Bankruptcy & Restructuring News & Analysis
A Public Detention Corporation Restructures Its Bond Debt in Chapter 11
Central Falls Detention Facility Corporation entered Chapter 11 with a signed restructuring support agreement and a plan that would eliminate more than $101 million of bond obligations while resolving years of litigation with its host city and a data-security class action
Pacifica of the Valley: A Safety-Net Hospital's Emergency Chapter 11 and a Contested Main Street Loan
A Los Angeles County safety-net hospital entered Chapter 11 in Delaware with roughly $240,000 in unrestricted cash, four days before a Colorado court was scheduled to hear a receivership motion tied to a Main Street Loan whose assignment that same court had just declined to validate on summary judgment
When Blockers Hold: Contractual Caps and the Limits of Section 16(b)
In an issue of first impression, the Second Circuit holds that a comprehensive, self-executing blocker defeats a short-swing profit claim, even where the anchor investor cleared more than $300 million trading in and out of a company on the eve of its bankruptcy
DISH DBS Corporation: A Prepackaged Plan and a 363 Sale Under One Roof
A regulatory directive to sell wireless spectrum split a single enterprise into two restructurings running in parallel: a self-funding prepackaged plan for the Pay-TV business, and a Section 363 wind-down for the stranded 5G network
A General Partner's Management Rights Survive Its Bankruptcy
The Ninth Circuit Bankruptcy Appellate Panel holds, as a matter of first impression, that California's automatic-dissociation statutes are preempted ipso facto clauses, and that voting a debtor general partner out of a partnership postpetition violates the automatic stay.