Bankruptcy & Restructuring News & Analysis

Three insurance holding companies entered Chapter 11 in the Southern District of Texas with a plan, a disclosure statement, and a signed restructuring support agreement already in place. The filing exists because an out-of-court tender offer that drew no opposition still could not reach 100 percent participation

The combined disclosure statement and plan filed in the District of Delaware projects "Unknown" recoveries for all three voting classes and states that retained causes of action constitute the majority of the liquidating trust assets

In the Celsius avoidance litigation, the Bankruptcy Court for the Southern District of New York ties Section 550 recovery to whether a transferred asset gained or lost value, whether the defendant still holds it, and what the defendant actually realized on sale, rejecting a single valuation date for all appreciating cryptocurrency.

A Texas bankruptcy court confirmed QVC Group's prepackaged plan over a preferred-shareholder objection, holding that a global intercompany settlement negotiated by independent disinterested directors cleared Rule 9019 under business judgment review, that a release is not an indemnity for equal-treatment purposes, and that opt-out third-party releases remain consensual after Purdue.

On remand from the Fifth Circuit, the bankruptcy court held that the participating lenders breached the credit agreement's pro rata sharing provision and awarded the excluded and LCM lenders $261.13 million, plus six years of mandatory prejudgment interest at nine percent