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Northwest Airlines bankruptcy court rules that members of the “ad hoc equity committee” must disclose all data called for by Rule 2019

  • White & Case LLP
  • -
  • USA
  • -
  • April 13 2007

Recently, in In re Northwest Airlines Corp., Bankruptcy Judge Allan Gropper issued an opinion requiring a group of hedge funds that had formed an ad hoc committee of equity security holders (the “Ad Hoc Equity Committee”) to disclose “the amounts of claims or interests owned by the members of the committee, the times when acquired, the amounts paid therefor, and any sales or other disposition thereof” in order to comply with Rule 2019 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”

Seventh Circuit holds that bankruptcy court improperly reduced oversecured lenders’ claim

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • May 13 2009

The U.S. Court of Appeals for the Seventh Circuit held on May 5, 2009, that a group of secured lenders were fully secured and “entitled to a full recovery” from the debtor despite the bankruptcy court’s improper valuation of the collateral (improved airport terminal space) securing the lenders’ underlying $60 million loan

Clearing the air: Australia's High Court clarifies the operation of the IATA Clearing House Regulations during member airline's Australian insolvency proceeding

  • Jones Day
  • -
  • Australia
  • -
  • April 22 2008

If an international airline that is a member of the International Air Transport Association (“IATA”) goes into insolvent external administration under the Australian Corporations Act 2001 (Cth) (the “Act”), will the IATA Clearing House Regulations (effective January 1, 2006) (the “CH Regulations”) continue to govern the relationship between IATA, the insolvent airline, and the other members of IATA?

We all need somebody to lien on

  • Wiley Rein LLP
  • -
  • USA
  • -
  • April 29 2008

With the latest wave of bankruptcies sweeping the aviation and airline industries, you will find bankers and lawyers sweating over the priority and perfection of their aircraft liens

AlitaliaAir One merger in constitutional limbo

  • McDermott Will & Emery
  • -
  • Italy
  • -
  • June 5 2009

Italian Decree 1342008, which suspended competition law for crisis buyouts, thereby allowing the merger of Alitalia and Air One, has been called into question following a claim of unconstitutionality brought by consumer association Federconsumatori, Italian airline Meridiana, its subsidiary Eurofly and the province of Milan

Hainan Airlines settlement to result in full payment of claims in Dornier Aviation liquidation

  • Wiley Rein LLP
  • -
  • USA
  • -
  • March 6 2009

When H. Jason Gold was appointed liquidating trustee for the bankruptcy estate of Dornier Aviation (North America), Inc., (DANA) in early 2003, creditors were expected to receive as little as three cents per claim dollar

Commission approves Alitalia asset sale

  • McDermott Will & Emery
  • -
  • European Union, Italy
  • -
  • November 14 2008

The European Commission has approved the plan by the Italian authorities to sell the assets of the airline Alitalia, which had entered into financial difficulties, under a special insolvency procedure

Surviving the aircraft financial pandemic

  • Wiley Rein LLP
  • -
  • USA
  • -
  • July 28 2009

There are signs of hope in the aviation marketplace, with the slow return of financing and the apparent bottoming-out of aircraft values

Restart of Japan Airlines - court approval of the JAL reorganisation plan

  • Clifford Chance LLP
  • -
  • Japan
  • -
  • December 10 2010

On 30 November 2010, the Tokyo District Court issued its approval (Court Approval) of the corporate reorganisation plan (Plan) of Japan Airlines Corporation (JAL) which has been adopted by the written vote of JAL's creditors

Mexicana Airlines files for bankruptcy

  • White & Case LLP
  • -
  • Mexico
  • -
  • August 6 2010

Mexicana Airlines has reported that it has filed for bankruptcy protection in Mexico and will seek to reorganize