The U.S. biofuels industry-both ethanol and biodiesel-are well into a full-scale restructuring. Many companies are sitting idle, struggling with limited cash, ceasing operations, evaluating restructuring options or selling assets. Few, if any, players are prospering in the current environment.
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At its core, the Obama administration's foreclosure prevention program makes mortgage servicing the lynchpin of a new process that looks to modify and refinance millions of delinquent and underwater mortgage loans.
In a case of first impression in the circuit, the Sixth Circuit Court of Appeals has applied Federal Rule of Civil Procedure 60(b) to revoke a bankruptcy trustee's "technical" abandonment of property. LPP Mortgage Ltd. v. Brinley, 547 F.3d 643 (6th Cir. 2008).
Historically, a credit bid in a chapter 11 sale has frequently been viewed as a "non-sale" event, and the parties did not feel an obligation to pay an investment banker, business broker, real estate broker or auctioneer (the professional) a commission for the result.
Selling Distressed Real Estate at Auction in Today's Market
Examples of how the current economic meltdown impacts the chapter 11 landscape are many. The unavailability of debtor-in-possession financing in most cases makes maintaining cash levels that much more important during the reorganization process.
Do you remember when advertising a "bankruptcy sale" attracted legions of deal-hungry bidders? Not anymore: The game has changed. Real estate disposition now requires new techniques to drive values and timely sales.
Since the new Brazilian "Bankruptcy Law" (Federal Law No. 11101) was enacted on Feb. 9, 2005, and became effective on June 9, 2005, scholars and practitioners have held wide-ranging discussions about the constitutionality of some of its provisions.
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The House Judiciary Committee approved an amendment in the nature of a substitute for H.R.