Unsecured Trade Creditors Committee

Committees

Post date: Thursday, April 28, 2016

In its January 2016 decision in Boomerang Tube Inc.,[1] Judge Mary F. Walrath of the Delaware Bankruptcy Court considered the U.S.

Post date: Wednesday, December 16, 2015

Fueled by a very active membership, the Unsecured Trade Creditors Committee (UTC) was busy once again in 2015.

Post date: Tuesday, October 06, 2015

On May 21, 2015, as amended on Aug. 18, 2015, the U.S. Court of Appeals for the Third Circuit issued a decision approving the settlement and dismissal of a chapter 11 bankruptcy case through a structured dismissal.[1] The court approved the use of a structured dismissal of a chapter 11 bankruptcy where the dismissal calls for a distribution that does not specifically adhere to the priority scheme in Bankruptcy Code § 507.

Post date: Tuesday, October 06, 2015

Make-whole premiums are a fixture of commercial loan agreements. Their purpose is to determine the parties’ respective rights in the event that prepayment becomes economically efficient for a borrower.

Post date: Tuesday, October 06, 2015

On June 15, 2015, in Baker Botts L.L.P. v. ASARCO LLC,[1] the Supreme Court held that the Bankruptcy Code does not permit bankruptcy courts to award attorney fees under § 330(a) of the Bankruptcy Code to counsel or other professionals employed by the bankruptcy estate for work performed in defending a fee application, potentially giving unsecured

Post date: Monday, June 22, 2015

While the Bankruptcy Code provides for payment of the fees and expenses of an official creditors’ committee’s court-approved professionals[1] and for reimbursement of the expenses (although not the professional fees) incurred by a member of an official creditors’ committee incurred in performing committee duties,[2] it permits an unsecured creditor to seek reimbursement of “actual, necessary expenses,” plus “reasonable compensation for professional services” only where the creditor has made a “substantial contribution” in the chapter 11 case.[3]

Post date: Monday, June 22, 2015

You have probably given the preference defense speech countless times to unsecured trade creditor clients that 90-day payments are likely preferences, but may be covered by one of the typical § 547(c) defenses: subsequent provision of new value, ordinary course of business and contemporaneous exchange for new value. The standard defenses are so prevalent, it is easy to virtually ignore the § 546 limitations on avoiding powers (other than the two-year statute of limitations).

Post date: Monday, June 22, 2015

TransVantage Solutions Inc., a New Jersey-based corporation founded in 1964, provided freight audit and payment services to its customers. Its core business involved three parties and actions: A shipper or common carrier issued an invoice to a customer; the customer advanced money to TransVantage; and TransVantage reviewed the freight charges for accuracy and, when everything was in order, paid the carrier or shipper with the funds that had been entrusted to it.

Post date: Tuesday, March 17, 2015

When a business is in financial distress, the breaking point sometimes comes with little or no warning. An event such as a termination of funding, the falling through of a crucial transaction, or the loss of a key customer can be difficult to predict, and may result in a distressed business being forced to cease operations abruptly, without providing its workers with the advance notice required under the Federal WARN Act.[1]

Post date: Tuesday, March 17, 2015
Photo of Fouad Kurdi
Fouad Kurdi

In In re Emoral, Inc.,[1] the Third Circuit held that personal-injury causes of action arising from the alleged wrongful conduct of the debtor corporation, asserted against a third-party non-debtor corporation on a theory of successor liability under state law, were generalized claims constituting property of the bankruptcy es

Pages

Mr. Eric S. Chafetz
Co-Chair
Lowenstein Sandler LLP
New York, NY
(646) 414-6886

Mr. Daniel I. Waxman
Co-Chair
KEWA Financial Inc.
Lexington, KY
(859) 233-0352

Ms. Lauren Dorsett
Communications Manager
Davis Wright Tremaine LLP
Seattle, WA
(206) 622-3150

Ms. Samantha Martin
Newsletter Editor
Cleary Gottlieb
New York, NY
(212) 225-3341

Mr. A.J. Webb
Newsletter Editor
Frost Brown Todd LLP
Cincinnati, OH
(513) 651-6842

Mr. Jonathan J. Wernick
Special Projects Leader
B. Riley Advisory Services
Los Angeles, CA
(213) 409-6237

Please note that in order to view the content for the Committee Newsletters you must either sign in if you are already an ABI member, or otherwise you may Become an ABI Member