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Among the more mundane aspects of Chapter 11 bankruptcy analysis — whether pre-petition planning by a prospective debtor or post-petition evaluation by creditors — is the review of contracts which may be deemed “executory” under 11 U.S.C. §365. This is because a debtor, pursuant to that statute’s subsection (a), and subject to certain restrictions not relevant here, may “assume” valuable contracts or “reject” those which are financially disadvantageous.
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Chapter 11 Plan Support Agreements: Greasing the Wheels for Confirmation Success
By John J. Rapisardi and Joseph Zujkowski
Plan support agreements are often an essential component of a successful complex Chapter 11 reorganization and provide a framework for a debtor’s financial restructuring. These agreements have increasingly been used to induce core groups of major lenders and bondholders to support a debtor’s restructuring in return for enhanced recoveries.
Uniform Voidable Transactions Act Signed Into Law in NY
By Thomas R. Slome, Michelle McMahon and Sophia Hepheastou
On Dec. 6, 2019, Gov. Andrew Cuomo signed legislation modernizing New York’s 95-year-old fraudulent conveyance law and making it consistent with the U.S. Bankruptcy Code and the law of at least 44 other states. The Uniform Voidable Transactions Act (UVTA) primarily clarifies the rights and remedies of parties involved in transactions with financially distressed entities.
Changing Outcomes Through a Reservation of Rights
By Francis J. Lawall and Kenneth A. Listwak
In the day-to-day practice of bankruptcy law, it may occasionally be tempting to dismiss “reservation of rights” language as unnecessary or unimportant — after all, a pragmatically minded court will consider the economic reality of the case before it. Right? Well, the U.S. District Court for the District of Delaware’s recent ruling in Emerald Capital Advisors v. Victory Park Capital Advisors (In re KII Liquidating) demonstrates the flaws in that way of thinking.
The Small Business Reorganization Act: A New Bankruptcy Law for Small Businesses
By Zach Shelomith
The advantages of Chapter 11 bankruptcy are oftentimes unavailable to small businesses and its owners. The substantial disclosure and reporting requirements alone scare off many potential debtors. In response to this problem, Congress recently created the Small Business Reorganization Act of 2019.
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