Insights on Financial Restructuring & Bankruptcy

Welcome to the April 2024 issue of “As the (Customs and Trade) World Turns,” our monthly newsletter where we compile essential updates from the customs and trade world over the past month.

A significant recent decision by the Fifth Circuit Court of Appeals in the case of Raymond James & Assocs. V. Jalbert (In re German Pellets La., L.L.C.), 91 F.4th 802 (5th Cir. 2024) (German Pellets), underscores the potential risks and consequences of choosing to observe from the sidelines.

Complex Litigation Partner Jackson Toof will moderate a panel at the American Bankruptcy Institute and Association of Insolvency & Restructuring Advisors’ annual VALCON Conference in New Orleans, Louisiana, on March 18-20, 2024.

ArentFox Schiff was honored by The M&A Advisor with its Section 363 Sale of the Year ($10MM to $50MM) for its representation of the Official Committee of Unsecured Creditors of Winc, Inc.

ArentFox Schiff partner George Angelich will be speaking at the upcoming 6th annual 6th Annual Asset Recovery International conference in Dublin, Ireland. George’s panel will center around the recent developments in US foreign recognition proceedings.

ArentFox Schiff is pleased to announce the addition of partner Todd Feinsmith to its Bankruptcy & Financial Restructuring practice in the firm’s Boston office.

This constitutes the third in a four-part series that discusses the practice of repledging (sometimes referred to as “rehypothecation”), how standard agreements allow for repledging, the treatment of repledging under current law, the potential pitfalls of which borrowers should be aware, and how borrowers can protect themselves going forward.

In a turbulent economy, political hyper-partisanship and policy dysfunction create large uncertainties for practitioners.

In light of the banking failures of Silicon Valley Bank, Signature Bank and First Republic (as well as Credit Suisse), this summer, the Federal Reserve and the FDIC proposed guidance and rules for larger banks.

ArentFox Schiff has been awarded 62 top rankings in the 2024 edition of Best Law Firms® which recognizes firms for professional excellence based on consistently positive ratings from clients and peers.

ArentFox Schiff is pleased to announce that 130 attorneys have been recognized by The Best Lawyers in America 2024, with an additional four attorneys highlighted as “Lawyers of the Year” and 69 attorneys listed as “Ones to Watch.”

With rising interest rates, one strategy a debtor can pursue as part of a reorganization is to reinstate a defaulted loan that has a below market rate.

Effective April 15, 2023, Visa has implemented a reduction in the permissible merchant surcharge to the lower of: (a) the merchant discount rate (MDR) for the applicable credit card or (b) 3%.

Our Bankruptcy & Financial Restructuring Practice was selected as counsel to the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy case for PGX Holdings Inc.

ArentFox Schiff is pleased to announce that Matthew Bentley has been selected to participate in the National Conference of Bankruptcy Judges (NCBJ) annual Next Generation Program.

ArentFox Schiff is pleased to announce that Bankruptcy & Financial Restructuring Practice Group Leader Andrew I. Silfen has been named to the Association of Insolvency and Restructuring Advisors’ (AIRA) 2023 class of Distinguished Fellows.

ArentFox Schiff is pleased to announce that 93 attorneys and 21 practices have been ranked by The Legal 500 United States 2023 guide, a nationwide analysis of law firms that provide cutting-edge and innovative advice.

ArentFox Schiff is proud to announce that two insights from the firm’s Bankruptcy and Financial Restructuring team have been selected for inclusion in the American Bankruptcy Institute’s Best of ABI 2022: The Year in Business Bankruptcy.

ArentFox Schiff is pleased to announce that 70 attorneys were recognized as leaders in their field and 24 practices spanning the firm’s litigation, regulatory, and transactional capabilities were ranked in the 2023 edition of Chambers USA.

Valuation is a key element in bankruptcies. Generally, a higher valuation of a bankrupt firm means larger creditor recoveries, and a higher valuation of pre-petition collateral means a smaller “adequate protection” package for prepetition secured lenders.

ArentFox Schiff is proud to announce that the Bankruptcy & Financial Restructuring group has been awarded “Industrials Deal of the Year” for the sale of Masten Space Systems to Astrobotic Technology, Inc. by The M&A Advisor for the 17th Annual Turnaround Awards.

ArentFox Schiff is pleased to announce that three of the firm’s thought leaders have been named top authors by the 2023 JD Supra Readers’ Choice Awards, which recognizes authors and firms that attained a high level of visibility and engagement across the JD Supra content platform during 2022.

Over the last decade, 37 states and four territories in the United States have legalized some form of cannabis sales for recreational or medical use by consumers.

Courts across the United States are grappling with the application of traditional legal principles to “Web3” technologies and tools, such as blockchain, NFTs, and decentralized autonomous organizations (DAOs).

Our Bankruptcy & Financial Restructuring Practice represents the Official Committee of Unsecured Creditors of Winc, Inc., et al. Winc, Inc. and its affiliated companies filed Chapter 11 in the United States Bankruptcy Court for the District of Delaware.