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  • John C. Coffee, Jr. – Boeing and the Future of Deferred Prosecution Agreements By John C. Coffee, Jr.
  • Leveraging Information Forcing in Good Faith By Hillary Sale
  • The Dark Side of Safe Harbors Comment bubble 2 By Susan C. Morse
  • John C. Coffee, Jr. – Mass Torts and Corporate Strategies: What Will the Courts Allow? By John C. Coffee, Jr.
  • Compliance’s Next Challenge: Polarization By Miriam H. Baer
  • Will the Common Good Guys Come to the Shootout in SEC v. Jarkesy? And Why It Matters By Eric W. Orts
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chapter 11

The Corporate Restructuring Machine: How AI Could Improve Workouts

By Horst Eidenmüller and Jared Mayer April 21, 2025 by renholding

Out-of-court corporate restructurings, or “corporate workouts,” involve high-stakes multi-party negotiations without a clear procedural framework, such as the one that Chapter 11 provides. This gives the parties the freedom to design workouts without the constraints imposed by a rigid legal …

Comment  

Bankruptcy’s Turn to Market Value

By Mark J. Roe and Michael Simkovic April 10, 2025 by renholding

Chapter 11 was widely seen as a failure in the first decade of the Bankruptcy Code’s operation, the 1980s. Large firms were mired in bankruptcy for years; the process was seen as expensive, inaccurate, and subject to abuse. While basic …

Do Rights Offerings Reduce Bargaining Complexity in Chapter 11?

By Gunjan Seth March 11, 2025 by renholding

One of the primary challenges faced by the courts after a firm files for bankruptcy is estimating the continuation value of the reorganized firm. Often there are large errors in these estimates, which raise significant concerns about the efficiency of …

What History Tells Us About the Value of Bankruptcy Directors

By Robert W. Miller April 30, 2024 by renholding

The proliferation of bankruptcy directors represents a controversial shift in the corporate governance landscape.  Independent directors appointed when a company experiences financial distress (known colloquially as “bankruptcy directors”) bring restructuring expertise and experience to a high-stakes situation.  Their appointment also …

The Beauty of Belk’s Sixteen-Hour Bankruptcy Case

By Robert K. Rasmussen and Roye Zur January 18, 2024 by renholding

In recent years, Chapter 11 of the Bankruptcy Code has prompted critics to claim that, at least when it comes to large companies, it has become a lawless forum where bankruptcy judges have jettisoned fealty to the code in order …

1 Comment  

The Mass Tort Claimants’ Bargain

By Daniel J. Bussel January 2, 2024 by renholding

The bankruptcy system has long been the last, best hope for firms seeking to resolve overwhelming mass-tort liabilities.  The seminal case, Manville, resolved legacy asbestos liabilities through debtor and third-party funding of a claimant trust and an order channeling all …

Do Hedge Funds Exploit Material Nonpublic Information from Bankrupt Companies?

By Wei Wang, Yan Yang and Jingyu Zhang December 20, 2023 by renholding

Unsecured debt of distressed companies is a popular investment for certain hedge funds, not least because it often allows the funds to serve on a distressed company’s unsecured creditors’ committee (UCC) shortly after the firm files for Chapter 11 bankruptcy. …

John C. Coffee, Jr. – Mass Torts and Corporate Strategies: What Will the Courts Allow?

By John C. Coffee, Jr. November 1, 2023 by renholding

Within a month, the U.S. Supreme Court will hear Harrington v. Purdue Pharma, L.P.,[1] a case that (i) could radically change the potential for bankruptcy to serve as the preferred mechanism for corporations seeking to resolve mass torts, …

Skadden Discusses De-SPACed Companies Seeking Chapter 11 Protection

By Shana A. Elberg and Christopher M. Dressel May 11, 2023 by renholding

The contraction of the market for special purpose acquisition companies (SPACs) and the recent challenges de-SPACed companies have encountered have attracted considerable press attention. The stocks of many de-SPACed businesses — companies formed by the merger of a SPAC with …

How to Square Corporate Bankruptcy With Cryptocurrency

By Stephen J. Lubben May 1, 2023 by renholding

One of the primary attractions of cryptocurrency, for libertarians and blackmailers alike, is its relative freedom from the governmental oversight and involvement that comes with traditional currency.  Yet this anti-government tilt is a problem where chapter 11, or bankruptcy generally, …

