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Results: 1-10 of 19

Update on reorganization financing

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • April 7 2011

Reorganization or debtor-in-possession ("DIP") financing has become an increasing source of litigation

LBIE administrators extend September 17, 2010 proof of debt submission deadline for Consensual Approach participants

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • September 17 2010

Previously, on June 16, 2010, the Joint Administrators (the "Administrators") of Lehman Brothers International (Europe) ("LBIE") announced that they would be testing the feasibility of their so-called Consensual Approach to the resolution of LBIE's unsecured creditor claims

Bankruptcy court allows collateral agent to credit bid without 100 approval of senior lenders in same facility

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • April 28 2009

In a recent decision, the Bankruptcy Court for the District of Delaware allowed the collateral agent for senior lenders to credit bid for the debtors’ assets even though all of the senior lenders had not authorized the bid

Fifth Circuit protects secured lender who bypasses Chapter 11 reorganization plan

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • August 12 2013

The U.S. Court of Appeals for the Fifth Circuit held on August 5 that a secured lender's disputed "lien on the debtor's principal asset survived

Champerty clarified: a victory for activist distressed debt and claims investors

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • November 3 2009

In a decision to be hailed by buyers of distressed debt and bankruptcy claims on the secondary loan market, on Oct. 15, 2009, the New York Court of Appeals (the “Court”), in a fact-specific ruling, held that an assignment of claim does not violate New York’s champerty statute (forbidding trading in litigation claims) if the purpose of the assignment is to collect damages by means of a lawsuit for losses on a debt instrument in which the assignee holds a pre-existing proprietary interest

Fifth Circuit holds mere acceleration does not trigger prepayment premium

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • February 6 2014

The U.S. Court of Appeals for the Fifth Circuit held on Jan. 27, 2014 that a lender's acceleration due to a borrower's payment default did not

Bankruptcy Court approves procedures for determining allowed amounts of structured securities claims

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • August 12 2011

The United States Bankruptcy Court for the Southern District of New York, overseeing the bankruptcy cases of Lehman Brothers Holdings Inc. (“LBHI”) and its affiliated debtors (collectively, the “Debtors”), entered an order on Aug. 10, 2011 approving procedures for determining for both voting and distribution purposes the allowed amounts of claims filed based on structured securities issued or guaranteed by LBHI (the “Structured Securities”

Seventh Circuit holds real estate debtor cannot cram down undersecured lender with bonds

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • January 25 2012

The U.S. Court of Appeals for the Seventh Circuit affirmed a bankruptcy court’s dismissal of a single asset real estate case on Jan. 19, 2012, reasoning that the debtor’s proposed substitute collateral “was not the indubitable equivalent of the undersecured lender’s mortgage.”

Oversecured lender awarded post-petition interest at contractual default rate plus compounded interest

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • January 23 2008

The United States Bankruptcy Court for the Southern District of New York recently awarded an oversecured lender post-petition interest on the full amount of its secured claim at the default rate set forth in the lender’s contract (19) plus compound (PIK) interest up to the aggregate rate of 25 (the maximum rate allowable under New York State usury laws

Eighth Circuit BAP affirms lender’s loss of possessory lien

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • April 4 2013

The U.S. Bankruptcy Appellate Panel ("BAP") for the Eighth Circuit held on March 25, 2013, that a lender "lost its possessory lien when it turned the