Although the number of large corporate chapter 11 filings fell dramatically in 2010, there certainly was no shortfall of influential rulings that changed the bankruptcy landscape. Among the most significant developments that emerged over the past year are the retrenchment of secured creditors’ rights, the diverging treatment of environmental clean-up obligations, further guidance on issues arising in chapter 15 cases, and a widely held concern about pervasive municipal distress.
Third Circuit Rulings
The U.S. Court of Appeals for the Third Circuit had the greatest impact on bankruptcy practice in 2010 and thus deserves special mention. The appellate court’s decisions in In re Philadelphia Newspapers, LLC1 and In re Visteon Corp.2 were among the most notable of the year, not only because these rulings will be controlling law in mega-cases filed in the District of Delaware, but also because the court upended conventions that evolved in bankruptcy practice over the years.
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