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In a recent decision, Bankruptcy Judge Christopher S. Sontchi addressed the question of whether a Chapter 11 debtor, the tenant under a commercial lease, could exercise an option to renew the lease during the bankruptcy proceedings, even though the debtor was in default under the lease and the lease specified that it could not be renewed if defaults existed at the time the option was exercised.
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By Amanda Bronstad
On Jan. 30, the U.S. Court of Appeals for the Third Circuit reversed a bankruptcy judge's decision, concluding that Johnson & Johnson subsidiary LTL Management was not in financial distress at the time it filed its Chapter 11 case in 2021.
Eleventh Circuit Stops Plan Confirmation Stampede
By Michael L. Cook
In a recent ruling, the Eleventh Circuit upended a hastily confirmed reorganization plan. Its holding should stop the stampede known as the “confirmation express.”
Treating Student Loan Debt Relief By Standardizing 'Undue Hardship' In Bankruptcy Code
By Rudolph J. Di Massa and Diane J. Kim
On Aug. 24, 2022, President Joe Biden announced the plan to forgive up to $10,000 in federal student debt for qualifying borrowers. This relief, however, was challenged in the courts and is now pending before the U.S. Supreme Court.
Duties of and Risks to Directors and Officers of Insolvent Enterprises
By Marshall S. Huebner and Amber Leary
Traditionally, the bankruptcy risk for D&Os has been fairly low. Several recent developments have, however, shifted the landscape somewhat and altered the risk profile.
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