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ABI Journal

Business Reorganization

Supreme Court Clarifies How to Determine Finality of an Order

The Supreme Court recently clarified that the finality of a bankruptcy court order is determined by evaluating whether the order unreservedly adjudicates a discrete proceeding or is part of a larger process. In Ritzen Group Inc. v.

Ultra Petroleum Confirms Only Plan Can Prejudice Creditors, but What About the Solvent-Debtor Rule?

The Fifth Circuit’s opinion in In re Ultra Petroleum[1] clarifies what “unimpaired” means under § 1124 of the Bankruptcy Code. The Fifth Circuit joined the Third Circuit[2] in holding that “[t]he plain text of § 1124(1) requires that ‘the plan’ do the altering.

Third Circuit Holds that Bankruptcy Courts Have Constitutional Power to Approve Compelled Third-Party Releases Only When Releases Are “Integral to the Restructuring”

In an opinion issued in December 2019, the Third Circuit found that the bankruptcy court below had constitutional authority to confirm a plan containing compelled third-party releases because — on the “specific, exceptional facts of [the Millennium Lab] case” — those releases were “integral to the restructuring of the debtor/creditor relationship.”[1] But given that a finding that the third-party releases are “necessary” to the reorganization is already a factor for their approval on the merits in the Third Circuit, this

Hospital Bankruptcies – Unique Challenges and Current Hot Topics

There have been a number of recent bankruptcy filings by large and high profile healthcare providers, such as the filings of Verity Health System of California, Inc., in Los Angeles (the second largest hospital bankruptcy case in American history), Hospital Acquisition LLC and 25 related debtors d/b/a Promise Health and American Academic Health System (Hahnemann University Hospital and St. Christopher Hospital in Philadelphia) in Wilmington, Delaware, and Astria Health in Yakima, Washington.

363 Sales over the Objection of Junior Lienholders after Clear Channel

Bankruptcy professionals have become quite accustomed to the increasingly common phenomenon of a troubled company filing a chapter 11 case and either simultaneously with the petition or very soon thereafter filing a motion under §363 of the Bankruptcy Code to sell all or substantially all of its assets.

Bankruptcy Court Uses Twombly Pleading Standard as Platform to Clarify Lender Liability Law

Hon. Jack B. Schmetterer of the U.S. Bankruptcy Court for the Northern District of Illinois issued a memorandum opinion dismissing a debtor’s lawsuit to equitably subordinate a secured lender’s claim. In re American Consolidated Transportation Cos. Inc., Adv. No. 10-00154, slip op. (Bankr. N.D. Ill. July 13, 2010).