Authors: Paul A. Rubin, Frederick E. Schmidt
Herrick, Feinstein LLP, New York, New York, USA

Earlier this year, the Third Circuit Court of Appeals' decision in In re Philadelphia Newspapers, LLC sent shockwaves through the secured lending community. In a 2-1 decision, the court held that a debtor

Read more: Secured Lenders Win Latest Round in Credit Bidding Wars


By: Paul A. Rubin and Frederick E. Schmidt
Herrick, Feinstein LLP, New York, New York, USA

A company facing a rash of tort lawsuits may try to use a dormant subsidiary's bankruptcy as a tool to limit its exposure. That's what Pfizer tried to do, and a New York bankruptcy judge sent them packing.  This case is a

Read more: Bad Medicine: Court Prevents Pfizer from Manipulating Subsidiary’s Bankruptcy to Serve its Own...


By: Ilmar-Erik Aavakiv and Kairi Tuulmägi
Advokaadibüroo Aivar Pilv, Estonia

It is usual that the obligations of a company are secured by a guarantor, often times a member of the management board. Signing a surety contract gives the creditor more security – if the debtor is unable to fulfill his obligations

Read more: Suretyship and Bankruptcy


By: Paul A. Rubin, Frederick E. Schmidt
Herrick, Feinstein LLP, New York, NY

A groundbreaking decision in a high profile case opens the door for confirmation of chapter 11 plans that distribute value to junior creditors over the objection of first lienholders, despite the parties' subordination

Read more: Cram Down Plan “Trumps” Subordination Provision in Intercreditor Agreement


By: Stephen B. Selbst and Paul A. Rubin
Herrick, Feinstein LLP., New York, NY

A recent New York bankruptcy court decision highlights a less commonly used option for lenders to take control of troubled real estate projects. The lender obtained relief from the automatic stay to foreclose

Read more: Foreclosure on UCC Collateral Speeds Lender’s Takeover of Troubled Real Estate