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I wasn't so much of a classical music fan at the start, more folk rock,' says guitarist and vocalist John Lees, looking back at the early days of Barclay James [...]

Formed in 1984 by two advertising executives who had noticed how poorly computer games were often promoted, Domark's place in the games industry cannot be underestimated. But it almost didn't [...]

Navigating a tightening economic cycle--characterized by prolonged high interest rates and uncertainty about future rate cuts--requires care and foresight. In the current financial climate, companies tend to accrue substantial net [...]

A fleet of cranes and diggers toil away on a vast 6.2 million sqm construction site along the Athens Riviera, 20 minutes south of Athens. It's the former home of [...]

TABLE OF CONTENTS I. Introduction 342 II. The Conventional Wisdom 345 III. Two Kinds of Control Rights 349 A. Investment-Backed Control Rights 349 B. Spillover Control Rights 352 1. Franchises [...], Control rights are rights to control how a debtor uses certain resources, such as rights to foreclose on collateral, terminate a contract, or prevent assignment of contractual rights. Law and economics scholars have mused whether bankruptcy law should supplant control rights, but they assumed that all control rights share the same goal: to protect a party's investment in a company. This Article rejects that assumption. It shows that there are two kinds of control rights that bankruptcy law should treat differently. One kind--what this Article dubs "investment-backed control rights"--aims to protect a party's investment in the debtor. Since the debtor is best positioned to put its assets to their highest and best uses, the debtor should be able to convert investment-backed control rights from property rules to liability rules. The other kind--what the Article calls "spillover control rights"--is designed to protect a counterparty's enterprise from how a debtor uses a resource. Franchisor-franchisee, sports league-team, and partnership-partner relationships illustrate these dynamics. Since the right holder has the incentives and knowledge to determine how to optimally use that resource, bankruptcy law should respect the property-rule remedies used to enforce spillover control rights. This Article reveals that these different control rights create their own sets of complementarities at different levels of an organization. Traditional law and economics accounts call for courts to maximize the debtor's, and only the debtor's, resources. This Article suggests bankruptcy law should have a broader scope: it should aim to preserve the complementarities that investment-backed and spillover control rights generate.

INTRODUCTION 550 I. THE PROBLEMS WITH MODERN CHAPTER 11 554 II. DIP FIDUCIARY DUTIES 557 A. Corporate Fiduciary Duties 558 B. Fiduciary Duties in Bankruptcy 563 III. AN APPLIED ACCOUNT [...], The board's fiduciary duties are the bedrock of corporate law. Bankruptcy trustees also owe fiduciary duties to the "bankruptcy estate." But corporations in bankruptcy rarely worry about fiduciary duties, even those corporations in chapter 11 reorganization cases, when the company is supposed to act as if it were the bankruptcy trustee. At the same time, modern chapter 11 is increasingly seen as "problematic." Opportunism runs unchecked. This Article argues that these two points are directly connected: the underdevelopment of a corporate debtor's fiduciary duties enables the abuses seen in modern chapter 11. I thus use this Article to frame bankruptcy-specific corporate fiduciary duties and then identify several common instances in which the debtor-corporation's board must act to meet those duties. This Article is the first to analyze the debtor's fiduciary duties from a perspective that integrates the literature on chapter 11 corporate governance and broader corporate bankruptcy policy considerations. While the articles identifying problems with modern chapter 11 are legion, those offering solutions are rare.

