If you want to get up to speed on corportate bankruptcy-related issues, check out Basic Bankruptcy Issues: A Primer for In-House Counsel, which was written by Carmen Lonstein, Esq. of Baker & McKenize.   This primer is intended to provide guidance on basic business bankruptcy issues to in-house counsel with a limited background in bankruptcy matters and [...]

Financial actors such as hedge funds increasingly influence large Chapter 11 cases, such as Chrysler’s and GM’s. With Chrysler LLC’s sale to Fiat SpA past the U.S. Supreme Court, and with General Motors Corp. commencing its own “surgical” bankruptcy on the Chrysler model, it may be tempting to think that we’ve turned a corner: Tentative [...]

  Like their U.S. counterparts, insolvency and restructuring lawyers at Canada’s largest firms have been working around the clock since the winter to keep up with the avalanche of major bankruptcy filings to hit Canadian courts. At least a dozen large Canadian bankruptcies have been filed so far this year under the Companies’ Creditors Arrangement [...]

And so, with Chrysler’s 24-page Chapter 11 filing in U.S. bankruptcy court in Manhattan, another large document review (reviews??) loom in the future. Along with Jones Day, New York bankruptcy boutique Togut, Segal & Segal is also advising the automaker.  But lips are kind of sealed.  At Jones Day, partners Corinne Ball and David Heiman [...]

Many Posse List members who want to go solo or freelance have asked us about bankruptcy practice.  There are a good many of you who have worked on some of the major bankruptcy document reviews in the past few years (Federal-Mogul, United Airlines, Calpine, Enron, tec.) and will be well-prepared for the bankruptcy document reviews [...]

Bankruptcy-related mergers and acquisitions have hit their highest level globally since August 2004, and are set to keep rising as more companies are forced into distressed sales, according to Thomson Reuters data and restructuring practitioners.   It is one reason for the increase in bankruptcy-related work for contract attorneys in both the U.S. and Europe.   Thomson [...]

Restructuring under Chapter 11 bankruptcy protection process can sometimes take  years.  The large ones generate significant document reviews.  But as reported in the legal press and on various bankruptcy blogs (some examples here, here and here), some large Chapter 11 bankruptcies have turned into liquidations.  Virtually every large company that filed for Chapter 11 in the [...]

From: The American Lawyer, January 15, 2009 Cleary Gottlieb Steen & Hamilton picked  picked up two major bankruptcy assignments on Wednesday when the firm was formally retained by Toronto-based Nortel Networks and Cayman Islands-based Apex Silver Mines Limited.   Leading the firm’s engagement on both matters is New York-based bankruptcy and restructuring partner James Bromley. Bromley was previously part [...]

From: The American Lawyer, January 13, 2009 Michael Sage, the co-head of restructuring at O’Melveny & Myers, joined Dechert on Monday.  Sage, who joined O’Melveny in 2007, has represented creditors and bondholders in the Chapter 11 proceedings for Refco Inc. and Ziff Davis Media Inc. He is just the latest in a series of high-profile moves in [...]

From: The Recorder, January 6, 2009 A “clerical error” could cost Bank of America and Citibank $51 million if Heller Ehrman has its way in bankruptcy court. Bank of America, acting for itself and as an agent of Citibank, terminated both institutions security interests on Aug. 3, 2007, according to public records obtained from the California [...]