Insolvency professionals have limited options to consider when counseling small business clients in financial distress who wish to continue operating their business. On the federal level, practitioners may choose to file a traditional chapter 11 reorganization or a small business bankruptcy under subchapter V.
It is now widely known that the novel coronavirus (COVID-19) pandemic changed society for a variety of industries, whom either have deteriorated significantly or now cease to exist.
A local group of bankruptcy judges and insolvency professionals has published recommendations for ways that the U.S.
The new year brings several changes to bankruptcy practice through the enactment of the Consolidated Appropriations Act, 2021 (CAA), which augments the CARES Act by expanding the Paycheck Protection Program (PPP), adding stimulus programs and installing coronavirus relief valves for troubled sectors of the economy. Those relief valv
Co-Chair Corner: Year in Review
The hotel industry has suffered significantly since the outset of the COVID-19 pandemic. Occupancy rates for hotels in urban areas in August 2020 were down to 38% compared to 89% in August 2019. Many hotels, particularly those in New York, were forced to furlough staff in response to local requirements and economic pressures.
Many professionals anticipate that valuation will be the fulcrum issue in the upcoming wave of chapter 11 cases, and creative advocacy will be at a premium.
Traditional Valuation Approaches and the Bankruptcy Code
With the mandatory government shutdown orders, surges in unemployment affecting rental demand, prices declining and companies driven to shift their workforce to remote work, 2020 has certainly left a mark on commercial leases.
On March 17, 2020, in response to the COVID-19 pandemic to protect its customers and employees, J.C. Penney opted to close all of its stores and decrease supply chain operations. Then, in mid-May, J.C. Penney and its affiliates (the debtors) filed for chapter 11 protection in the U.S.
In a significant recent decision in the Alta Mesa chapter 11 case, Bankruptcy Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) held that the debtors’ midstream oil and gas gathering agreements constituted real property covenants “running wi
Hosted by the Business Reorganization and Mediation Committees
The topic of the most recent Commercial Fraud Committee call, discussed the Uniform Voidable Transactions Act (UVTA), formerly named the Uniform Fraudulent Transfer Act (UFTA), which was amended (and retitled) in 2014 for the first time since its creation in 1984. According to the Uniform Law Commission, the amended Act, which strengthens creditor protections by providing remedies for certain transactions by a debtor that are unfair to the debtor’s creditors, addresses a small number of narrowly-defined issues and is not a comprehensive revision of the Act.
Public Securities and the Bankruptcy Plan Process: What Not to Do
The Asset Sales Committee will host John Hutton and Henry Jaffe as they discuss the GM successor liability decision, now on appeal in the Second Circuit, describing the arguments and positions taken by different parties on key issues in the case and discussing the potential impact of the ruling on appeal.
Tax-Sharing Agreements in Bankruptcy that Have Been the Subject of Recent Appeals Courts Decisions
The Business Reorganization Committee held a free committee wide call on Tuesday, September 23rd, at 4 pm ET. The topic was titled "Looking at International Insolvency/Restructurings Through the Bankruptcy Code and Beyond," and featured key speakers, including: Patrick Mohan (Moderator) of Reorg Research (Columbia, S.C.), Rachel Ehrlich Albanese of Akin Gump Strauss Hauer & Feld LLP (New York), G.
Smiley Wang-Ekvall, LLP
Costa Mesa, CA
Arent Fox LLP
New York, NY
Cole Schotz P.C.
Simpson Thacher & Bartlett
New York, NY
Cole Schotz P.C.
Special Projects Leader
Perkins Coie LLP