The Information Economy: Knowing What’s Public in Chapter 11
Companies in Chapter 11 must publicly report substantial financial information. Stakeholders should be familiar with what information must be publicly reported or disclosed under securities laws, the Bankruptcy Code, and Bankruptcy Rules. It’s also crucial for turnaround and restructuring...
Understanding the Role of the Independent Director in Bankruptcy
In recent years, more and more distressed companies have appointed independent directors onto their boards to support the restructuring process, from the initial contingency planning through to plan confirmation and emergence from Chapter 11. Consequently, because it is now more likely that...

What makes an expert witness's valuation testimony persuasive? A lawyer, two experts, and a judge discuss when valuations take center stage in bankruptcy cases, how the expert witnesses prepare and defend their valuations when subjected to robust cross-examination, and what makes valuation...

The 60-minute conversation focuses on the Federal WARN Act requirements and employment law (min-WARN Act) provisions. The expert panel will provided a general overview of employers’ obligations and an in-depth look at employees’ rights, including claims related to termination. In addition, the...

Recent Retailer-Debtors  Cite Supply Chain Crisis  as Trigger for Bankruptcy Filings
In the aftermath of the decadelong “retail apocalypse” and onslaught of retail bankruptcy filings, 2022 saw a significant drop in retail Chapter 11 bankruptcy filings. As of November 2022, only seven large retailers had filed for bankruptcy protection 1 —a steep drop from the 52 retail bankruptcies...
Good Faith, Not Good Intentions, Required for Chapter 11 in the 3rd Circuit
On January 30, 2023, the 3rd U.S. Circuit Court of Appeals issued a precedential opinion reversing a decision by the U.S. Bankruptcy Court for the District of New Jersey and dismissing the Chapter 11 case filed by LTL Management LLC. LTL is the “Bad Co” Johnson & Johnson entity formed through a...
Recent Appellate Decisions Spotlight Split on Postpetition Interest for Unimpaired Creditors
A recent wave of key decisions has placed a spotlight on an issue that has divided courts for years. That is, whether unimpaired creditors are entitled to postpetition interest in solvent debtor cases and if so, the appropriate rate of interest that should apply. Since these issues were last...
The Unprecedented Financial Crisis of the Evergrande Group

From the 2022 TMA Annual

All eyes are on the largest property developer in China, the Evergrande Group, as offshore creditors holding bonds and notes are looking at billions of dollars in losses if they do not act to protect their interests in various jurisdictions. The preliminary...

To Release or Not to Release? Courts Remain Split on Release Provisions
Release provisions are a common feature of almost every Chapter 11 plan in large bankruptcy cases. Three categories of release provisions typically are included: (i) releases by the debtors of claims they may hold against a list of “released parties;” (ii) consensual releases by and among the non-...
Strategic Considerations  for International Airlines Restructuring under Chapter 11
Since 2020, at least five multinational airlines have filed for Chapter 11 bankruptcy 1 protection before the U.S. Bankruptcy Court for the Southern District of New York. 2 These cases provide a lens through which airlines and restructuring professionals can view potential restructuring efforts and...