Early 2011 was a quiet period in the corporate bankruptcy world as many distressed companies turned to fairly robust capital markets to refinance their debt or effectuated out-of-court workouts with their lenders. The second half of the year saw stagnant growth and unemployment statistics as well as anxiety over the European financial system take a toll on the U.S. economy, causing credit markets to close up to highly leveraged companies. This trend led to the filing of some spectacular bankruptcy cases as MF Global and American Airlines entered chapter 11.
On the legal front, it was an exciting, but also unsettling year. Not only did the U.S. Supreme Court decide arguably the most important opinion concerning bankruptcy court jurisdiction in decades (Stern v. Marshall) but a major rule change went into effect, and courts issued groundbreaking decisions on such bankruptcy issues as the standards for plan confirmation, the potential for insider trading claims to arise from stakeholder negotiations, the relationship between intellectual property law and international insolvency law, and eligibility for municipal bankruptcy.
Jurisdiction
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