Unsecured Trade Creditors Committee

Committees

Post date: Wednesday, December 14, 2016

The Unsecured Trade Creditors Committee (UTC) was hard at work once again in 2016.

Post date: Monday, November 21, 2016

Competition among law firms to be selected as counsel to an Official Committee of Unsecured Creditor is notoriously stiff.  The financial rewards are substantial and work begets more work.  Every new engagement is another line in the pitch book, and one less for the competition.

Post date: Monday, November 21, 2016

By making official committees of creditors mandatory, Congress recognized that committees can be vital to the success of a chapter 11 case.  That is why the United States Trustee Program (“USTP”) expends great effort to solicit and to appoint a “representative” group and to provide its members with a charge that explains their important fiduciary duties to act on behalf of their constituency. 

Post date: Friday, July 08, 2016

In chapter 11 cases, the U.S. Trustee’s power is prominently showcased throughout the process of appointing official creditors (and equity) committees. The Code instructs that the U.S. Trustee “shall appoint a committee of creditors holding unsecured claims and may appoint additional committees ...

Post date: Friday, July 08, 2016

[1]Picture the scene: A vendor has just received word that its customer has filed chapter 11. The vendor put the customer on a cash-before-delivery basis and demanded assurances of performance. The vendor was successful in reducing the accounts receivable owed and avoiding preference liability in doing so.

Post date: Friday, June 03, 2016

Gas prices have plummeted more than 70 percent in the last two years.[1] This is financially devastating for the oil and gas industry. To cover the “souring energy loans” secured by oil and gas properties and proceeds, U.S. banks have set aside $2.5 billion.

Post date: Thursday, April 28, 2016

Recently, in Zachary v. Cal. Bank & Trust,[1] the U.S. Court of Appeals for the Ninth Circuit agreed with the Fourth, Fifth, Sixth and Tenth Circuits in holding that the absolute priority rule continues to apply to individual chapter 11 reorganizations, notwithstanding the 2005 BAPCPA amendments to the Bankruptcy Code.

Post date: Thursday, April 28, 2016
Photo of Kenneth David Kraft
Kenneth David Kraft

The Ontario Court of Appeal[1] recently affirmed the decision of the Ontario Superior Court of Justice in Nortel Networks Corporation (Re)[2] that the common law “Interest Stops Rule” applies in proceedings under Canada’s Companies’ Creditors Arrangement Act

Post date: Thursday, April 28, 2016

In its January 2016 decision in Boomerang Tube Inc.,[1] Judge Mary F. Walrath of the Delaware Bankruptcy Court considered the U.S.

Post date: Wednesday, December 16, 2015

Fueled by a very active membership, the Unsecured Trade Creditors Committee (UTC) was busy once again in 2015.

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Ms. Lindsay Zahradka Milne
Co-Chair
Bernstein Shur
Portland, ME
(207) 228-7379

Mr. Daniel I. Waxman
Co-Chair
KEWA Financial Inc.
Lexington, KY
(859) 233-0352

Ms. Lauren Dorsett
Communications Manager
Davis Wright Tremaine LLP
Seattle, WA
(206) 622-3150

Mr. Eric S. Chafetz
Education Director
Lowenstein Sandler LLP
New York, NY
(646) 414-6886

Ms. Samantha Martin
Newsletter Editor
Cleary Gottlieb
New York, NY
(212) 225-3341

Mr. A.J. Webb
Newsletter Editor
Frost Brown Todd LLP
Cincinnati, OH
(513) 651-6842

Mr. Jonathan J. Wernick
Special Projects Leader
B. Riley Advisory Services
Los Angeles, CA
(213) 409-6237

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