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Service: Restructuring and Insolvency
March 5, 2012 Briefing Update: Defanging Stern v. Marshall
The United States Supreme Court’s June 2011 decision in Stern v. Marshall created substantial uncertainty in the bankruptcy community when it held that a bankruptcy court lacked the constitutional authority to enter a final judgment on a state law counterclaim brought by a debtor against a creditor, even though the counterclaim was part of the “core” statutory jurisdiction of the bankruptcy court.
March 2012 Article Advising Unsecured Creditors in Complex Bankruptcies
Firm Authors: Robb C. Adkins
February 27, 2012 Article The Right to Bid
February 7, 2012 Article Municipal Credit Enhancement: Does It Survive in Chapter 9?
Firm Authors: Lawrence A. Larose
February/March 2012 Article Bankruptcy Court Denies Confirmation of WaMu’s Plan of Reorganization
Firm Authors: Myja K. Kjaer, David Neier, Rolf S. Woolner
November 2011 Article Bankruptcy Court Denies Confirmation of WaMu’s Plan of Reorganization
Firm Authors: Myja K. Kjaer, David Neier, Rolf S. Woolner
October 3, 2011 Briefing New York Bankruptcy Court and Colorado District Court Disagree on the Application of Section 552 to a Lender’s Security Interest in Proceeds of FCC License
A New York bankruptcy court recently considered the effects of Bankruptcy Code section 552 on a lender’s security interest in the proceeds of an FCC broadcast license and held that a prepetition security interest extended to proceeds received from a post-petition transfer of the debtors’ FCC license.
September 23, 2011 Briefing Bankruptcy Court Denies Confirmation of WaMu’s Plan of Reorganization
Sending the Debtors back to the drawing board after almost three years in bankruptcy, in a 139 page opinion, the Bankruptcy Court has for the second time denied confirmation of the Plan of Reorganization for Washington Mutual, Inc., which was the owner of the largest savings bank ever to be seized by the FDIC.
September 2011 Article First Circuit Denies Post-Petition Interest To Senior Unsecured Creditors
Firm Authors: Samuel S. Kohn
July 5, 2011 Briefing First Circuit Denies Post-Petition Interest To Senior Unsecured Creditors
The United States Court of Appeals for the First Circuit upheld a bankruptcy court’s holding that, where subordination agreements lacked explicit provisions addressing the payment of post-petition interest on senior unsecured debt, the agreements were ambiguous, and an inquiry into the parties’ intent was required.
May 2011 Article Using § 552(a) to Invalidate a Lender’s Security Interest in Proceeds of an FCC License
Firm Authors: Thomas F. Blakemore, Gregory A. Martin
February 15, 2011 Briefing United States District Court Overturns Widely Criticized Fraudulent Transfer Decision
The United States District Court for the Southern District of Florida has reversed a bankruptcy court order that had required a group of lenders to disgorge, as a fraudulent transfer, approximately $421 million paid to them by a joint venture partner in satisfaction of their legitimate, uncontested loans to the joint venture that TOUSA had guaranteed.
February 9, 2011 Article State Bankruptcies: Cure-All Or Bad Medicine For Muni Market?
Firm Authors: Lawrence A. Larose
February 7, 2011 Newsletter Financial Services Update, Vol. 6, Number 6
Winston & Strawn's weekly Financial Services Update publication covers news pertinent to the financial services industry, and provides summary analysis of developments at the SEC, CFTC, OCC, and self-regulatory organizations. This information comes from a myriad of sources and is provided by Winston & Strawn in conjunction with Knowledge Mosaic LLC.
February 2, 2011 Briefing Bankruptcy Court Applies Section 552 to Invalidate Lender’s Security Interest in Proceeds of FCC License
Recently, a Colorado bankruptcy court considered for the first time the effects of Bankruptcy Code Section 552 on a lender’s security interest in the proceeds of an FCC broadcast license.
January 20, 2011 Newsletter Greater China Law Update January 2011
Winston & Strawn's Greater China Law Update is a publication covering relevant legal, financial, and economic topics that affect the Chinese and Hong Kong marketplaces.
December 9, 2010 Article Lessons From the Bench: Drafting Municipal Bond Documents
Firm Authors: Samuel S. Kohn, Lawrence A. Larose
August 2, 2010 Article Selected Developments in Chinese Consumer Protection Law
Firm Authors: Bertrand Theaud
August 2010 Article Municipal Bankruptcy: Coming Soon to a Court Near You
Firm Authors: Sarah T. Foss
June 2010 Article Third Circuit Rules Secured Creditors Do Not Have a Right as a Matter of Law to Credit Bid in Bankruptcy Plan Sale
Firm Authors: Sarah T. Foss, Carey D. Schreiber
May 25, 2010 Briefing Two Recent Rulings Address Eligibility for Chapter 9 Bankruptcy Protection
Two recent rulings have provided significant guidance on the determination of whether an entity is eligible to be a debtor under Chapter 9 of the Bankruptcy Code.
