Bankruptcy Blogs

Altegrity Inc. filed for Chapter 11 bankruptcy protection Sunday, in a bid to implement a restructuring agreed with its leading creditors. The Wall Street Journal has the Daily Bankruptcy Review article here.

Receiving Wide Coverage ...

HSBC Under Fire: HSBC's Swiss unit colluded with wealthy clients including "international criminals" to help them avoid paying millions of dollars in taxes, according to what The Guardian calls "the biggest bank leak in history." The Swiss private bank routinely handed untraceable bricks of cash over to clients and conspired with clients to hide undeclared accounts from tax authorities, according to files from the period between 2005 and 2007 that were obtained...

Section 365(d) of the Bankruptcy Code requires the debtor-tenant to satisfy all the terms under the lease during the post petition period until the tenant either rejects the lease, or assumes and assigns it to a third-party.  The landlord’s claim for unpaid rent receives “administrative claim” status, which is a higher priority of claim than many of the other claims against the debtor.  Creditors holding an administrative claim against the debtor will receive payment on their clai

Bankruptcy lawyers are often hired for the task of shutting down an unsalvageable business.  Earlier this week, Louisiana lawyer Martin A. Schott was hired to resurrect a dead one.

With a bankruptcy judge’s order, Mr. Schott is now in charge of shuttered oil and gas driller EC Offshore Properties Inc., which halted operations off the Louisiana coast in August.

That closure began a countdown on a very important timer: under federal rules, a company that stops drilling on leased land will lose that lease after 180 days of inactivity.