bankruptcy

Orrick Continues to be Ranked a Top Bankruptcy and Restructuring Firm by The Deal

Posted on

 

The Deal has published its 2017 bankruptcy and out-of-court restructuring league tables and again ranked Orrick as a top bankruptcy and restructuring law firm. The firm ranked:

Orrick’s Restructuring group has consistently earned an inclusion in the top ten bankruptcy legal advisor rankings in each quarter since 2015.

“We’re proud of Orrick’s continued top rankings in the Deal, which places us among the top tier bankruptcy firms internationally. Our rankings reflect the global nature of our work on some of the most complex bankruptcies and out of court restructurings of the year for both debtors and creditors”, said Raniero D’Aversa, Orrick’s Restructuring Practice Group Leader.  The group handled several high profile restructurings and bankruptcies in 2017, including the precedent setting $3.7 bn international restructuring for drill ship operator Ocean Rig, which included a Chapter 15 filing in New York and schemes of arrangement under Cayman Island law. Orrick also advised Toyota Motor Corporation in connection with its exposure in the highly publicized restructuring of airbag manufacturer Takata. The group also handled a unique bankruptcy proceeding involving tech start-up Lily Robotics, and advised lender groups and boards in the CHC and Seadrill bankruptcy cases. Other key matters have included advising creditors or trustees in major international restructurings for South Africa’s largest retailer, Edcon, French digital media group SoLocal, as well as French retailer Vivarte, among others.

The Deal’s Bankruptcy League Tables are the industry’s only league tables focused solely on active bankruptcy and out-of-court-restructuring cases. These rankings are compiled on a quarterly basis through comprehensive deal intelligence to identify the top law, crisis management, investment, and non-investment firms and professionals involved in bankruptcy transactions throughout the United States.  Firms are ranked based on advice provided to creditors, debtors and out-of-court restructurings.

Recast EU Insolvency Regulation Comes into Force

Posted on

 

On 26 June 2017, the Recast EU Insolvency Regulation (Council Regulation (EC) No. 2015/848) came into force. It will apply to all relevant insolvency proceedings (although existing and ongoing proceedings will continue to be bound by the EU Insolvency Regulation (Council Regulation (EC) No. 1346/2000) (the “EIR”)). The Recast EU Insolvency Regulation will have direct effect in all EU member states (except Denmark).”

The Recast EU Insolvency Regulation is an update of the EIR following ten years of insolvency practice and experience since the EIR’s implementation. Largely, it represents a codification of well-established insolvency practice developed across the EU under the EIR however, it also introduces new innovative steps which, it is hoped, mark a step forward in light of learnings under the EIR to address perceived issues or “gaps” in existing legislation. READ MORE →

The Gorsuch Nomination: The Return of the Business Friendly Court?

Posted on

 

President Donald Trump nominated Judge Neil Gorsuch, a federal appellate judge on the Tenth Circuit Court of Appeals, to fill the Supreme Court seat of Justice Antonin Scalia. Our Supreme Court and appellate team, led by partner Bob Loeb, took a look at Judge Gorsuch’s track record as a judge on key business issues like securities litigation, arbitration and bankruptcy, to speculate on his future as a potential justice. To read the full article, please click here.

Supreme Court Hears Oral Argument in Jevic on Whether Distribution of Settlement Proceeds May Depart From Statutory Priority Scheme

Posted on

 

The United States Supreme Court heard oral arguments on December 7, 2016 in Czyzewski v. Jevic Holding Corp. The case poses a question that has divided the Second, Third, and Fifth Circuits: Whether a bankruptcy court may authorize the distribution of settlement proceeds in a way that departs from the statutory priority scheme in the Bankruptcy Code, including through a so-called “structured settlement.” READ MORE →

Sixth Circuit Finds Bankruptcy Court Cannot Force City to Provide Services in Chapter 9

Posted on

On November 14, 2016, the United States Court of Appeals for the Sixth Circuit held that courts in chapter 9 cases lack authority to order a municipal debtor to provide services to its constituents. Affirming the bankruptcy court’s dismissal of customers’ claims arising from the termination of their water service by the Detroit Water and Sewerage Department, the Sixth Circuit held that section 904 of the Bankruptcy Code prohibits a chapter 9 court from entering orders that “interfere” with a municipality’s “political [and] governmental powers.” In re City of Detroit, Mich., No. 15-2236, 2016 WL 6677715 (6th Cir. Nov. 14, 2016). READ MORE →