March 25, 2010 Briefing Third Circuit Rules Secured Creditors Do Not Have a Right as a Matter of Law to Credit Bid in Bankruptcy Plan Sale
This week, in a 2-1 decision affirming the District Court’s reversal of a ruling of the Bankruptcy Court for the Eastern District of Pennsylvania, the United States Court of Appeals for the Third Circuit held that secured creditors do not have a right as a matter of law to credit bid their claim at an auction pursuant to a plan of reorganization where the debtor intends to impose the plan on its secured creditors through a “cramdown” under section 1129(b)(2)(A)(iii) of the Bankruptcy Code.
December 9, 2009 Briefing Second Circuit Permits Unsecured Claim for Post-Petition Attorneys’ Fees Authorized Under a Valid Pre-Petition Contract
In a recent holding that a creditor may collect, on an unsecured basis, post-petition attorneys’ fees under an otherwise enforceable pre-petition contract, the Second Circuit Court of Appeals followed a similar ruling by the Ninth Circuit earlier this year, adding to a conflict among the circuits on this issue.
December 2009 Article Trade-In Value and Automobile Loans After Bankruptcy Reform: Part Two
August 20, 2009 Briefing Bankruptcy Court Allows General Growth’s SPEs to Continue Their Bankruptcy Cases
The Chapter 11 case of General Growth Properties, Inc. and its affiliates pending in the U.S. Bankruptcy Court for the Southern District of New York has been closely watched by mortgage lenders and investors in commercial-mortgage backed securities.
July 2009 Article Chinese Manufacturers: Remedies and Strategies When Dealing with Financially Distressed Buyers in the U.S.
Firm Authors: Simon Luk
June 2009 Article 'Bankruptcy Remote' is not 'Bankruptcy Proof'
Firm Authors: David Neier
June 25, 2009 Briefing Delaware District Court Reverses New Century Plan Confirmation Based on Improper Substantive Consolidation
A recent decision highlights the potential difficulty Chapter 11 debtors may face when confirming any plan of reorganization or liquidation that attempts to consolidate debtors, their assets, and liabilities without the consent of affected creditors.
June 2009 Article Intercreditor Dynamics in Bankruptcy
June 3, 2009 Briefing Bankruptcy Court Reinterprets BAP’s Decision in Clear Channel
For nearly a year since the Bankruptcy Appellate Panel of the Ninth Circuit published its decision in Clear Channel Outdoor, Inc. v. Knupfer, bankruptcy practitioners have wondered whether sales of assets free and clear of junior liens remain possible in the Ninth Circuit where the sale price does not exceed the face value of all secured debt.
May 2008 Article The Era of ‘Busted Deals’?
Firm Authors: Matthew J. Botica
April 23, 2009 Briefing Seventh Circuit Approves Plan Release for Third Parties
The Seventh Circuit Court of Appeals has expanded the scope of permitted third-party releases under a plan of reorganization to include the nonconsensual release of claims held by a non-creditor so long as the party whose claim is being extinguished receives fair notice and an opportunity to object.
April 17, 2009 Briefing Second Circuit Rules Debtors Must Pay Substantial Pension Termination Fees
In a recent reversal of a Bankruptcy Court decision, the U.S. Court of Appeals for the Second Circuit upheld a law which could further burden financially distressed companies attempting to reorganize and exit bankruptcy.
April 7, 2009 Briefing Municipalities Can Easily Reject Collective Bargaining Agreements Under the Bankruptcy Code
A bankruptcy court has provided a powerful weapon to municipalities looking to renegotiate labor agreements, ruling that municipalities can reject collective bargaining agreements in cases under Chapter 9 of the Bankruptcy Code without complying with the strict requirements imposed on businesses under Chapter 11.
March 31, 2009 Briefing Chinese Manufacturers’ Remedies and Strategies When Dealing with Financially Distressed Buyers in the United States
China’s exports to the United States, its top trading partner and export destination, have increased dramatically in the last decade.
