Corporate Restructuring and Bankruptcy
In this Special Report: "Something to Remember: The Flexibility of Chapter 11 in Retail Situations," "The Curious Case of Extraterritoriality and Fraudulent Transfer Under the Bankruptcy Code," "Buyers vs. Tenants in a Bankruptcy Sale: A Tension Between §§363(f) and 365(h)," "The Bankruptcy Times They Are Changing: Real Estate Developers Beware" and "Do the 'Shoes' Really Fit? Navigating the Attorney-Client Privilege and Work Product Doctrine in Chapter 11 Bankruptcy."
June 10, 2019 at 01:56 PM
2 minute read
The authors discuss the successful going-concern sale of mall-based retailer Things Remembered, which stands as a testament to the benefits of the Chapter 11 process and the commercial and practical approach that must be utilized in large retail Chapter 11 cases. This case demonstrates that going-concern retail sales are possible to save businesses, even in the current retail climate, if debtors can articulate a sufficient business need for speed.
Courts are divided on the issue of whether the fraudulent transfer recovery provision applies extraterritorially.
How do bankruptcy judges resolve the competing desires of buyers and tenants? Must buyers bid for property knowing that tenants might have the right to stay if their leases are rejected? Are tenants in jeopardy that they might have to move elsewhere to live or work?
The pendulum has definitely swung.
Standing orders may cause issues by leaving undecided the allocation of attorney-client privilege and work product protection between the debtor and committee.
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