Bankruptcy Reform

My Creditor’s Keeper: Escalation of Commitment and Custodial Fiduciary Duties in the Vicinity of Insolvency

By Amir Licht (Professor, Interdisciplinary Center Herzliya, Israel) In several common law jurisdictions, creditors of …

Continue Reading about My Creditor’s Keeper: Escalation of Commitment and Custodial Fiduciary Duties in the Vicinity of Insolvency

Bankruptcy & Bailouts; Subsidies & Stimulus: The Government Toolset for Responding to Market Distress

By Anthony J. Casey (The University of Chicago Law School) In the spring of 2020, as the Covid-19 pandemic shut down economies …

Continue Reading about Bankruptcy & Bailouts; Subsidies & Stimulus: The Government Toolset for Responding to Market Distress

Germany Poised for Big Step Towards Corporate Restructuring Best Practice

By Sacha Luerken (Kirkland & Ellis) Germany’s insolvency law has only in very few cases - around 1% of filings - been used …

Continue Reading about Germany Poised for Big Step Towards Corporate Restructuring Best Practice

Regulating Bankruptcy Bonuses and Protecting Workers in the Age of COVID-19

By Jessica Ljustina (Harvard Law School) Since March, executives of 18 large companies received over $135 million total in …

Continue Reading about Regulating Bankruptcy Bonuses and Protecting Workers in the Age of COVID-19

The New Mass Torts Bargain

By Samir D. Parikh (Lewis & Clark Law School) Mass torts create a unique scale of harm and liabilities. Corporate …

Continue Reading about The New Mass Torts Bargain

Oversecured Creditor’s Right to Contractual Default-Rate Interest Allowed Under State Law

By Stacey L. Corr-Irvine and Mark G. Douglas (Jones Day) It is generally well understood that an “oversecured” creditor is …

Continue Reading about Oversecured Creditor’s Right to Contractual Default-Rate Interest Allowed Under State Law

Second Circuit Affirms Enforceability of Swaps’ Flip Provisions

By Shmuel Vasser (Dechert) Swaps, like other financial contracts (repurchase agreements, securities contracts, commodities …

Continue Reading about Second Circuit Affirms Enforceability of Swaps’ Flip Provisions

Secured Creditor’s “Net Economic Damages” Estimate of Disputed Claims “Plainly Insufficient” to Establish Collateral Value

By Paul M. Green and Mark G. Douglas (Jones Day) Valuation is a critical and indispensable part of the bankruptcy process. …

Continue Reading about Secured Creditor’s “Net Economic Damages” Estimate of Disputed Claims “Plainly Insufficient” to Establish Collateral Value

Claims, Classes, Voting, Confirmation and the Cross-Class Cram-Down

By Tomas Richter (Clifford Chance) and Adrian Thery (Garrigues) Under EU Directive 2019/1023 promulgated in June 2019, the 27 …

Continue Reading about Claims, Classes, Voting, Confirmation and the Cross-Class Cram-Down

A Guide to the Small Business Reorganization Act of 2019

By Hon. Paul W. Bonapfel (U.S. Bankruptcy Judge, N.D. Ga.) A Guide to the Small Business Reorganization Act of 2019 is a …

Continue Reading about A Guide to the Small Business Reorganization Act of 2019

COVID-19: Rethinking Chapter 11 Bankruptcy Valuation Issues in the Crisis

By Andrew N. Goldman, George W. Shuster Jr., Benjamin W. Loveland, Lauren R. Lifland (Wilmerhale …

Continue Reading about COVID-19: Rethinking Chapter 11 Bankruptcy Valuation Issues in the Crisis

COVID-19 Impacts on Landlords of Retail Debtors

By Scott K. Charles, Amy R. Wolf, Michael H. Cassel (Wachtell) This memorandum addresses one of the impacts of COVID-19 on …

Continue Reading about COVID-19 Impacts on Landlords of Retail Debtors

This DIP Loan Brought to You by Someone Who CARES!

By Thomas J. Salerno, Gerald Weidner, Christopher Simpson, and Susan Ebner, (Stinson …

Continue Reading about This DIP Loan Brought to You by Someone Who CARES!

Coronavirus Aid, Relief, and Economic Security Act Expands the Scope of the Small Business Reorganization Act

By Jessica Ljustina (Harvard Law School) Congress passed the Small Business Reorganization Act of 2019 (“SBRA”) to streamline …

Continue Reading about Coronavirus Aid, Relief, and Economic Security Act Expands the Scope of the Small Business Reorganization Act

How Much Value Was Destroyed by the Lehman Bankruptcy?

The Federal Reserve Bank of New York’s Liberty Street Economics Blog has run a series of five posts seeking to estimate the total …

Continue Reading about How Much Value Was Destroyed by the Lehman Bankruptcy?

The Effect of Creditor Rights on Capital Structure, Investment, Profitability, and Risk: Evidence from a Natural Experiment

By Aras Canipek (University of Konstanz), Axel Kind (University of Konstanz; University of Basel; University of St. Gallen), and …

Continue Reading about The Effect of Creditor Rights on Capital Structure, Investment, Profitability, and Risk: Evidence from a Natural Experiment