Supreme Court Closes ‘Backdoor’ Circumvention of Bankruptcy Priority Scheme
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Supreme Court Closes ‘Backdoor’ Circumvention of Bankruptcy Priority Scheme
By Oscar Pinkas and Bryan Bates, Partners & Sarah Schrag, Associate, Dentons US LLP
Chapter 11 bankruptcy cases generally conclude in one of three ways: a plan, conversion to a liquidation under Chapter 7, or dismissal. Classically, dismissal restores the debtor to its financial condition as of the date it filed bankruptcy, but “for cause” Bankruptcy Courts can order a “...
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Sarah Schrag is an associate in the Atlanta office and a member of Dentons’ Restructuring, Insolvency and Bankruptcy practice. Formerly she served as a legal intern for the U.S. Senate, focusing on Committee on the Judiciary matters. She also served as a legal intern to U.S. Magistrate Judge Lawrence R. Leonard in U.S. District Court for the Eastern District of Virginia. Schrag can be reached at Sarah.Schrag@Dentons.com.
Bryan Bates is a partner in Dentons' Restructuring, Insolvency & Bankruptcy practice group. He focuses his practice on corporate bankruptcy and commercial litigation, representing debtors, creditors, contract parties, and other parties in interest in Chapter 11 reorganization proceedings, insolvency matters, and related litigation. Bates practices in Dentons’ Atlanta office, serving clients’ interests throughout the United States and abroad. Bates can be reached at Bryan.Bates@Dentons.com.
Oscar Pinkas is a partner in Dentons’ Restructuring, Insolvency & Bankruptcy practice group. He represents clients in and out of court in stressed, distressed, workout, insolvency, and bankruptcy situations, whether in operational restructurings, transactions, litigation, or otherwise. Clients include distressed investors, asset purchasers, lenders, agents, bondholders, indenture trustees, bankruptcy estate fiduciaries, secured and unsecured creditors, committees, and debtors. Pinkas practices in Dentons’ New York office and can be reached at Oscar.Pinkas@Dentons.com.
