Rough Justice: Third Circuit Holds in Tribune That a Cramdown Plan May Discriminate—But Not Unfairly—By Reallocating a Portion of Proceeds, Overriding a Subordination Agreement | Shearman & Sterling LLP

On August 26, 2020, the Court of Appeals for the Third Circuit held that the Bankruptcy Code does not require subordination agreements to be strictly enforced in order for a…

Continue Reading Rough Justice: Third Circuit Holds in Tribune That a Cramdown Plan May Discriminate—But Not Unfairly—By Reallocating a Portion of Proceeds, Overriding a Subordination Agreement | Shearman & Sterling LLP

Court Approves Sale of Assets to Third Party Despite Stalking Horse Bad Faith Allegations Against Purchaser | Smith Debnam Narron Drake Saintsing & Myers, LLP

United States Bankruptcy Judge John E. Waites approved a sale of substantially all the assets of a small business Chapter 11 Debtor over the protests of a “Stalking Horse” bidder…

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Global News Roundup: Sept. 22–28, 2020

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CIGA: Super-scheme to the rescue? The UK’s new Corporate Insolvency and Governance Act introduces a restructuring plan procedure that enhances the flexibility of the English scheme of arrangement | White & Case LLP

[co-author: Hannah Langley] The new UK Corporate Insolvency and Governance Act (CIGA), which took effect in June 2020, ushers in permanent changes to the English insolvency and restructuring landscape as…

Continue Reading CIGA: Super-scheme to the rescue? The UK’s new Corporate Insolvency and Governance Act introduces a restructuring plan procedure that enhances the flexibility of the English scheme of arrangement | White & Case LLP