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Imerys Talc America, Inc., along with two affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10289).  The petition estimates the combined assets of the U.S. Debtors to be between $100–$500 million and their combined liabilities to be between $50–$100 million.  According to a press release issued this morning, the Debtors have filed for chapter 11 in order to allow the Debtors “time and protection to negotiate a global agreement with creditors, primarily representatives of current and future claimants in cosmetic talc-related litigation.”  The press release further explains that the Debtors intend to continue operating in the ordinary course of business during their chapter 11 cases and expect to emerge from chapter 11 in the first half of 2020.  First day motions have not yet been filed.  Prime Clerk is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Laurie Selber Silverstein.

2 days 5 hours ago

Effective reform requires detailed knowledge of exactly what's being reformed. This is especially true of complex systems like corporate and individual insolvency regimes, with numerous inputs and outputs and carefully counterbalanced policy objectives. Two recent papers accentuate an acute weakness in global insolvency reform development--a lack of reliable and comprehensive data on the operation of existing systems, which will of course infect future planned procedures, as well. The global insolvency team at the IMF notes this problem in the context of its current advisory operations, and Adam Feibelman anticipates this problem with respect to India's developing insolvency and bankruptcy law. Both suggest a solution in more careful attention to data production and tracking. Both papers are interesting reading for those concerned with a more responsible approach to global insolvency policy-making, where for far too long it seems the old joke about empirical analysis has rung true: anecdote is not the singular of data.

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2 days 9 hours ago

This working paper is a longitudinal empirical study of lower-income homeowners, including a subset of bankruptcy filers, produced with an interdisciplinary team of cross-campus colleagues, including Professor Roberto Quercia, director of UNC's Center for Community Capital. We just posted this version on SSRN for the first time yesterday in light of continued interest in its questions and findings. The abstract does not give too much detail (see the paper for that), but here it is:

Read More from: Credit Slips

2 days 9 hours ago

Historian Ed Balleisen and I have just posted a paper of interest to Credit Slips readers who are interested in consumer protection, financial crises, and inputs into post-crisis policymaking more generally. I will let the abstract speak for itself:

Consumer Protection After the Global Financial Crisis

Edward J. Balleisen & Melissa B. Jacoby

Abstract

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2 days 9 hours ago

Solomon says he expects 2020 presidential aspirants to target banks; corporate human resources’ predictable revenue attracting investment banks’ attention.

Read More from: BankThink

2 days 10 hours ago

In 2005, the United States enacted the Bankruptcy Reform Act. Under the new guidelines, the courts are able to make a determination about whether or not you would be able to afford payments under a reorganization of your debt – in accordance with a Chapter 13 filing. One of the largest differences between Chapter 7......
Read More

The post What Is the Means Test In Bankruptcy? appeared first on Law Office of Joel R. Spivack.

2 days 10 hours ago

Upcoming Committee Formation Meeting: Tuesday, February 19, 2019

Case Name: 19-10248 (CSS)

Location: Delaware State Bar Association 405 King Street, 2nd Floor Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

2 days 10 hours ago

Upcoming Committee Formation Meeting: Tuesday, February 19, 2019

Case Name: 19-10248 (CSS)

Location: Delaware State Bar Association 405 King Street, 2nd Floor Wilmington, DE 19801

Notice of Formation Meeting for Official Committee of Unsecured Creditors can be found here. See the petition for relief.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

2 days 10 hours ago

In 2005, the United States enacted the Bankruptcy Reform Act. Under the new guidelines, the courts are able to make a determination about whether or not you would be able to afford payments under a reorganization of your debt – in accordance with a Chapter 13 filing. One of the largest differences between Chapter 7......
Read More

The post What Is the Means Test in Bankruptcy? appeared first on Law Office of Joel R. Spivack.

2 days 11 hours ago

In re Vertullo, 593 B.R. 92 (Bankr. D. N.H. 2018) – A mortgagee that sold a chapter 13 debtor’s home in a prepetition foreclosure auction but had not yet recorded a foreclosure deed sought relief from the automatic stay in order … Continue reading

2 days 12 hours ago

Rheo Brouillard, the head of SI Financial, finally had a solid offer in hand after more than two years of searching for a buyer. But the resignation 10 days later of the man who made him that offer — Berkshire Hills’ Michael Daly — sent Brouillard scrambling.

Read More from: BankThink

2 days 22 hours ago

New research from the New York Fed found that banks with more than $50 billion of assets originate more subprime car loans than small banks and credit unions do.

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2 days 22 hours ago

The mortgage loan origination system developer Ellie Mae is going private, agreeing to be acquired by the private equity firm Thoma Bravo in an all-cash transaction valued at $3.7 billion.

Read More from: BankThink

2 days 22 hours ago

The automaker's finance arm joins Avant, OnDeck Capital and SoFi in the system, which is designed to help verify loan applicants' identities.

Read More from: BankThink

2 days 22 hours ago

Lawmakers should step in to address the proper status of loans made by banks that have partnered with fintechs, rather than letting the courts decide.

Read More from: BankThink

2 days 22 hours ago

The online small-business lender reported record loan originations in the fourth quarter, but its CEO is warning that loan growth could slow in 2019.

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2 days 22 hours ago

The agency's update is good news for banks digesting data suggesting that nonbanks cut into their share of small-business loans during the partial government shutdown.

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2 days 22 hours ago

The moves are aimed at beefing up consumer lending and attracting deposits in markets where Citi has no branch presence.

Read More from: BankThink

2 days 22 hours ago

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