February 2009 Article Current Issues in Syndicated Lending
December 2008 Article Getting Reorganized
Firm Authors: Justin E. Rawlins
December 2008 Article The Role of Creditors' Committees in Chapter 11 Bankruptcies (Inside the Minds)
Firm Authors: Eric E. Sagerman, Rolf S. Woolner
October 16, 2008 Briefing EESA/TARP Recent Developments
The U.S. Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve Board have provided additional guidance with respect to the implementation of the Economic Emergency Stabilization Act of 2008 and the Troubled Asset Relief Program.
June 23, 2008 Briefing Supreme Court Rejects Exemption from Stamp Taxes Under 11 U.S.C. § 1146(a) During Sale of a Debtor's Assets Prior to Chapter 11 Plan Confirmation
The Supreme Court resolved a split among various Circuit Courts of Appeals and brought clarity to the issue of whether the transfer by a Chapter 11 debtor of its assets prior to the plan confirmation process is exempt under Section 1146(a) from stamp and other similar taxes.
May 2008 Article 2007 Media Highlights
April 2008 Article Drafting Market-Based MAC and Termination Fee Clauses
Firm Authors: Justin E. Rawlins
February 2008 Article Living Expenses in Chapter 13: A Fresh Look at the Legislative History of Bankruptcy Reform
February 2008 Article Distressed Hedge Funds Amidst the Credit Crunch: A Need for Restructuring
November 7, 2007 Briefing Recent Trends in Delaware Courts Clarifying Directors’ and Officers’ Fiduciary Duties
In recent years, creditors have sought to expand corporate director liability beyond the traditional boundaries of fiduciary duty analysis. Two recent decisions of the Delaware Supreme Court clarify directors’ and officers’ fiduciary duties to creditors, essentially ending the theories of “deepening insolvency” and “direct liability” under Delaware law.
October 3, 2007 Briefing Chapter 15 Protection Denied for Bear Stearns Hedge Funds – Decision Stayed Pending Appeal
The Bankruptcy Court for the Southern District of New York denies Chapter 15 protection for two Bear Stearns hedge funds chartered in the Cayman Islands, but the Court stays its decision pending appeal.
September 28, 2007 Briefing Southern District Court of New York Determines that Personal Disabilities of a Transferor Do Not Pass to Good-Faith Purchaser of Bankruptcy Claims
On August 27, 2007, the Southern District Court of New York granted some comfort to investors who purchase bankruptcy claims in the distressed debt market. The District Court reversed two decisions of the Bankruptcy Court for the Southern District of New York in the Enron Chapter 11 bankruptcy case.
September 2007 Article Perception is Reality for Corporate Debt Investors
July 24, 2007 Briefing Supreme Court Alters Balance of Power Among Debtors and Others Who Share Environmental Liabilities
In Atlantic Research, the United States Supreme Court held that a “potentially responsible party” that voluntarily cleans up a contaminated site is entitled to recover a portion of its clean-up costs from other PRPs under Section 107(a) of CERCLA.
March 30, 2007 Briefing New York’s Highest Court Determines That Participant Lender Lacks Standing to Enforce Remedies under Loan Documents
On March 22, 2007, New York’s highest court, the Court of Appeals, affirmed the dismissal of a lawsuit filed by Beal Savings Bank, a participating lender in a syndicated loan, to enforce rights and remedies under the loan documents.
March 19, 2007 Briefing Hedge Funds on Ad Hoc Committee Ordered to Disclose Price Paid for Debtor’s Securities
On February 26, 2007, the Bankruptcy Court for the Southern District of New York ordered a group of hedge funds, acting as an ad hoc committee of equity holders in the Northwest Airlines Group bankruptcy case, to file an amended disclosure statement under Bankruptcy Rule 2019.  
May 2006 Article A Dozen Things That a Business Lawyer Should Know About the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
July 2005 Article New Bankruptcy Law May Still Be Applicable To Shifting Strategy in Real-Estate-Driven Cases
Firm Authors: Eric E. Sagerman
May 2005 Article Courts Reign in Solvent Debtor Bankruptcies By Handling Landlords Significant Victories
Firm Authors: Eric E. Sagerman
January 2005 Article Section 553 of the 2005 Bankruptcy Code
Non-Firm Authors: Harold D. Israel
January 30-February 1, 2003 Article Bankruptcy Sales - A Glossary of Essential Terms
January 2003 Article Stays, Injunctions, Use of Collateral, Obtaining Credit, and Adequate Protection Under the Bankruptcy Code
2003 Article Revised Article 9 in Bankruptcy Cases
2003 Article Sales of Collateral in Bankruptcy
Non-Firm Authors: Ellen A. Friedman; Demetra V. Georgelos