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First Quarter 2022 Highlights Reported net sales totaled $901 million, down 10% on a GAAP basis and down 6% at constant currency*Net income...

The In re Jevic Holding Corp. chapter 11 case continues to make news.  The case is likely best remembered for the 2017 Supreme Court decision holding that the distribution scheme in a structured dismissal of a Chapter 11 case cannot violate the absolute priority rule.  The case has since been converted to Chapter 7, and in its most recent development, the Bankruptcy Court in Delaware barred the Chapter 7 trustee from stepping into the shoes of either the former unsecured creditors’ committee or the debtor due to the language in the Final Debtor In Possession Order. Chapter 7 trustees hav...

Garrett Motion Inc.: Garrett Motion Reports First Quarter 2021 Financial Results First Quarter 2021 Highlights Net sales totaled $997 million, an increase of 33.8% on a reported basis and 25.6% at constant currency* Net loss totaled $105 million; Adjusted net income* was $96 million Adjusted EBITDA* increased to $176 million; Adjusted EBITDA margin* improved 320 basis points to 17.7% Net cash provided by operating activities totaled $32 million Adjusted free cash flow* totaled $162 million; Adjusted free cash flow conversion rate* was 169% Garrett Motion Inc., a leading differentiated technol...

Introduction In a recent decision, In re Orexigen Therapeutics, Inc., No. 20-1136, 2021 U.S. App. LEXIS 8075 (3d Cir. Mar. 19, 2021), the Third Circuit held that triangular setoff arrangements are unenforceable under section 553 of the Bankruptcy Code. A triangular setoff arrangement arises when one party to a contract attempts to not only set off debts owed to another (debtor), but also debts owed by nonparty affiliates of such counterparty. For instance, if A and B are parties to a contract, under a triangular setoff arrangement A may be able to reduce its outstanding liabilities owed to...

To embed, copy and paste the code into your website or blog: Somewhere in our rough memories of high school science, we should recall the general principle that a gas will always expand to fill a given void.  Although the Bankruptcy Code diverges markedly from scientific principles, newly enacted provisions in Subchapter V of Chapter 11 of the Bankruptcy Code suggest some similarity.  In In re Dani Transport Service, Inc., the United States Bankruptcy Court for the Central District of California found that Sections 1183 and 1185 of the Bankruptcy Code can be read together to remove a Subch...