Third Circuit Departs from Momentive and Reinstates EFIH Noteholder Make-Whole Claims Causing Uncertainty over EFH’s Ability to Exit Bankruptcy

Posted on

Recently, the Third Circuit reversed decisions issued by the Delaware Bankruptcy and District Courts and permitted first and second lien noteholders of Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. to receive payment of a make-whole premium. In re Energy Future Holdings Corp., No. 16-1351 (3d Cir. Nov. 17, 2016).  The decision, which is largely grounded in New York law, departs from recent controversial decisions issued by the Bankruptcy Court and District Court for the Southern District of New York in the Momentive bankruptcy, which we have previously discussed here and here.  In Momentive, the courts reached the opposite conclusion on substantially similar facts.  In Momentive, the courts reached the opposite conclusion on substantially similar facts.  In addition to creating a split between the Third Circuit and the Southern District of New York, the ruling creates uncertainty regarding the ability for the debtors in the long-running EFH bankruptcy to confirm their proposed chapter 11 plan. READ MORE →

Orrick Ranked a Top 10 Bankruptcy and Restructuring Firm by The Deal

Posted on

 

The Deal’s latest Q3 2016 bankruptcy and out-of-court restructuring league tables again rank Orrick as a top bankruptcy and restructuring law firm. In the Out-of-Court Restructuring League Tables, Orrick earned a #6 ranking for creditor’s counsel in out-of-court restructurings. Additionally, the firm ranked #7 by billings in The Deal’s Bankruptcy League Tables for the third consecutive quarter in 2016. These are not the first league table distinctions Orrick’s Restructuring Group has garnered in 2016. In Q1, we were also ranked #5 for restructuring counsel to distressed companies. In 2015, we were earned an inclusion in the top ten bankruptcy legal advisor rankings in each quarter.

Over the past few months, Orrick’s Restructuring group has advised clients on several key restructuring matters, particularly in the areas of distressed energy and equipment finance. We have counseled a majority lender in the restructuring of Chesapeake Energy Corporation and the administrative agent in the restructuring of loans to Stonegate Production Company.

The Deal’s Bankruptcy League Tables are the industry’s only league tables focused solely on active bankruptcy and out-of-court-restructuring cases. These rankings are compiled on a quarterly basis through comprehensive deal intelligence to identify the top law, crisis management, investment, and non-investment firms and professionals involved in bankruptcy transactions throughout the United States.  Firms are ranked based on advice provided to creditors, debtors and out-of-court restructurings.

The Impact of PROMESA on Creditors

Posted on

 

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama.[1] PROMESA enables the Commonwealth of Puerto Rico and its public corporations and other instrumentalities in financial distress to restructure their debt.[2] The goal of PROMESA is to “bring solvency to Puerto Rico, build a foundation for future growth and ensure the island regains access to capital markets”.[3] PROMESA, though, is not limited to restructuring and enforcement of debt obligations or securities.  If you lent money or extended other forms of credit, or provided goods or services, to Puerto Rico or any of its instrumentalities, PROMESA may affect you. READ MORE →

Supreme Court to Resolve Circuit Split Over Structured Dismissals

Posted on

 

The Supreme Court again will be addressing the powers of bankruptcy courts. At the end of the term, the Court granted certiorari in Czyzewski v. Jevic Holding Corp. to decide whether a bankruptcy court may authorize the distribution of settlement proceeds in a way that violates the statutory priority scheme in the Bankruptcy Code.  No. 15-649, 2016 WL 3496769 (S. Ct. June 28, 2016).  The Supreme Court is expected to address this fundamental bankruptcy issue sometime early next year. READ MORE →

Orrick Ranked Among Top Ten Bankruptcy Law Firms

Posted on

The Deal has once again recognized Orrick as a Top Ten Bankruptcy Law Firm in its Q1 2016 Bankruptcy League Tables. After being named to the top ten in each quarter last year, Orrick extended the streak by gaining one spot in the rankings (now #7).

During a busy Q1 period, we advised several clients on a diverse blend of bankruptcy matters, with a particular emphasis in the areas of distressed energy, municipal debt and cross-border restructurings.

The Deal’s Bankruptcy League Tables are the industry’s only league tables focused solely on active bankruptcy cases. These rankings are compiled on a quarterly basis through comprehensive deal intelligence to identify the top law, crisis management, investment, and non-investment firms and professionals involved in bankruptcy transactions throughout the United States.