Unsecured Trade Creditors Committee

Committees

Post date: Thursday, April 25, 2024

Recently, in In re Pack Liquidating LLC,[1] Hon. Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware granted derivative standing to the official committee of unsecured creditors to pursue breach-of-fiduciary-duty claims against the company’s founders on behalf of the debtors’ estates.

Post date: Thursday, April 25, 2024
Photo of Lindsay Zahradka Milne
Lindsay Zahradka Milne

Spring is here, and the Unsecured Trade Creditors Committee looks back on an eventful 2023 and a busy start to 2024 (for both the committee and the restructuring space as a whole).

Post date: Monday, August 21, 2023
Photo of Sara L. Abner
Sara L. Abner

Section 503(b)(9) of the Bankruptcy Code creates a priority status for claims for “goods” that were delivered to the debtor within the 20-day window preceding the filing of a bankruptcy action. These claims typically get paid in full and ahead of other claims, thus § 503(b)(9) claims status is highly coveted.

Post date: Monday, August 21, 2023
Photo of Catherine N. Cervone
Catherine N. Cervone

Currently in New York State, creditors’ ability to avoid fraudulent transfers is governed by one of two different statutory schemes, depending on when the transfer occurred.

Post date: Tuesday, April 19, 2022

Section 547(c)(2)(A) of the Bankruptcy Code, often referred to as the “subjective OCB defense,” provides a defense to a preference suit if the defendant can show that the challenged payments made during the 90-day preference period are sufficiently consistent with the historical payments made by the debtor to the defendant.

Post date: Tuesday, April 19, 2022

Trade creditors will undoubtedly want to take steps to protect themselves when dealing with financially distressed customers that are potentially heading toward bankruptcy — such as by decreasing credit limits, tightening payment terms or otherwise ramping up collection efforts.

Post date: Monday, April 18, 2022

Under the Bankruptcy Code, the U.S. Trustee [1] has the power to appoint a committee. [2] Section 1102(a)(1) of the Bankruptcy Code requires U.S.

Post date: Thursday, September 30, 2021

Through a preference claim, a debtor or trustee seeks to recover, subject to certain creditor defenses, payments that a trade creditor received within the 90-day period prior to a bankruptcy filing. Preference claims have always been an unfortunate reality for trade creditors.

Post date: Tuesday, August 17, 2021

In its recent decision in In re Orexigen Therapeutics Inc.,[1] the Third Circuit Court of Appeals held that triangular setoffs are not permissible in bankruptcy because they do not satisfy the mutuality requirement of § 553 of the Bankruptcy Code.

Post date: Tuesday, August 17, 2021

In the days leading up to a chapter 11 filing, companies seeking bankruptcy protection commonly ask whether they can continue to pay some of their vendors after the bankruptcy case is filed. On the flip side, in the days following a chapter 11 filing, vendors whose customer recently filed a bankruptcy case have the same question: Can we still get paid?

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Sat, 2023-04-22

This panel will discuss the following issues regarding crypto, distinguishing customer property from property of the estate, understanding crypto valuation issues, distribution options in crypto cases, M&A risks and pitfalls, effectively using social media to communicate with a large customer base, juggling cash and crypto management, and debtor-on-debtor violence.

Fri, 2022-12-09

When retained causes of action are the only recoveries for residual stakeholders, having the right toolkit —with tools sharpened and up to date — is essential to preserving and maximizing value.

Sat, 2022-04-30

Section 506(c) and 552(b) waivers have become a staple in the pre-petition-lender-turned-DIP-lender toolbox. But what are the unsecured creditor’s tools for pushing back, and the arguments for why value that accrued post-petition might properly be reserved for junior creditors?

Thu, 2018-10-04

Join the Unsecured Trade Creditors Committee to discuss recent hot topics and important developments in preference law. The discussion will include cutting-edge issues regarding the “ordinary course” and “new value” defenses, as well as developing issues regarding the interplay of preference law with § 503(b)(9) and “critical vendor” programs. Ensure that your preference toolkit is up to date with the latest tricks of the trade by listening in.

Wed, 2018-01-10

The UTC Committee hosted their January call on Thursday, the 10th, where speakers discussed (1) what to do when you get wind that your customer could be days or weeks away from a bankruptcy filing; (2) your customer files, so what first day motions should you focus on and be concerned about; and (3) you are "lucky" enough to be invited to serve on the creditors' committee - should you accept the invitation.

Sat, 2017-12-02

Hosted by the Secured Credit and Unsecured Trade Creditors Committees. Unsecured trade creditors and secured creditors confront similar plan analysis issues, including gerrymandering, vote incentivization schemes, drop dead provisions, and golden shares. The panel will discuss some of those “creative” plan provisions and interesting confirmation issues that impact both secured and unsecured creditors.

Fri, 2017-09-08

The panelists for this webinar will discuss the various types of health care cases and the competing interests that arise from a number of perspectives, including debtor, creditor, and provider-side interests. The panel will provide an overview of the uniqueness of bankruptcy health care cases and identify proven strategies to assist practitioners to guide unsecured creditors through these difficult and often complex reorganizations.

Tue, 2017-05-30

The Unsecured Trade Creditors Committee's May Tips of the Trade call featured Neil Steinkamp of Stout Risius Ross, LLC, who discussed the ordinary course of business defense in the context of preference analysis.

Thu, 2017-02-23

The ABI Unsecured Trade Creditors’ Committee (UTC) hosted a Tips of the Trade Call titledInvoluntary Petitions – Issues to Consider before Pulling the Trigger. The panel covered issues from why to commence an involuntary case, to what are the requirements to avoid dismissal, to what are the risks to the petitioning creditors. The speakers were Ashley McDow of BakerHostetler in California and Kathleen DiSanto of Bush Ross in Florida. Mark Felger, a co-chair of the UTC, moderated.

Tue, 2016-09-13

The ABI Unsecured Trade Creditors’ Committee held their most recent Tips of the Trade Call to cover bankruptcy procedure in the country’s busiest business courts. Professionals who represent unsecured trade creditors inevitably find themselves practicing from time to time in the country’s busiest bankruptcy courts, the District of Delaware and the Southern District of New York.

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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
Education Director
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

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