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

By Norman N. Kinel on Posted in US
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

By Mark Salzberg on Posted in US
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)

By Squire Patton Boggs on Posted in US
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

By Karol Denniston and Stephen D. Lerner on Posted in US
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

By Mark Salzberg on Posted in US
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?

By Karol Denniston and Stephen D. Lerner on Posted in US
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

By Lew Clark, Shennan Harris, Stephen D. Lerner and Peter Morrison on Posted in US
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!

By Norman N. Kinel on Posted in US
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

Can Chapter 11 Debtors Receive PPP Loans?

By Mark Salzberg and Stephen D. Lerner on Posted in US
The nearly $350 billion loan program made available to small businesses by the Coronavirus Aid, Relief, and Economic Security (CARES) Act was tapped out in less than two weeks. In response to this overwhelming demand, on Friday, April 24, 2020, an additional $320 billion was funded into the loan program, and the second round of … Continue Reading

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

By Pedro H. Hernández and Pedro J. Miranda on Posted in US
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

By James Barresi, Stacy H. Krumin, Alethia N. Nancoo, Tom Reems, James A. Schneider, David Zagore, James C. Sivon and David Stewart on Posted in Cross Border, US
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

By Mark Salzberg on Posted in US
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

By Mark Salzberg on Posted in US
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

By Stephen D. Lerner, Peter Morrison and Maura McIntyre on Posted in US
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

Licensees And Licensors Need To Prepare For Potential Bankruptcies Caused By COVID-19

By Mark Salzberg and Ivan Rothman on Posted in US
We are in unprecedented times. The current COVID-19 pandemic will not only have an impact on the physical health of our country, but the economic health of our country as well. Increased bankruptcy filings are a virtually certainty and this raises concerns of many, including licensors and licensees of intellectual property. What should these parties … Continue Reading

A Breathing Spell From The Breathing Spell – Should A Chapter 11 Case Be Suspended During COVID-19?

By Karol Denniston and Jeffrey N. Rothleder on Posted in US
In the past several years, the United States has seen a tidal wave of retail sector chapter 11 cases. The end result for most of those cases has been going out of business and liquidation sales. On March 11, 2020, Modell’s Sporting Goods commenced its chapter 11 cases seeking to follow a similar path taken … Continue Reading

Restructuring Considerations: Making the Most of Stimulus Relief

By Karol Denniston and Peter Morrison on Posted in US
On March 26, 2020, the Senate approved a roughly $2 trillion stimulus package—the biggest economic stimulus in recent U.S. history—in response to the COVID-19 pandemic. This economic relief provides expanded protections for American families, workers, and businesses affected by the public health and economic crisis. The key measures included in the package are: Bailouts for … Continue Reading

Healthcare Lenders And Borrowers: COVID-19 And Our Loan Documents

By Kelly Singer on Posted in US
Obviously, the health and safety of your employees and their families is the top priority. Beyond that, however, lenders and borrowers in the healthcare space should be thinking about how they are handling the situation vis-à-vis one another. Below are questions intended to get lenders and borrowers thinking about various issues surrounding COVID-19 and how … Continue Reading
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