Supreme Court Should Address Credit Bidding Rights

In In re River Road Hotel Partners LLC, 651 F.3d 642 (7th Cir. 2011), the Seventh Circuit Court of Appeals recently upheld the right of secured parties to credit bid their claims in asset sales conducted pursuant to a chapter 11 plan.  This holding is the opposite of the recent holdings by the Third and […]

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Liquidation of Broker-Dealer Related to 8th Largest Bankruptcy

On October 31, 2011, MF Global Holdings Ltd. filed the eigth largest chapter 11 bankruptcy in U.S. History.  MF Global, Inc. was the broker-dealer unit of MF Global Holdings, Ltd. and, by law, could not legally file for bankruptcy or even be included in the bankruptcy of its parent.  As a result, Securities Protection and Investment Corp. (SIPC) moved […]

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High-End Retailer May be Headed to Bankruptcy Again

According to Wall Street, Barneys of New York recently hired Kirkland & Ellis to renegotiate a $200 million revolving loan that matures in September 2012.  This fueled speculation that the retailer would be filing bankruptcy or even possibly closing its doors. This would not be the first time that Barneys has been in bankruptcy.  In 1999, Barneys emerged from […]

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American Airlines Plans to Grow Out of Bankruptcy

AMR Corp., which filed bankruptcy in December 2011, recently announced the deep cuts that most consultants had long predicted. AMR said it is eliminating 13,000 jobs, terminating its four pension plans, grounding older planes and restructuring supplier contracts, in hopes of saving $2 billion in operational expenses. The job cuts are not news in airline […]

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