In re DLH Master Land Holding, L.L.C., Case No. 11-10781 (5th Cir. March 13, 2012) In In re DLH Master Land Holding, L.L.C., Case No. 10-30561-hdh, the Fifth Circuit Court of Appeals recently rendered an opinion affirming the lower courts’ ruling that Bank of America did not show “excusable neglect” warranting the allowance of its […]
Read MoreOn March 7, 2012, Cano Petroleum, a Forth Worth–based, independent oil and gas company filed chapter 11 bankruptcy in Dallas. The Company announced that the cause was its continued losses and loan defaults, rendering it unable to raise capital and thereby creating a liquidity problem. Cano lists assets of $63.3 million and approximately $116.3 million […]
Read MoreConnecticut–based Maclaren USA, which produced the Maclaren-line of baby strollers, at one time, saw its fair share of the toddler-toting industry. After a list of babies losing their fingers and related suits had accumulated, however, a mass recall of strollers was launched in 2009. Eventually, the once-trendy company had no choice but to seek bankruptcy […]
Read MoreSeveral well-known cities across the U.S., including Birmingham, have elected or discussed bankruptcy as an option. However, municipalities seeking to avail themselves federal bankruptcy relief discover that they are not in the same position as corporate debtors. Instead, municipalities can only resort to the uncommonly-used chapter of the Code–chapter 9. While chapter 9 has been infrequently used in the past, the recent financial crisis and prolonging local governmental […]
Read MoreGenerally The purpose of an involuntary bankruptcy, where a company is forced into bankruptcy by its creditors, is to invoke the broad jurisdiction of the Bankruptcy Code over the company’s assets and liabilities. The benefits include, among other things: Marshalling and preserving the company’s assets; Controlling the use and disposition of the company’s property, through court supervision; […]
Read MoreVitro S.A.B. de C.V., a leading manufacturer of glass in Mexico, recently received approval of its restructuring plan under Mexican Insolvency Law (Ley de Concursos Mercantiles), in large part because a federal bankruptcy court in the U.S. halted the efforts of certain bondholders to prosecute a New York lawsuit against Vitro that contravened chapter 15 of the Bankruptcy Code. In July 2011, Vitro […]
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