In the recent decision of In re Genco Shipping & Trading Ltd., the United States Bankruptcy Court for the Southern District of New York approved certain non-consensual third-party releases granted by unimpaired creditors and equity holders, to the extent that they complied with the US Court of Appeals for the Second Circuit’s standard for
U.S. Bankruptcy Court for the Southern District of New York
Pinnacle Airlines Files for Bankruptcy in the Southern District of New York
By Fox Rothschild LLP on
Posted in Bankruptcy Case Summaries
Introduction
On April 1, 2012, Pinnacle Airlines Corp. (“Pinnacle”) and four of its subsidiaries, filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the Southern District of New York. Based in Memphis, Tennessee, Pinnacle is a regional airline carrier that provides air service to legacy carries such as Delta, United and…
Bahraini Investment Bank, Arcapita Bank BSC, Files for Bankruptcy in the Southern District of New York
By Fox Rothschild LLP on
Posted in Bankruptcy Case Summaries
Introduction
On Monday, Arcapita Bank BSC (“Arcapita”), a Bahraini closed joint stock company, filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the Southern District of New York. As stated in the First Day Declaration of Arcapita’s Executive Director (the “Declaration” or “Decl.”), the company describes itself as a “leading global…
A Look At Value City’s Objectives While In Bankruptcy
By Fox Rothschild LLP on
Posted in Bankruptcy Case Summaries
Background on the Bankruptcy Filing
On October 26, 2008, Value City Department Stores filed chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the Southern District of New York. According to information contained in the Debtor’s first day motions (read here), Value City’s slide into bankruptcy began following the decline in…