Can a creditor obtain a security interest in electricity under UCC Article 9? It covers security interests in fixtures and personal property. Clearly, electricity is not real property or a fixture. But what kind of personal property is it?
Various debt-burdened retailers are looking to their intellectual property assets as a source of untapped value for refinancing transactions. While it remains to be seen which strategies will be most successful, IP assets will play a key role in future retail restructurings.
Diagnosing financial distress, and the ability to address the relevant issues, is a necessary role of board members and senior executives. This article examines the types of distress, how to measure it versus how the capital markets measure it, and some of the tools and solutions a company has to address the issues during times of stress.
Beyond Filing a Proof of Claim
This article explains the rights of a creditor, whether an equipment financier or otherwise, to pursue examinations of a debtor in bankruptcy in order to obtain sworn testimony and information that may be helpful to the creditor.
In In re AE Liquidation, the Third Circuit held that a WARN Act notice only must be given when mass layoffs are probable, not when merely foreseeable. As a result, a debtor that was attempting to effectuate a going concern sale under Bankruptcy Code Section 363 was not liable for failing to give a WARN Act notice until the day it determined it could no longer wait for approvals from the buyer to close.
In Haining Wansheng Sofa Co., Ltd. v. World Imports, Ltd. (In re World Imports, Ltd.), the Third Circuit firmly declared that "received" in Section 503(b)(9) connotes actual physical custody of the goods by the debtor. This turnabout in the interpretation of the meaning of "received" is a significant development, given that such claims frequently arise in business bankruptcies.
Rule Changes You Should Understand
This article focuses on the strategies that an equipment financier may explore when it needs to file a proof of claim in a bankruptcy case to preserve its rights. It also describes a debtor's right to object to a creditor's claim.
Bankruptcy Code sections 363 and 365 provide different rights for different parties, and they usually operate independently of one another. However, in situations where the two sections overlap, a number of courts have held they are in conflict, because a party invoking one of the provisions will seek to override the interest of a party invoking the other.
Kobre & Kim LLP announced that Daniel Saval has joined the firm's cross-border insolvency litigation practice as a partner in the New York office.…
Considerations for Bankruptcy Counsel
Substantive non-consolidation opinion letters have long been a regular “check-the-box” item in large commercial real estate transactions. While substantive consolidation jurisprudence has not changed materially over the past decade, these opinion letters should not be treated lightly by borrowers or their counsel.
