Appvion, Inc., a manufacturer of specialty, high value added coated paper products headquartered in Appleton, Wisconsin, has, along with five of its affiliates and subsidiaries, filed a petition for relief in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-12082).  The petition reports $413,430,904 in assets and $714,758,194 in liabilities.  According to...
Undersecured creditors face unique challenges because they are neither fully secured nor fully unsecured.  Beyond the obviously undesirable issue of being upside-down on their deal, undersecured creditors often are exposed to preference liability for those payments they received in the 90 days prior to the debtor filing bankruptcy.  This is especially true where an aggressive...
Contractors are not Subject to Criminal Charges for Violations of the Outer Continental Shelf Lands Act By Michael J. O’Brien Yesterday, the U.S. Fifth Circuit Court of Appeals released its decision in USA v. Don Moss, et al., 2017 WL 4273427 (5th Cir. 2017) affirming the Eastern District’s ruling that oilfield contractors cannot be held liable for criminal violations of the Outer Continental Shelf’s Lands Act (OCSLA), 43 U.S.C.§ 1331, et... Continue Reading...
Validity of bridge loans in pre-insolvency scenarios in Germany In the context of German restructuring, bridge loans (Überbrückungskredite) are loans that are granted to financially distressed companies until a restructuring plan is formulated in order to avoid the company’s insolvency. In most cases, such loans are granted for a limited timeframe. After the restructuring plan has been finalized, renegotiations are usually required, in particular between the...… Continue Reading
Alberta Court of Queen’s Bench Reiterates Court’s Discretion to Grant an Interim Financing Charge “Super-Priority” Status in the Face of a Deemed Trust Under the Income Tax Act This blog’s most recent post considered the Supreme Court of Nova Scotia’s June 2017 decision of Rosedale Farms Limited, Hassett Holdings Inc., Resurgam Resources (Re) (“Rosedale”) where the Court held that a deemed trust for unremitted withholdings under sections 227(4) and 227(4.1) of the Income Tax Act (Canada) (the “ITA”) had priority over a charge...… Continue Reading
Transportation of Waste in Louisiana:  Louisiana Public Service Commission Adopts New Rules for Motor Carriers of Waste By Carrie R. Tournillon The Louisiana Public Service Commission (“LPSC”) voted at its meeting on September 20, 2017, to reconsider and approve adoption of proposed rules that provide guidelines for certification of motor carriers of waste and create a rebuttal presumption that granting a certificate is in the public interest if the applicant has met... Continue Reading...
The Academy Continues! As freshly sworn-in attorneys, Jenny and I headed in to our final days with renewed enthusiasm and excitement to officially start our careers at Bilzin Sumberg. On Friday, we began with the 21st Century Business Writing Workshop. We reviewed important skills we honed in law school and during our summer positions, and we also got... Continue Reading…