TABLE OF CONTENTS I. INTRODUCTION 4 II. THE SCLEROTIC STATE OF CHAPTER 11 REMEDIES AND THE RISE OF ALIEN RELIEF 5 A. THE RISE OF ALTERNATIVES AND THE INCORPORATION OF [...], Synopsis Chapter 11 has a history as the gold standard for corporate reorganizations. Although still relevant and vibrant, chapter 11 is facing increased competition from revised foreign laws that authorize reorganization tools not available in the United States, and at a cost many think is far less than if the debtor chose chapter 11 as its reorganization regime. The choice between domestic chapter 11 and foreign regimes may not be as stark as it might seem. The United States Bankruptcy Code contains provisions regarding recognition of foreign insolvency proceedings. In particular, chapter 15 of the United States Bankruptcy Code directs United States courts to "recognize" qualifying foreign insolvency proceedings. Recognition, in turn, is intended to give local effect to relief granted abroad, essentially deputizing United States courts as auxiliaries of foreign courts, empowered to enforce these foreign decrees. This enforcement takes place even if the foreign proceeding adversely affects domestic creditors and even if the foreign proceeding employed restructuring methods not generally permitted by United States law. Now that other nations' laws may be more attractive to debtors, a conundrum arises: Should United States courts permit domestic debtors to restructure abroad and then use chapter 15 to enforce that foreign decree in the United States, thus serving the internationalist goals of chapter 15? Or should courts insist that domestic entities can only restructure locally, thus privileging the policies behind the remainder of the United States Bankruptcy Code? Although the latter might be the most natural policy to some (why a low local entities to evade local law by going abroad?), nothing in the United States Bankruptcy Code either excludes domestic entities from chapter 15 or requires domestic entities to use United States law to reorganize. This article will explore how a United States company could utilize a foreign proceeding and enforce it in the United States in two steps. The first is to file an insolvency proceeding for an affiliate of the debtor which is properly situated in a jurisdiction that offers more favorable insolvency relief to a debtor and its affiliates, such as might be the case under United Kingdom, German, or Netherlands law. After confirming that plan, the next step would be for the foreign affiliate to file a chapter 15 proceeding in the United States, which would extend the relief obtained abroad to the corporate group.

One recent misty morning in Taunton, the county town of Somerset, I was taken on a tour of our decaying public realm. The flowerbeds, which have won Britain in Bloom [...]

Byline: aranyamondal Swedish battery maker Northvolt is considering US bankruptcy protection as a strategy to address its financial challenges, according to a report by Reuters citing business daily Dagens Industri. [...]

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. [See [...]

Spirit Airlines filed for Chapter 11 bankruptcy protection on Monday. The company told customers they can continue to book and fly with the airline. Read Spirit's open letter explaining the [...]

Spirit Airlines has filed for Chapter 11 bankruptcy protection, it said Monday. The airline will continue to operate as normal, and all tickets remain valid, it added. Spirit has struggled [...]

Spirit Airlines is preparing to file for bankruptcy protection, The Wall Street Journal reported. Chapter 11 likely means more route cuts, allowing other airlines to raise ticket prices. Analysts say [...]

Alex Jones' InfoWars has found a new owner: The Onion. In a move that (https://www.nytimes.com/2024/11/14/business/media/alex-jones-infowars-the-onion.html) the organization says was sanctioned by the families of the victims of the Sandy Hook [...]

GOL Linhas Aéreas Inteligentes (G3) and its parent company, Abra Group, have announced a support agreement that will allow the Brazilian airline to reduce its debt by approximately $2.5 billion [...]

AIRLINE INDUSTRY INFORMATION-(C)1997-2024 M2 COMMUNICATIONS Brazil-based airline operator GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4) and Abra Group Ltd., GOL's largest secured creditor and the majority investor of GOL and [...]

FTX Europe, the European and Middle Eastern division of the now-defunct (https://cryptoslate.com/ftx-eyes-21-million-asset-recovery-through-settlements-with-bank-and-charity-organization/) cryptocurrency exchange FTX, faces extended suspension following a recent notice from the Cyprus Securities and Exchange Commission (CySEC). [...]

Byline: Glenn Polyn Franchise Group, Inc. (FRG) has announced that it has entered into a restructuring support agreement (RSA) with holders of approximately 80 percent of its first lien debt [...]

TGI Friday's Inc. filed for Chapter 11 bankruptcy protection on November 2. The company listed both assets and liabilities as between $100 million and $500 million. It joins a growing [...]

Russia almost tripled its defense spending to finance its invasion of Ukraine. Defense firms are busy -- but high inflation and interest rates past 20% have left them struggling. Russia [...]

Byline: Isatou Ndure Filed in the Bankruptcy Court for the Southern District of New York on 25 October, the move comes amid what Esprit describes as 'unsatisfactory' financial results alongside [...]

Lilium NV, the parent company of Germany's Lilium (Oberpfaffenhofen) and Lilium eAircraft, is on the brink of bankruptcy, warning that it may need to file for insolvency. This announcement follows [...]

The offers and details on this page may have updated or changed since the time of publication. See our article on (https://www.businessinsider.com/personal-finance/credit-score/debt-consolidation-vs-bankruptcy) Business Insider for current information. Affiliate links for [...]

Byline: Laura Husband Kelheim Fibres filed for bankruptcy at Germany’s Regensburg District Court on 22 October, according to local news publication Mittelbayerische. Local news reports claim it has struggled to [...]

The Biden administration released new guidance in 2022 on discharging student loans in bankruptcy. New data obtained by some lawmakers shows more student-loan borrowers taking advantage of that new process. [...]

