Legal Blog Articles by Joel R. Glucksman
Joel R. Glucksman is a bankruptcy & creditors' rights attorney who writes articles on bankruptcy & creditors' rights, corporate transactions & business, and creditor collections.
Results for articles
Third Circuit Clarifies When Subordination Agreement Can Be Ignored in Bankruptcy Cramdown
Author: Joel R. GlucksmanDate: September 18, 2020
In In re Tribune Co., the Third Circuit Court of Appeals affirmed the order confirming Tribune Co.’s Chapter 11 bankruptcy plan over the objections of creditors who argued that they were entitled to the benefit of a debt subordination agreement. As noted by the appeals court, the Bankruptcy Code’s cramdown provision “supplants strict enforcement of subordination agreements.” Instead, “when cramdown plans play with subordinated sums, the comparison of similarly situated creditors is tested through a more flexible unfair-discrimination standard.” After acknowledging that “[u]nfair discrimination is rough justice,” the Third Circuit went on to establish its own eight-factor test for unfairness.
The high-profile bankruptcy case involves Tribune Company (“Tribune”), which was once the largest media conglomerate in the country, owning the Chicago Tribune and the Los Angeles Times, as well as many regional newspapers, television and radio stations. The Company’s 2008 bankruptcy followed on the heels of its failed leveraged buyout (LBO), which left it with almost $13 billion of debt and a complex capital structure.
Can the SBRA Provide a Lifeline to Small Businesses Suffering Due to COVID-19?
The Small Business Reorganization Act (SBRA), which seeks to make small business bankruptcies faster and less expensive, took effect in...
Bankruptcy Filings Fall, Chapter 11 Filings Rise Compared to April 2019
The American Bankruptcy Institute reports that the government’s measures in April appear to have helped individual citizens avoid bankruptcy... The...
5 Reasons the Retail Industry is Declining
It's no surprise that 2017 isn't a great year for the retail industry. According to Business Insider, several well-known retailer...
IT Firm Ciber Inc. files for Chapter 11 Bankruptcy
Information technology consulting firm Ciber Inc. filed for Chapter 11 bankruptcy April 9, 2017, according to The Wall Street Journal. The...
Puerto Rico Officially Files For Bankruptcy
May 23, 2017
After careful consideration, the Caribbean island of Puerto Rico officially filed for the equivalent of bankruptcy May 3, 2017. According...
Gander Mountain Co. files for Chapter 11 Bankruptcy
May 16, 2017
Outdoor gear retailer Gander Mountain Co. filed for Chapter 11 bankruptcy protection as of March 11, 2017. This company is...
RadioShack Files For Chapter 11 Bankruptcy For The Second Time
May 11, 2017
General Wireless Operations Inc., best known as wireless and electronic store chain RadioShack, filed for Chapter 11 bankruptcy for the...
Third Circuit Ruling Affects Right to Discharge Tax Claims
May 9, 2017
Third Circuit Strips Taxpayers of Right to Discharge Tax Claims in Bankruptcy One of the great powers of bankruptcy law is...
Payless Inc Officially Files for Chapter 11 Bankruptcy
May 9, 2017
The rumors that predicted Payless ShoeSource would go bankrupt in the near future are true: the major shoe retailer officially...