What does it mean to be “bankrupt?” The Fourth Circuit recently held oral arguments to determine this question in Bestwall, LLC v. The Official Committee of Asbestos Claimants.[1] There, the Asbestos Claimants asserted that the United States Bankruptcy Court for the Western District of North Carolina (the “Bankruptcy Court”) lacks jurisdiction over Bestwall, because Bestwall … Continue Reading
As seen in the recent proliferation of bankruptcy cases seeking a structured dismissal or conversion after a successful sale, debtors constantly seek creative and efficient ways to wind up a case, including through a traditional plan of liquidation. Yet, as discussed below, debtors must ensure that any proposed voting procedures for a plan comply with … Continue Reading
The saga of the first Ultra Petroleum Corp. chapter 11 cases appears to have finally come to an end. Numerous articles have been written on the tortured history of whether certain creditors of Ultra Petroleum are entitled to payment of their contractually mandated Make-Whole Amount and default rate of interest. The creditors’ quest for allowance … Continue Reading
