Help Center

ABI Blog Exchange

Barclays has been gauging clients' interest in the British bank starting a cryptocurrency trading desk, potentially joining Goldman Sachs in pioneering a new business on Wall Street, according to people with knowledge of the matter.

Read More from: BankThink

1 week 13 hours ago

Sixty-four consumer groups are speaking out against a Senate measure, expected to be voted on this week, that would overturn the Consumer Financial Protection Bureau's 2013 regulation on discriminatory pricing by auto lenders.

Read More from: BankThink

1 week 13 hours ago

The Office of the Comptroller of the Currency has been leading the charge on revamping the Community Reinvestment Act, but a big unknown is whether the other two regulators charged with carrying out the law are committed to moving ahead as swiftly on a reform plan.

Read More from: BankThink

1 week 13 hours ago

The Federal Reserve is considering allowing banks a chance to comment on stress tests before they take them and dropping any qualitative review for the largest banks’ performance, according to Randal Quarles, the central bank’s vice chairman for banking supervision.

Read More from: BankThink

1 week 13 hours ago

In an April 6, 2018 memorandum opinion and order, U.S. District Judge John G. Koeltl dismissed an appeal challenging the Chapter 15 recognition of a Cayman Islands restructuring of an offshore drilling contractor, holding that the appellant lacked standing and that the appeal was equitably moot. See In re Ocean Rig UDW Inc., No. 17-cv-7222 (JGK), 2018 WL 1725223 (S.D.N.Y. Apr. 6, 2018).

The appeal was brought by a purported shareholder of debtor Ocean Rig UDW Inc. (“UDW”). The purported shareholder sought review of an order issued by U.S. Bankruptcy Judge Martin Glenn granting recognition of provisional liquidation and scheme of arrangement proceedings in the Cayman Islands of UDW and three of its subsidiaries (Drill Rigs Holdings Inc. (“DRH”), Drillships Financing Holding Inc. (“DFH”), and Drillships Ocean Ventures Inc. (“DOV”), collectively the “Debtors”) as “foreign main proceedings” under section 1517 of the Bankruptcy Code.

1 week 18 hours ago

By

Read More from: Shenwick & Associates

1 week 21 hours ago

Section 365 of the Bankruptcy Code provides that a debtor “subject to the court’s approval, may assume or reject any executory contract or unexpired lease of the debtor.”  11 U.S.C. § 365.  This provision is a powerful tool because it allows a chapter 11 debtor to assume agreements that will be beneficial to restructuring efforts while rejecting agreements that are burdensome.  Given its importance, the application of section 365 is not without challenge and subject to interpretation.

Two recent bankruptcy court decisions, In re Cho, 581 B.R. 452 (Bankr. D. Md. 2018) and In re Thane International, Inc., No. 15-12186-KG, 2018 WL 1027658 (Bankr. D. Del. Feb. 21, 2018), examine the fundamentals of executory contracts — when a contract is “executory” and whether there can be an “implied” assumption and assignment of an executory contract.

In re Cho

Considering whether a prepetition settlement agreement was an executory contract that could be rejected, the Maryland bankruptcy court, in Cho, observed: “whether a contract is executory depends on the facts of the particular matter, the language of the subject agreement, and the consequences under applicable nonbankruptcy law of either party ceasing to perform any ongoing or remaining obligations under the contract.”  Cho, 581 B.R. at 454.

1 week 21 hours ago

Section 365 of the Bankruptcy Code provides that a debtor “subject to the court’s approval, may assume or reject any executory contract or unexpired lease of the debtor.”  11 U.S.C. § 365.  This provision is a powerful tool because it allows a chapter 11 debtor to assume agreements that will be beneficial to restructuring efforts while rejecting agreements that are burdensome.  Given its importance, the application of section 365 is not without challenge and subject to interpretation.

Two recent bankruptcy court decisions, In re Cho, 581 B.R. 452 (Bankr. D. Md. 2018) and In re Thane International, Inc., No. 15-12186-KG, 2018 WL 1027658 (Bankr. D. Del. Feb. 21, 2018), examine the fundamentals of executory contracts — when a contract is “executory” and whether there can be an “implied” assumption and assignment of an executory contract.

In re Cho

Considering whether a prepetition settlement agreement was an executory contract that could be rejected, the Maryland bankruptcy court, in Cho, observed: “whether a contract is executory depends on the facts of the particular matter, the language of the subject agreement, and the consequences under applicable nonbankruptcy law of either party ceasing to perform any ongoing or remaining obligations under the contract.”  Cho, 581 B.R. at 454.

