In 2002, Hon. Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York published In re Ames Dep’t Stores Inc., a case that has often been cited as being an innovative approach to addressing issues arising in debtor estates with numerous locations subject to unexpired real property leases.
There are two types of foreclosure proceedings in the U.S.: judicial and nonjudicial. Both proceedings contain procedures for oversecured creditors to recover attorneys’ fees and costs from the proceeds of the collateral securing the indebtedness.
When we last reported on In re Loop 76, the case was on appeal with the Ninth Circuit Bankruptcy Appellate Panel (BAP). In a lengthy decision that one could argue expanded the bankruptcy court’s ruling on classification, the BAP has since affirmed the bankruptcy court’s decision permitting separate classification of unsecured deficiency claims.
In order to confirm a chapter 11 reorganization plan, a debtor must satisfy all of the provisions of § 1129(a) of the Bankruptcy Code, except for § 1129(a)(8), which requires that each class of creditors either (1) accept the proposed plan or (2) is unimpaired under the proposed plan. When a debtor fails to meet § 1129(a)(8), the debtor can “cram down” a dissenting unimpaired secured creditor pursuant to § 1129(b), but only if the plan is “fair and equitable” with respect to that creditor.
Two recent decisions have provided guidance concerning the scope of a lender’s right to collect “rents” generated by a debtor in possession, and the debtor’s corresponding ability to use those “rents” in furtherance of its restructuring efforts: In re Ocean Place Development LLC and In re Soho 25 Retail LLC.
Two sections of the Bankruptcy Code seemingly stand at odds regarding the protections offered to lessees of real property owned by a bankrupt debtor. Section 365(h) strongly protects a lessee’s right to possession of real property in the face of debtor’s rejection of the lease.
Although a wealth of case law has found pre-petition bans on bankruptcy filings to be unenforceable as a matter of public policy, a recent unpublished decision from the Tenth Circuit Bankruptcy Appellate Panel (BAP) upheld a pre-petition ban included as an amendment to an operating agreement.  The debtor, DB Capital Holdings LLC, was
A potential conflict among circuit courts regarding § 1129(b)(2)(A) of the Bankruptcy Code may soon exist. In a recent decision, Hon.
To confirm a chapter 11 plan under the so-called "cramdown option," at least one impaired class of creditors must accept the proposed plan.  To accept a plan, more than one half (in number) of the voting claimants in a class, representing at least two-thirds of the total dollar amount of voting claims in such class, must vote to accep
Underwood Murray, P.A.
Godfrey & Kahn, S.C.
Keen-Summit Capital Partners & Summit Investment Management
Arnold & Porter Kaye Scholer LLP
Special Projects Leader
Thompson Coburn LLP