Eversheds Sutherland (US) LLP | USA | 19 Aug 2009
Judge Allan L. Gropper of the Bankruptcy Court for the Southern District of New York issued a much-anticipated order on August 11, 2009, in the challenge to the bankruptcy filings by certain special-purpose-entity (“SPE”) affiliates of General Growth Properties, Inc. (“GGP”).
Kramer Levin Naftalis & Frankel LLP | USA | 17 Aug 2009
The Bankruptcy Court for the Southern District of New York recently issued a decision that, if left to stand unchallenged, effectively eviscerates a key structural component of a massive number of financings – specifically, the so-called "bankruptcy remoteness" of a special (or single) purpose entity.
Cadwalader Wickersham & Taft LLP | USA | 4 Jun 2009
Metropolitan Insurance Company has joined ING Clarion Capital Loan Services, Inc., Wells Fargo Bank, N.A., and FRM Funding Company, Inc in requesting the Bankruptcy Court to dismiss as bad-faith filings the bankruptcy cases of twenty-one property-level CMBS borrower subsidiaries of General Growth Properties, Inc.
Reed Smith LLP | USA | 2 Mar 2009
This morning, March 2, 2009, American International Group, Inc. ("AIG") announced a loss of $61.7 billion for the fourth quarter of 2008, a total net loss for 2008 of $99.29 billion, and a major restructuring of its operations, including a new federal infusion of $30 billion, forgiveness of certain debts, and relaxation of prior bailout terms.