Bailout Blues: The Write-Down of the AT1 Bonds in the Credit Suisse Bailout

By Horst Eidenmüller and Javier Paz Valbuena April 17, 2023 by renholding

A key principle of Chapter 11 corporate reorganizations is the “absolute priority rule.” It requires that the claims of a dissenting class of creditors be paid in full before any stakeholders in a class junior to such dissenting …

Crypto Contagion: FTX, a Sector’s Crisis, and the Future of Digital Assets

By Lev Breydo March 28, 2023 by renholding

In just three years, crypto conglomerate FTX Group went from start-up to a $40 billion global phenomenon to a company in “free-fall” Chapter 11. The debacle has been most brutal for millions of FTX customers, who are living through the …

The Questionable Virtues of Chapter 11 in the FTX Bankruptcy

By Diane Lourdes Dick and Christopher K. Odinet December 7, 2022 by renholding

On November 14, 2022, FTX, the third largest crypto exchange in the world, filed for bankruptcy. Since then, the company, its many affiliates, and its 30-year-old owner and founder, Sam Bankman-Fried, have been investigated by lawmakers and regulators across many …

Debevoise & Plimpton Discusses How Bankruptcy Courts Will Measure Customer Crypto Claims

By Sidney P. Levinson, Jeffrey L. Robins, Elie J. Worenklein and Michael C. Godbe October 24, 2022 by renholding

In the wake of the industry’s recent significant bankruptcy filings, crypto watchers are focusing for the first time on which crypto-entities are eligible for chapter 11 relief[1] under the U.S. Bankruptcy Code (the “Bankruptcy Code”)[2] and, …

Beyond the Twilight Zone: The Restructuring and Resurrection of Zombie Firms

By Christine Liu August 23, 2022 by renholding

Responses to financial crises can have the unfortunate effect of creating “zombie” firms, companies whose operating profits are insufficient to cover their debt service. These companies would probably have gone bankrupt without the forbearance of banks or regulators or other …

Consumer Responses to Corporate Bankruptcy

By Samuel Antill and Megan Hunter June 10, 2022 by renholding

Distressed firms may avoid an otherwise beneficial Chapter 11 reorganization because they fear losing customers.  In our recent paper, we use two experiments to estimate the effect of corporate bankruptcy on consumer demand for a bankrupt firm’s products. We …

Wachtell Lipton Discusses Corporate Bankruptcy and Restructuring: 2021-2022

By Amy Wolf, Emil Kleinhaus, John Sobolewski, Joseph Celentino and Michael Cassel February 15, 2022 by renholding

While the Covid‑19 pandemic continued into 2021, the sharp rise in corporate bankruptcies that we saw in 2020 did not.  Due to unprecedented government assistance and the continued availability of credit at historically low interest rates, companies that survived 2020 …

1 Comment  

How Holdouts Put Restructuring at Risk

By Stephen J. Lubben November 23, 2021 by renholding

Corporate creditors, perhaps like Americans generally, like to think of themselves as rugged individuals who also work within a communal system.  The fundamental tension is clearest at the point of default: Too much individuality, and a small minority of creditors …

Shocking Business Bankruptcy Law

By Melissa B. Jacoby November 10, 2021 by renholding

In a recent essay, Shocking Business Bankruptcy Law, I discuss how crisis is used strategically to push legal boundaries in large chapter 11 cases in ways that are not readily reversed. I focus primarily on two phenomena. The first …

2 Comments  

COVID to Test Bankruptcy Infrastructure

By Robert K. Rasmussen October 26, 2021 by renholding

The COVID pandemic prompted  global economic problems that many predicted would lead to an unprecedented number of corporate bankruptcies. The predictions were wrong, largely because governments responded with extraordinary measures. Congress, for example, pumped trillions of dollars into the U.S. …

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Lawmakers Traded as Tariffs Imposed
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Circuit Split Means PSLRA Headache
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SEC Will Suffer Long Musk Hangover
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SEC Takes Aim at AI Washing
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Wall Street Journal
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Bloomberg
U.S. Asks Judge to Dismiss Criminal Charge Over Boeing 737 Max Crashes
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Congestion Pricing Freeze Blocked
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Reuters
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Wall Street Journal
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U.S. to Nix Biden Fuel Economy Rules
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Musk Commits to Tesla CEO Role
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Google Challenges AI Search Firms
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Boeing Near Deal to Avoid Guilty Plea
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