 2022 memorandum opinion from the United States Bankruptcy Court for the District of Delaware, lenders and noteholders seeking to preserve the priority of their liens must make any desired subordination protections explicit in their security documents...
Limetree Court Denies Stay Pending Appeal of Order Approving 363 Sale
A recent order from the United States Bankruptcy Court for the Southern District of Texas (the “Court”) allowed a debtor to reopen a completed auction based on a significantly more attractive, but untimely, bid. The late bid was approximately three...
Bankruptcy and Environmental Law: Overview and Latest Trends
Bracewell Partners, Mark Dendinger (Bankruptcy) and Jason Hutt (Environment, Lands and Resources) will address the intersection of bankruptcy and environmental law – two legal regimes that take very different approaches to liabilities. Mark and Jason will then address key environmental...
LTL Management Texas Two Steps into New Jersey Bankruptcy Court
Judge Craig Whitley’s recent transfer of the LTL Management case will bring a high-profile "Texas Two-Step" chapter 11 bankruptcy to New Jersey, and it may open a new chapter in how courts approach the novel transaction designed to isolate and...
U.S. Supreme Court Denies Review of Challenge to Equitable Mootness Doctrine
In a decision that will likely impact bankruptcy proceedings around the country, the Supreme Court recently denied the petition for writ of certiorari of David Hargreaves, which challenged the equitable mootness doctrine. 1 As a result, the concept of equitable...
SEC Updates Statistical Disclosure Requirements for Banking Registrants
On September 11, 2020, the Securities and Exchange Commission announced that it has adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors, in its on-going efforts to modernize and...
New SBA Guidance: Private Equity Eligibility, Debtors in Bankruptcy, and a Safe Harbor
Shortly after the passage of a bill injecting an additional $310 billion into the Small Business Administration’s Paycheck Protection Program, the SBA has issued another supplemental Interim Final Rule (IFR) providing new guidance on several issues, including eligibility for hedge...
Many Companies With More Than 500 Employees Could Qualify For Stimulus Loans
As the nation scrambles to take advantage of the $2 trillion stimulus benefits in the CARES Act, numerous sources have stated that only businesses with 500 or fewer employees are eligible to apply for loans under the Act’s Paycheck Protection...
New Insolvency Law for the Dubai International Financial Centre ("DIFC") Issued
On 13 June 2019, the much anticipated DIFC Insolvency Law No. 1 of 2019 and associated DIFC Insolvency Regulations 2019 (collectively the “ 2019 DIFC Insolvency Law ”), came into full force and effect, replacing the DIFC Insolvency Law No...
Supreme Court: Trademark Licenses Survive Bankruptcy Rejection
In an 8-1 decision, the Supreme Court settled a long-standing circuit split regarding the impact of bankruptcy filings on trademark licenses. Until May 20th, brand owners in some jurisdictions could use bankruptcy protections to terminate the rights of third parties...
The Fifth Circuit Holds Bankruptcy Code Can Impair Claims and Make-Whole Provision May Not Be Enforceable
On January 17, 2019, the Fifth Circuit held that a creditor is not impaired for the purpose of voting on a plan if it is the Bankruptcy Code (as opposed to plan treatment) that impairs a creditor’s claim. The court...
End User of Electricity Forward Contract Found Not To Be Forward Contract Merchant Under Bankruptcy Code Safe Harbor Provisions
On January 15 th , 2019, the U.S. Bankruptcy Court for the Northern District of Ohio held that the end user of an electricity forward contact was not entitled to the benefits of the safe harbor provisions under Section 556...
Recent Cases Reshaping the Intersection of Bankruptcy and Environmental Law
Bankruptcy law and environmental law often are in tension with one another. The former seeks to accelerate a debtor’s liabilities into a net present value to determine creditor distributions. The latter encourages parties to manage environmental and decommissioning liabilities over...
Third Circuit Holds that Automatic Perfection Provisions Are Not So Automatic
Close to ten years have passed since the filing of the Chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P., but this week, the Third Circuit Court of Appeals affirmed a 2015 district court ruling that resolved a dispute between oil...