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Results: 1-10 of 59

Appeals court orders immediate payment of DIP lender's commitment and facility funding fees
  • Schulte Roth & Zabel LLP
  • USA
  • November 28 2007

District Judge James D. Zagel of the United States District Court for the Northern District of Illinois on Nov. 9, 2007, ordered a Chapter 11 debtor-in-possession ("DIP") to "immediately" pay its so-called "commitment" and "DIP Facility Funding" fees


Eleventh Circuit reverses TOUSA district court decision and holds lenders liable for fraudulent transfer
  • Schulte Roth & Zabel LLP
  • USA
  • May 21 2012

The United States Court of Appeals for the Eleventh Circuit, on May 15, 2012, reversed a district court's February 2011 decision that lenders were not liable on a fraudulent transfer claim


Supreme Court affirms secured creditors’ credit bid rights under plan
  • Schulte Roth & Zabel LLP
  • USA
  • June 1 2012

The United States Supreme Court unanimously held that secured creditors have a statutory right to credit bid their debt at an asset sale conducted under a so-called "cramdown" plan


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.”


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


Bankruptcy court sets deadlines for filing claims against Lehman Brothers Inc
  • Schulte Roth & Zabel LLP
  • USA
  • November 14 2008

The United States Bankruptcy Court for the Southern District of New York overseeing the Lehman Brothers (“LBI“) case under the Securities Investor Protection Act (“SIPA“) entered an order on Nov. 7, 2008 (the “Claims Bar Date Order“) establishing the following deadlines for the filing of claims against LBI


Oversecured creditor wins default interest issue
  • Schulte Roth & Zabel LLP
  • USA
  • July 16 2008

The Ninth Circuit held on July 3, 2008, that an oversecured creditor’s claim for payment was entitled to a “presumption in favor of the loan agreement’s default rate (an additional 2 interest), subject only to reduction based upon any equities involved.”


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


Florida bankruptcy judge holds ‘savings clause’ unenforceable when voiding guarantees as fraudulent transfers
  • Schulte Roth & Zabel LLP
  • USA
  • October 30 2009

A Florida bankruptcy court, on Oct. 13, 2009, issued a 182-page decision after a 13-day trial, among other things, avoiding on fraudulent transfer grounds (a) secured subsidiary guarantees of $500 million and (b) $420 million pre-bankruptcy payments