Corporate Restructuring & Bankruptcy
In this week's Special Report: "Drawing the Borders on Chapter 15 Bankruptcy," "Exercising Independence in Restructuring—The Path to Better Governance," "Legal Privilege Pitfalls and Perils in Bankruptcy" and "Does Allowing Postpetition Interest on an Unpaid Make-Whole Amount Result in an Impermissible Double Recovery?"
September 24, 2018 at 01:56 PM
2 minute read
April 2018 was a very busy month for the interpretation and application of Chapter 15 in the U.S. Bankruptcy Court for the Southern District of New York. During those four weeks, three Bankruptcy Judges issued opinions focusing on various aspects of Chapter 15 of the U.S. Bankruptcy Code.
A rising number of distressed companies are appointing independent directors or managers prior to filing for bankruptcy. While the use of independents can aid a process, they can also hinder or delay the restructuring if used improperly. The key is appointing a disinterested person who acts on the advice of appropriate professionals.
Bankruptcy can considerably complicate the evaluation of legal privilege, due to the presence of shifting corporate control, parties with rapidly changing stakes, and fiduciary duties owed to multiple entities with differing interests.
Explore why the Fifth Circuit's forthcoming decision in 'Ultra Petroleum' will have broad application.
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