TLDR FTX agrees to $228M settlement with Bybit/Mirana ($175M in digital assets, $53M in BIT tokens) Original lawsuit sought $1B, claiming Bybit exploited VIP status for preferential withdrawals Settlement hearing [...]

Byline: robertsailo American Tire Distributors (ATD) has commenced voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware. The restructuring plan aims to transition ownership of [...]

GOL Linhas Aéreas Inteligentes (G3) has filed a request with the United States Bankruptcy Court for the Southern District of New York, seeking an extension of 150 days to submit [...]

Byline: WISCONSIN LAW JOURNAL STAFF Wisconsin Attorney General Josh Kaul announced Monday that the Wisconsin Department of Justice (DOJ) is not filing an appeal of the decision by the United [...]

CANNABIS INDUSTRY INSIGHT-(C)2024 M2 COMMUNICATIONS StateHouse Holdings Inc (CSE: STHZ) (OTCQB: STHZF), a California-focused cannabis company, has announced that it has initiated bankruptcy proceedings for its Canadian parent entity under [...]

Byline: Vishnu Priyan Swedish whisky producer Mackmyra Svensk Whisky has been sold two months after announcing plans to file for bankruptcy. Lennart Hero, described as the “main owner” of Mackmyra [...]

Gritstone announced it has filed a voluntary petition under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Gritstone intends [...]

TLDR: US bankruptcy court approved FTX liquidation plan to repay customers $16 billion Initial distribution of $1.1 billion expected to support crypto market Repayments to smaller creditors may begin in [...]

FTX, the now-defunct cryptocurrency exchange, is set to (https://www.prnewswire.com/news-releases/ftx-receives-us-bankruptcy-court-confirmation-of-its-plan-of-reorganization-302269152.html) distribute up to $16 billion to its customers following a court hearing that confirmed its restructuring plan. Repayments will be based [...]

TLDR FTXs bankruptcy plan approved by US court Creditors to receive 119% of approved claims in cash FTT token surged 50% to $3.23, later settled at $2.72 Judge Dorsey confirmed [...]

Byline: David Leggett EV battery firm Northvolt has announced that a subsidiary company has filed for bankruptcy. The development follows a restructuring effort aimed at lowering cost and cutting back [...]

Sean Tetpon, 55, has applied for over 1,000 jobs in the past year without success. Tetpon, a former communications manager, was laid off in 2019 and again in 2023. He [...]

Spirit Airlines may file for Chapter 11 amid major debts after a failed merger with JetBlue. The airline is saddled with debt of about $3.3 billion. A report of the [...]

Spirit Airlines (SAVE) is in discussions with bondholders over the terms of a bankruptcy filing following the failed merger with JetBlue (JBLU), Alexander Gladstone, Alison Sider, and Andrew Scurria of [...]

REGULARS BACKCOUNTRY BANKRUPTCY _RS It’s up for debate whether it’s a reflection on company management or the state of backcountry skiing. What is clear is that backcountry ski brand Genuine [...]

Biolase announced that the company and its direct domestic subsidiaries have voluntarily initiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. Biolase will seek [...]

Ollie's Bargain Outlet was the winning bidder in a bankruptcy sale process to acquire seven former Big Lots store leases. The seven stores were part of a bankruptcy auction for [...]

Scilex Holding announced that the U.S. Bankruptcy Court for the Southern District of Texas has extended the expiration of the restrictions on transfer of the shares of common stock of [...]

Vertex Energy announced it entered into a Restructuring Support Agreement with overwhelming support of 100% of the company's term loan lenders. To facilitate the transactions contemplated under the RSA, including [...]

Byline: Waste360 Staff Atlanta-based CWI Cherokee LF LLC has finished Chapter 11 bankruptcy proceedings after a shutdown due to high leachate levels. All secured and unsecured creditors have been paid [...]

Byline: Josh Croxton $20 million 'Stalking horse' bid from Giant subsidiary SPIA Cycling Inc approved by courts Giant Bicycles has completed the acquisition of Stages Cycling for a reported $20.1 [...]

The world's biggest bike company, (https://www.cyclingweekly.com/group-tests/giant-bikes-346737) Giant Bicycles, has completed the acquisition of smart tech brand (https://www.cyclingweekly.com/news/product-news/stages-launches-complete-exercise-smart-bike-436393) Stages Cycling for a reported $20.1 million, just months after the former filed [...]