Corporate Bankruptcy

In the Western Sky


A grand tour of several percolating global restructuring issues, including Greece, the Ukraine, TXU, and, Mark and Anna's favorite, Argentina. Over at Dealb%k.


Chapter 11 in the UK


So Business of Fashion points to a story on the Independent's web page, wherein a fashion designer calls for the adoption of something like chapter 11 in the UK.


Bernie Madoff, Haven Jurisdiction, and the End of COMI?


The liquidation of the largest Madoff feeder fund, Fairfield Sentry, recently made a major mark on Chapter 15 of the Bankruptcy Code. The lynchpin of Chapter 15 (and the Model Law on Cross-Border Insolvency) is the ability to locate a debtor’s center of main interests (COMI). If a debtor files for bankruptcy in the location of its COMI, then it is entitled to certain automatic protections from ancillary proceedings in other countries, e.g., the imposition of the automatic stay to bar all collection activities.


Worker Representation in Bankruptcy


Thank you to the Credit Slips team and, in particular, Bob, for inviting me to guest blog.


And it's so damn cold


Yet I've used my numb fingers to stop checking the weather in Los Angeles and write a Deal%k column on a recent SDNY decision involving the safe harbors, and what it tells us about the safe harbors generally.


Detroit and the Swaps


So in declining to approve Detroit's proposed payoff of its interest rate swaps – all out of the money, naturally – Judge Rhodes has reminded us that the case is not pending in Wilmington or Manhattan.


Spin Offs, Environmental Claims, and Fraudulent Transfers


Some thoughts on the Tronox fraudulent transfer opinion, over at Dealbook.


The Fed and Chapter 11


It’s become fashionable to ascribe the decline in big chapter 11 cases to the low interest rates created by the Federal Reserve. If so, yesterday’s actions suggest a revival in the restructuring trade is still further off.


Jonathan Lipson on “Relational Reorganization”


Prof. Jonathan Lipson of Temple University School of Law has an interesting post today on the idea of “Relational Reorganization.”   Find it over at the ContractsProf blog.