1 week 21 hours ago
  Judge Thorne in In re: Cleveland L. Carr, Debtor. In re: Antoinette L. Lindsey, Debtor., No. 17-25013, 2018 WL 1750540 (Bankr. N.D. Ill. Apr. 10, 2018) examined whether contracts between debtors and their attorneys supported plan provisions providing for payment of counsel's fees prior to or concurrently with payment of secured auto lenders.  Debtor provided an affidavit asserting that he was informed of the precise terms of the accelerated compensation s well as the detrimental effect it would have on the early plan payments on the car loan; resulting in it being much more difficult for him to keep his vehicle if the case were dismissed early.  In another case included in the same decisions, In re Lindsey, the debtor provided for preconfirmation adequate protection to the lender of $25/month with post-confirmation payments increasing to $500/month. 

Read More from: Tampa Bankruptcy

1 week 22 hours ago

Bertucci’s Holdings, Inc., along with nine subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10894).  Bertucci’s, headquartered in Worcester, MA, is a brick oven Italian eatery with fifty-nine (59) locations through the Northeast and Mid-Atlantic.  According to the First Day Declaration, Bertucci’s enters Chapter 11 intending to immediately reject 29 of its leases and intends to pursue a sale of substantially all of its assets, with Right Lane Dough Acquisition, LLC, as stalking horse purchaser.  Bertucci’s is also seeking approval to borrow up to $4 million in DIP Financing from Right Lane Dough.

1 week 1 day ago

Bertucci’s Holdings, Inc., along with nine subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10894).  Bertucci’s, headquartered in Worcester, MA, is a brick oven Italian eatery with fifty-nine (59) locations through the Northeast and Mid-Atlantic.  According to the First Day Declaration, Bertucci’s enters Chapter 11 intending to immediately reject 29 of its leases and intends to pursue a sale of substantially all of its assets, with Right Lane Dough Acquisition, LLC, as stalking horse purchaser.  Bertucci’s is also seeking approval to borrow up to $4 million in DIP Financing from Right Lane Dough.

1 week 1 day ago

Bankruptcy Decatur Amy TannerI previously wrote about various programs that are available for individuals struggling with student loan debt. You can find that information here and also a link to the website here. Many people have taken advantage of these programs with success but, sometimes, this does not solve all of their financial issues. Getting the student loans under control is important and it usually relieves some of the financial burden you may have, however, you may still need assistance with other consumer debt.

Read More from: Bonds & Botes, P.C.

1 week 1 day ago

Bank of America Corp. hit a milestone in its years-long effort to get costs under control.

Read More from: BankThink

1 week 1 day ago

Bank’s earnings report notes possible $1 billion in fines; loan-loss accounting rule will be rolled out over three years.

Read More from: BankThink

1 week 1 day ago

Expanding SBA funding and providing additional Community Reinvestment Act credit could help boost female entrepreneurs.

Read More from: BankThink

1 week 1 day ago

The AML and financial crime ecosystem continues to evolve at record pace and bring new challenges.

Read More from: BankThink

1 week 1 day ago

Mitu Gulati and Mark Weidemaier

About two weeks ago, we held a small conference at the University of North Carolina School of Law: How Best to Restructure the Venezuelan Debt. The conference focused on proposals developed this semester by students in our joint UNC-Duke class on international debt finance. Some proposals started fresh; others took an existing idea and built on it. Four student groups presented their work and got feedback from a group of about twenty experienced lawyers, bankers and policy-makers. This was—to our minds—an exceptional group, extraordinarily knowledgeable about sovereign debt markets and with particular insight into Venezuela. Included were Lee Buchheit, Chanda DeLong, Brett House, Fulvio Italiani, Hongtao Jiang, Ruth Krivoy, Trevor Messenger, Siobhan Morden, Katia Porzecanski, and a list of others who we will leave unnamed for confidentiality reasons. We are immensely grateful to all of them for their generosity to us and our students.

Read More from: Credit Slips

1 week 1 day ago

Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.

Read More from: BankThink

1 week 1 day ago
  In In re: Tony Randall & Wendy Randall, Debtors., No. 17-33322-HDH13, 2018 WL 1737620 (Bankr. N.D. Tex. Apr. 10, 2018) the Court found that not only was post-petition interest on prepetition domestic support obligations ('DSO's) permitted to be paid in a chapter 13 plan, but such interest was required to be paid in the plan even when other unsecured creditors were not receiving 100% of their claims.  The debtors initially scheduled the DSO claims to be paid in full plus interest, but the chapter 13 trustee objected.  When the plan was amended to omit interest, the State Attorney General's office objected,  The DSO claims totaled $47,112.26.  

Read More from: Tampa Bankruptcy

1 week 1 day ago

Pages