Follow the leading voices of Fox Rothschild’s national Financial Restructuring and Bankruptcy Practice at In Solvency, a new blog that brings understandable insights to the latest trends and developments in prominent bankruptcy cases and provides practical takeaways to creditors, creditor committees, debtors and businesses navigating issues surrounding financial distress. Our deep familiarity working with
U.S. Supreme Court Confirms That Stay Relief Orders Must Be Appealed Right Away
Earlier this week, the United States Supreme Court issued an opinion regarding appeals of orders denying relief from the automatic stay. Generally, the automatic stay (section 362 of the Bankruptcy Code) prevents creditors from taking action against the debtor’s assets outside the bankruptcy process. In order to continue debt collection efforts, creditors can file a
Sears Debtors sue Former CEO & others Seeking Billions
In October of this year, Sears Holdings Corp and affiliated Debtors filed a Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of New York in a case pending before Judge Drain. Since that time, the company has been reducing its debt and its physical footprint by closing stores. After the bankruptcy
Cyprus Wants Automatic Stay in Imerys Talc Bankruptcy Proceedings
Additional developments have transpired in the the Imerys Talc bankruptcy proceedings since Imerys commenced an adversary proceeding in the Chapter 11 case against Cyprus Mines Corp. and Cyprus Amax Minerals Co. earlier this month over Cyprus’ right to use certain insurance policies in the defense of talc-related asbestos lawsuits.
On March 20, 2109, Cyprus went
Imerys Talc Filed Adversary Claiming Ownership Over Millions of Dollars of Insurance Policies
As a follow-up to our recent post about the Imerys Talc bankruptcy proceedings (the chapter 11 cases filed by a supplier of talc to cosmetic and other companies, like Johnson & Johnson), last week the Imerys Debtors brought suit in their Chapter 11 cases against two affiliated coal companies.
The new adversary proceeding relates to
Changes to the Local Rules of the Delaware Bankruptcy Court
Effective February 1, 2019, a number changes to the local rules of the Delaware Bankruptcy Court became effective. Practitioners in the jurisdiction should be sure to review the new rules as there are a number of revisions to motion practice, filings, and the calculation of deadlines.
A few notable changes include:
· Shortened Notice
Imerys Talc America filed for Chapter 11 Bankruptcy related to Talc Lawsuits
Yesterday, Imerys Talc America and two affiliated entities filed for chapter 11 bankruptcy protection in the Delaware Bankruptcy Court (Case No. 19-10289). The case is pending before Judge Silverstein.
The first day affidavit filed in support of the Debtors’ chapter 11 petitions reveals that the Debtors are in the business of mining, processing and distributing
Fyre Festival Trustee Approved for 2004 Exams of Social Media Influencers
In the Fyre Festival LLC chapter 7 bankruptcy case, pending in the US Bankruptcy Court for the Southern District of New York, the chapter 7 trustee was recently granted broad authority to conduct 2004 examinations related to a variety of transfers received by vendors of Fyre Festival totaling approximately $5.3 million. A copy of the
Federal Judiciary Will Stay Open…For Now
Following news of the federal Judiciary’s imminent shutdown earlier this month, the government branch now estimates that it has sufficient funding to stay open through January 25, 2019.
The delayed closure comes as a result of strong efforts to reduce spending and conserve resources so that court operations can function as long as possible,
Government Shutdown: How is it impacting Federal Courts?
The government shutdown began on December 22, 2018 and continues. Recent media covering the shutdown have begun to focus on how this is impacting the federal judiciary — including the federal district & United States bankruptcy courts.
According to the Administrative Office of the U.S. Courts, the courts can run through January 11, 2019, i.e.,