On March 17th, the New York Times reported that SVB Financial Group, the parent company of Silicon Valley Bank, filed for bankruptcy in the Southern District of New York. The filing comes shortly after Silicon Valley Bank was seized by the Federal Deposit Insurance Corporation, following a recent run on deposits. SVB’s collapse
On February 13, 2023, Ultra Petroleum Corporation (“Ultra”) filed a petition for a writ of certiorari with the US Supreme Court seeking review of the Fifth Circuit’s October 2022 ruling that, in solvent-debtor cases, debtors must pay unsecured creditors applicable contractual make-whole premiums and postpetition interest at contractual default rates in order for
In a recent article, Mayer Brown’s Matthew Wargin, Aaron Gavant, Jade Edwards, and Lauren Wray examine a new iteration of coercive sanctions imposed on potentially “double dipping” foreign creditors in Latin American airline Avianca’s chapter 11 case in the Southern District of New York. Avianca sought to sanction over 150 foreign creditors, asserting that
In a decision likely to have significant impact on certain types of bankruptcy filings going forward, this morning, the Third Circuit Court of Appeals ordered the dismissal of the Chapter 11 bankruptcy case filed by Johnson & Johnson affiliate LTL Management LLC.
After completing a multi-step divisional merger under Texas law (which led to LTL
On October 12th, Bloomberg reported that Alex Jones will join his bankrupt media production company, Free Speech Systems, in a court-supervised settlement with the families of the Sandy Hook school shooting victims. Specifically, Jones’ media company had filed a chapter 11 petition for bankruptcy in July of this year, in the Southern District
CNN reports on the Federal Reserve’s decision to raise its target interest rate by an additional 75 basis points to a range of 3.00% to 3.25% in an effort to combat persistent inflation in the US. This is the fifth time the Federal Reserve has raised rates this year. [CNN; Sept. 21, 2022]
Reporting from Reuters indicates that the German government plans to relax certain corporate insolvency rules in response to rising energy costs so that companies with financially sound business plans can avoid being required to file for protection under Germany’s insolvency laws. [Reuters; Sept. 9, 2022]
Bloomberg reports that the United States Court of Appeals for
Reuters reports that Coinbase’s shares rose more than 16% last week after the cryptocurrency exchange announced its partnership with BlackRock, the world’s largest asset manager. Under the agreement, Coinbase’s institutional trading platform Prime, which services hedge funds, corporate treasuries and other financial institutions, will provide crypto trading and custody services to Coinbase’s institutional clients using
According to The Wall Street Journal, Teva Pharmaceutical Industries Ltd. has reached a national settlement agreement worth nearly $5 billion, including about $3.7 billion in cash, to resolve thousands of lawsuits over its alleged role in the opioid crisis. The plaintiffs’ executive committee, which represents local and state governments and Native American tribes, reported
Mayer Brown partners Tyler R. Ferguson, Aaron Gavant, and Sean T. Scott and associate Samuel R. Rabuck recently published an article for Mayer Brown’s Perspectives & Events portal on the January 13, 2022, decision in which Judge David Novak of the US District Court for the Eastern District of Virginia vacated the bankruptcy court’s order