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Restructuring Foreign Companies in England Using a Restructuring Plan

A restructuring plan may well be a very effective way of restructuring a foreign company. It has several advantages over a scheme of arrangement and with a relatively low entry threshold, the English court has already sanctioned at least one plan for a foreign company in the relatively short time that it has been available.  … Continue Reading

Congress Proposes Significant Bankruptcy Code Changes to Protect Tort Claimants and Creditors

Two controversial mechanisms are available in many circuits to assist parties in a chapter 11 case to reach a global resolution and obtain plan confirmation:  non-consensual third-party releases and preliminary stays against third-party litigation.  On July 28, 2021, the House Committee on the Judiciary Subcommittee on Antitrust, Commercial and Administrative Law announced proposed legislation, the … Continue Reading

You Shall Not Pass – Bankruptcy Court in Intelsat Grants Debtors’ Motion to Seal Hearing

On April 19, 2021, the United States Bankruptcy Court for the Eastern District of Virginia granted a motion (the “Seal Motion”) filed by the Intelsat S.A. debtors (the “Debtors”) to seal the hearing on the Debtors’ motion to extend exclusivity and motion to compel plan mediation.  Although bankruptcy courts routinely grant motions to seal content … Continue Reading

Equitable Mootness Strikes Again: The Near Impossibility of Challenging a Debtor’s Critical Vendor Decisions

Although debtors who file for Chapter 11 bankruptcy generally cannot pay prepetition debts until a plan which complies with the “absolute priority rule” is confirmed, there are a number of now well-established exceptions to this rule.  As noted (although not actually ruled upon) by the United States Supreme Court in its controversial “Jevic” decision, “[c]ourts, … Continue Reading

Cannabis and Bankruptcy: 2020 in Review

In 2020, bankruptcy court doors continued to be shut to cannabis companies.  Perhaps most troubling is the continued bar for companies that are only tangentially involved in the state-legalized cannabis industry.  Although outlier cases exist, and even though courts have hinted that bankruptcy may be appropriate for some cannabis-related individuals and companies in some situations, … Continue Reading

The Supreme Court Confirms That Passive Retention of Property Does Not Violate Section 362(a)(3)

On January 14, 2021, the Supreme Court unanimously held in City of Chicago v. Fulton that a creditor’s passive retention of a debtor’s property does not violate section 362(a)(3) of the Bankruptcy Code. The Court’s 8-0 decision (Justice Barrett did not participate in the consideration or decision of the case) may have the unintended effect … Continue Reading

Webinar Recording: What Happens After the Election? – What the Outcome of the Presidential and Senate Races Might Mean for the Economy, Key Industries and Municipalities

On Friday, October 16, 2020 we hosted a webinar along with the American Bankruptcy Institute, that featured a distinguished panel of professionals, including former Speaker of the US House of Representatives John Boehner, former Congressman and Chairman of the Democratic Caucus Joseph Crowley, former Congressman Bill Shuster, former Secretary of Transportation Rodney Slater, Karol Denniston … Continue Reading

New York Appellate Court Holds Bankruptcy Exception to Insured vs. Insured Exclusion Restores Directors and Officers Insurance Coverage

Our insurance colleagues recently discussed a bankruptcy-related insurance case in the Squire Patton Boggs Insurance & Reinsurance Disputes Blog.  The post analyzes the bankruptcy exception to the insured vs. insured exclusion found in most directors & officers liability insurance policies.  That exclusion precludes insurance coverage when one insured (e.g., the debtor) sues another insured (e.g., … Continue Reading

Webinar Recording: COVID-19 Relief Funding & Reopening America – What Is Really Happening in Congress and What Are the Risks and Rewards of Resurrecting the US Economy?

On Thursday, May 21, 2020, the American Bankruptcy Institute (ABI) hosted a webinar, featuring a distinguished panel of professionals, including former Speaker of the US House of Representatives John Boehner, as well as the current senior US Senator from West Virginia, Joe Manchin, who shared their thoughts on how best to safely and gradually re-open … Continue Reading

Top 10 Employment and Employee Benefit Issues in US Bankruptcy Cases

Bankruptcy is a term that tends to instill images of “For Sale” or “Everything Must Go” signs posted in windows, but this often is not the case. In fact, a bankruptcy filing is one way for a business to refocus its efforts and reorganize. Indeed, throughout history, many Fortune 500 companies have at some point … Continue Reading

COVID-19 Emergency Bankruptcy Reform – A Call For Action!

Virtually every business—regardless of its size, nature (manufacturing, service, professional, tech) or particular industry—is currently suffering significant distress as a result of the unprecedented shutdown of huge portions of the U.S. (and global) economy.  It is therefore clear that the number of businesses (and individuals) who will seek bankruptcy protection in the coming months will … Continue Reading

New Problem, Old Solution: Bring Back Tax-Exempt Advance Refundings

As the world grapples with the effects of the coronavirus disease 2019 (COVID-19) pandemic, state and local governments (collectively, State and Local Governments) are fighting for their financial health. The escalating costs of managing the COVID-19 crisis are straining State and Local Government budgets at a time when the taxes and revenues they rely on … Continue Reading

Financial Assistance to US Business Enterprises, States and Municipalities

This alert on the Federal Reserve’s new $2.3tr lending program deserves special attention as this program will be of interest to every business operating in the U.S as well as to States, municipalities and potentially other public entities. It reports on guidance issued by the Federal Reserve on a new $2.3tr lending program (the first … Continue Reading

Webinar Recording: Tools to Navigate the Financial Crisis Related to COVID-19

Today, April 6, the American Bankruptcy Institute (ABI) hosted a free webinar featuring a distinguished panel of Squire Patton Boggs and FTI Consulting professionals, including former House Speaker John A. Boehner. More than 600 attendees tuned in to hear these experts decipher the most recent federal stabilization programs and developments and provide unique and practical … Continue Reading

Tools to Navigate the Financial Crisis Related to COVID-19 Webinar

Please join the American Bankruptcy Institute’s (ABI) free webinar featuring a distinguished panel of Squire Patton Boggs and FTI Consulting professionals, including former House Speaker John A. Boehner, this Monday, April 6, from 12:00 – 1:15 pm EDT. These experts will decipher the most recent federal stabilization programs and developments and provide unique and practical … Continue Reading

Managing Fiduciary Duties In The Time Of COVID-19

In light of the disruption caused by the COVID-19 pandemic and resulting global economic slowdown, many companies—even previously healthy ones—are now faced with difficult decisions regarding investments, loans, employees, and myriad other matters in order to ensure their survival. It is in these times that directors must be especially aware of and abide by their … Continue Reading
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