Europe has struggled during the last several years to triage a long series of critical blows to the economies of the 28 countries that comprise the European Union, as well as the collective viability of the 19 eurozone economies. Here we provide a snapshot of some recent changes implemented
At the 33rd Annual Spring Meeting in Washington, D.C., ABI presented Professor Michelle M. Harner of the University of Maryland Francis King Carey School of Law with its highest membership award, the ABI Annual Service Award. As the official Reporter for the ABI Commission to Study the Reform of Chapter 11, Prof. Harner supported the Commission in all aspects of its vast effort to study current practice under chapter 11 and make recommendations for legislative reform.
Secured Credit Under the Code and Commission Report
The Business Reorganization Committee held a free committee wide call on Tuesday, September 23rd, at 4 pm ET. The topic was titled "Looking at International Insolvency/Restructurings Through the Bankruptcy Code and Beyond," and featured key speakers, including: Patrick Mohan (Moderator) of Reorg Research (Columbia, S.C.), Rachel Ehrlich Albanese of Akin Gump Strauss Hauer & Feld LLP (New York).
The Asset Sales Committee hosted their most recent committee call on Wednesday, November 12. This call was titled "Bankruptcy Reform Commission’s Consideration of a Proposal to Surcharge Secured Lenders for 363 Asset Sales" and worked to more broadly inform and engage bankruptcy and restructuring professionals about the proposal being considered by the Bankruptcy Reform Commission to assess a charge on secured lenders for 363 asset sales in Chapter 11. Ms. Kathryn A. Coleman of Hughes Hubbard & Reed LLP and Mr. Gregory A.
While there are several important differences between the pending proposals to revise the system to resolve failing large financial institutions, they all have at least one thing in common: the belief that chapter 11 isn’t up to the task.
Editor's Note: The House Judiciary Committee passed H.R.5421 - Financial Institution Bankruptcy Act of 2014 - on December 1, 2014.
On Sept. 10, 2014, the House Judiciary Committee approved H.R. 5421, the Financial Institution Bankruptcy Act of 2014, by a voice vote.[1] The Act is the product of the Judiciary Committee’s long-standing oversight of the U.S.’s bankruptcy laws, as well as its recent examination into improving such laws for the resolution of bankruptcies of financial institutions.[2]
On July 31, 2014, Puerto Rico’s nonvoting congressional delegate Pedro Pierluisi introduced legislation (H.R. 5305)[1] that would empower Puerto Rico to authorize certain government-owned corporations to restructure their debt obligations under chapter 9 of the U.S. Bankruptcy Code. According to press reports, the U.S. territory and its corporations have a combined debt burden of $73 billion.[2] The bill has been referred to the House Judiciary Committee, of which Pierluisi serves.
Editor’s Note: On May 30, ABI hosted the Student Debt Symposium at Georgetown University Law Center in Washington. The day-long interdisciplinary conference brought together educators, policymakers and practitioners for a series of panels about the causes and consequences of the $1.2 trillion student debt bubble. Click here to access the video recordings organized by theme and topic: http://go.abi.org/student_debt_2014.