HHR Bankruptcy Report

Category Archives: Chapter 11

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Tax Sharing Arrangements in Bankruptcy: Who’s Refund Is It?

Posted in Chapter 11, Eleventh Circuit, Tax
When a multi-national conglomerate corporation fails, how the corporation’s tax-sharing arrangements (“TSAs”) will be interpreted in bankruptcy can be a multi-million dollar question, especially where a holding company is being reorganized separately from a subsidiary.  If the TSA is deemed to create debtor-creditor relationships between the affiliates, the affiliate holding the rebate on the date… Continue Reading

CRG Partner Chris Kiplok Testifies Before ABI’s Commission to Reform Chapter 11

Posted in ABI, Chapter 11
The following is an excerpt of Hughes Hubbard Partner Christopher K. Kiplok’s written statement and testimony to the American Bankruptcy Institute’s Commission to Reform Chapter 11. The Commission invited Mr. Kiplok to testify regarding the current safe harbor provisions and his recommendations for proposed reforms.  Further information regarding the Commission can be found here.  Consideration… Continue Reading

Supreme Court Refuses to Hear Argentina’s Appeal

Posted in 28 USC section 1602 et seq., Argentina, Chapter 11, Foreign Sovereign Immunities Act, SCOTUS, Sovereign Debt
On October 7, 2013, the Supreme Court issued an order denying Argentina’s petition for a writ of certiorari on the interim decision of the Second Circuit that Argentina violated the contractual provision that all bondholders must be treated equally (discussed here and here). The Supreme Court’s decision comes on the heels of an October 3,… Continue Reading

CRG Partner Chris Kiplok Featured in ABI Panel Discussion Regarding Lessons Learned from Lehman Brothers’ Bankruptcy

Posted in Chapter 11
CRG Partner Chris Kiplok joined the Honorable James M. Peck of the Bankruptcy Court for the Southern District of New York, Harvey Miller of Weil, Gotshal & Manges, Bryan Marsal of Alvarez & Marsal and Dennis Dunne of Milbank, Tweed Hadley & McCloy, in an ABI panel discussion  moderated by  Kara Bruce, ABI’s Fall 2013… Continue Reading

Fifth Circuit: Impairment Can Be “Artificial”

Posted in Chapter 11
“Cram-down,” “indubitable equivalent,” “hypothetical lien creditor”: these are quintessentially arcane expressions that only a bankruptcy lawyer could love.  To this distinguished list can now be added “artificial impairment,” a nice example, in that a layperson could ponder the expression for a long time and still have no idea what it means.  Even better, there is… Continue Reading