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Author Archives: Douglas Mintz
UPDATE: Court Rejects CalPERS’ Efforts to Lift Stay In San Bernardino Case
In a ruling predicted by the Restructuring Review Blog last month, Judge Meredith A. Jury of the U.S. Bankruptcy Court for the Central District of California rejected arguments by CalPERS that the Bankruptcy Court should lift the automatic stay and … Continue reading
Posted in Analysis, Chapter 9
Tagged Automatic Stay, Chapter 9, Jefferson County, municipal bankruptcy
2012 Year in Review – Part 2
To our readers:
From the Supreme Court weighing in on a chapter 11 case to Bankruptcy Court opinions that may profoundly impact venue selection, many important bankruptcy developments occurred in Restructuring Review’s inaugural year. Below is Part II in our first annual year-end list of the most significant decisions and developments in 2012. This list is presented chronologically. We’d love to hear your feedback as to what you think are the most important events of the year.
We appreciate you visiting Restructuring Review this year and look forward to providing you with frequent insight and analysis in 2013.
Best wishes for a happy and healthy holiday season.
Posted in Analysis
2012 Year In Review – Part 1
To our readers:
From the Supreme Court weighing in on a chapter 11 case to Bankruptcy Court opinions that may profoundly impact venue selection, many important bankruptcy developments occurred in Restructuring Review’s inaugural year. Below is Part I in our first annual year-end list of the most significant decisions and developments in 2012. Part II will be posted shortly. This list is presented chronologically. We’d love to hear your feedback as to what you think are the most important events of the year.
We appreciate you visiting Restructuring Review this year and look forward to providing you with frequent insight and analysis in 2013.
Best wishes for a happy and healthy holiday season. Continue reading
Posted in Analysis
So You Want to Sell (or Buy) A Company Under Section 363? Here’s How
With companies facing significant distress due to vast over-leverage, debtors have increasingly turned to asset sales under Section 363 of the Bankruptcy Code, rather than Chapter 11 plans, to dispose of their assets quickly and begin the process of winding down their estates. According to the UCLA-LoPucki Bankruptcy Research Database, less than 4 percent of all large, public company bankruptcies were resolved by substantial asset sales from 1990-2000. However, in the period from 2001-2010, that figure rose to nearly 20 percent – peaking in 2011 when 43 percent of large public cases were resolved by an asset sale. Continue reading
Posted in 363 Sales
California Dreaming? CalPERS Seeks Payment in Full of All Pension Obligations During Pendency of San Bernardino’s Chapter 9 Case
California has seen a string of three Chapter 9 filings this year and faces a long line of distressed municipalities. Given this backdrop, the California Public Employees’ Retirement System (“CalPERS”) figures to play a prominent role in the resolution of many of these situations (in or out of bankruptcy). Thus, the bond‑buying public will scrutinize closely any steps that CalPERS takes to protect its claims in the Bankruptcy Court. Continue reading
Posted in Chapter 9
Court Denies Pinnacle Airlines’ Motion to Reject Collective Bargaining Agreement: Outlines Potential Resolution
Following the pattern recently established by other S.D.N.Y. bankruptcy judges in Hostess and American Airlines, Judge Robert Gerber denied Pinnacle Airlines’ motion to reject its collective bargaining agreement with the Air Line Pilots Association on narrow factual grounds. Although Judge Gerber found that Pinnacle had demonstrated that the “great bulk” of its final offer to the pilots was necessary to Pinnacle’s reorganization, the court held that:
• Pinnacle had not demonstrated that it was necessary to reduce its labor costs below the labor costs of its competitors,
• Given the substantial concessions requested from the pilots, the profit sharing proposals offered to the pilots were not fair and equitable, and
• Pinnacle’s failure to make any changes to the total labor cost savings requested from the pilots constituted good cause on the part of the pilots to reject Pinnacle’s proposal.
Continue reading
Posted in Executory Contracts
Developments in European Restructurings
Cadwalader partner Richard Nevins recently sat down to discuss developments in European restructurings with Doug Mintz, Restructuring Review’s Co-Editor-in-Chief and Cadwalader Special Counsel. Continue reading
Posted in Analysis
Hostess to Liquidate
After a final mediation session between Hostess and its unions failed to put Hostess’s reorganization back on track, Bankruptcy Judge Robert Drain authorized the orderly wind down of Hostess’s operations. As a result, Hostess will prepare to sell its assets and shut down its factories. However, a purchaser may seek to restart the production of the beloved baked goods such as Twinkies, Ho-Hos and Donettes. Continue reading
Posted in Analysis
Distressed Investing – 19th Annual Conference
Doug Mintz spoke at the 19th annual Distressed Investing Conference on November 26th. He helped moderate a panel regarding Municipal Debt Restructuring, drawing on his experience in the Jefferson County, Stockton and San Bernardino bankruptcies and other out of court matters. Continue reading
Posted in Chapter 9
Hostess Does Not Liquidate, Set to Mediate With Union
Reports of Twinkie the Kid’s death have been exaggerated. Despite widespread mainstream media reports of Hostess’ impending liquidation, the court has not yet approved liquidation. To the contrary, on November 19, 2012, after a brief hearing on Hostess’s emergency motions to begin the wind down of its operations, Hostess and its two main unions agreed to attend a confidential mediation session. At the mediation, Bankruptcy Judge Robert Drain intends to determine if the parties can avoid liquidation. Continue reading
Posted in Analysis