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	<title>Special Situations and Restructuring</title>
	<description>Publications and news for Chapman&#039;s Special Situations and Restructuring Group.</description>

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		<category>Article</category>
		<title>Equity Pledge Agreements — A Valuable and Flexible Secured Creditor Tool</title>
		<link>https://www.chapman.com/publication-10170.html</link>
		<description><![CDATA[ In this article in the US-Israel Legal Review 2026, Michael Friedman, Chapman attorneys Michael Friedman, head of our Israel Practice and Special Situations and Restructuring Group, and Julie Song examine how an equity pledge can give secured lenders greater protection and meaningful leverage in the event of borrower default. ]]></description>
		<pubDate>Tue, 02 Jun 2026 09:00:00 -0400</pubDate>
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		<category>Client Alert</category>
		<title>Supreme Court Rejects Non-Consensual Third-Party Releases for Sacklers in Purdue Pharma Bankruptcy, Reversing Second Circuit</title>
		<link>https://www.chapman.com/publication-10081.html</link>
		<description><![CDATA[ On June 27, 2024, the United States Supreme Court ruled in favor of the United States Trustee, who had objected to Purdue&rsquo;s plan of reorganization that granted releases of third party claims to members of the Sackler family in exchange for their contribution of up to $6 billion to the Purdue bankruptcy estate. Justice Neil Gorsuch, writing for the majority, found that the type of relief being granted to the Sacklers (i.e., a blanket shield from all existing or potential liability relating to the opioid crisis) represented the kind of &ldquo;discharge&rdquo; only available to debtors who have &ldquo;placed all their assets on the table.&rdquo; ]]></description>
		<pubDate>Wed, 03 Jul 2024 09:00:00 -0400</pubDate>
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		<category>Client Alert</category>
		<title>First Circuit Rules PREPA Bondholders Have a Secured Claim on Current and Future Net Revenues</title>
		<link>https://www.chapman.com/publication-10080.html</link>
		<description><![CDATA[ In a decision that should help restore investors&rsquo; faith in the protections afforded municipal bondholders under the United States Bankruptcy Code (the &ldquo;Bankruptcy Code&rdquo;), on June 12, 2024, the United States Court of Appeals for the First Circuit (the &ldquo;First Circuit&rdquo; or the &ldquo;Court&rdquo;) held that the bondholders (the &ldquo;Bondholders&rdquo;) of certain Puerto Rico Electric Power Authority (&ldquo;PREPA&rdquo;) electric revenue bonds (the &ldquo;Bonds&rdquo;) have a non-recourse claim against PREPA&rsquo;s estate in PREPA&rsquo;s reorganization proceedings under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act, 48 U.S.C. &sect;&sect; 2161-78 (&ldquo;PROMESA&rdquo;), for the full principal amount of their outstanding Bonds, plus matured interest, of approximately $8.5 billion, and that the Bonds are secured by PREPA&rsquo;s current and future Net Revenues. ]]></description>
		<pubDate>Thu, 20 Jun 2024 09:00:00 -0400</pubDate>
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		<category>Article</category>
		<title>You Can’t Subordinate Me, I Am a Senior Secured Creditor, Right?</title>
		<link>https://www.chapman.com/publication-10017.html</link>
		<description><![CDATA[ Pratt's Journal of Bankruptcy Law republished a Chapman Client Alert. ]]></description>
		<pubDate>Tue, 31 Jan 2023 09:00:00 -0500</pubDate>
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		<category>Client Alert</category>
		<title>Fifth Circuit Hands Holders of Bankrupt &lt;em&gt;Ultra Petroleum&lt;/em&gt; Unsecured Bonds a Major Make-Whole Victory While Gutting Make-Whole Entitlements in Louisiana, Mississippi and Texas, Ending Years of Speculation and Legal Wrangling</title>
		<link>https://www.chapman.com/publication-10020.html</link>
		<description><![CDATA[ The success of Ultra Petroleum bondholders&rsquo; make-whole claims is grounded in the unusual circumstance of a solvent debtor, with the Fifth Circuit unambiguously holding that make-whole entitlements in non-solvent-debtor cases must be disallowed. ]]></description>
		<pubDate>Mon, 31 Oct 2022 09:00:00 -0400</pubDate>
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		<category>Client Alert</category>
		<title>Delaware Supreme Court Holds Transfer of Assets by Insolvent Company to its Creditors Required Shareholder Vote; Leaves Open Question of Statutory Requirements</title>
		<link>https://www.chapman.com/publication-10014.html</link>
		<description><![CDATA[ In an opinion issued on June 15, 2022, the Delaware Supreme Court reversed a decision by the Chancery Court and found that a transfer by an insolvent corporation of substantially all of its assets to a newly created entity (&ldquo;SeeCubic&rdquo;) controlled by its secured creditors, in full satisfaction of its debts, violated the corporation&rsquo;s charter. ]]></description>
		<pubDate>Mon, 11 Jul 2022 09:00:00 -0400</pubDate>
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		<category>Client Alert</category>
		<title>Congress Acts to Preserve the Increased Debt Eligibility Threshold of the Small Business Reorganization Act of 2019</title>
		<link>https://www.chapman.com/publication-1156.html</link>
		<description><![CDATA[ On February 19, 2020, the Small Business Reorganization Act came into effect and Debtors with aggregate liabilities that do not exceed $2,566,050 were provided an opportunity to resolve their outstanding liabilities. But even before the SBRA could see its first successes (or failures), the Coronavirus Aid, Relieve and Economic Security Act of 2020 increased a small business&rsquo;s debt threshold to $7.5 million. ]]></description>
		<pubDate>Tue, 28 Jun 2022 09:00:00 -0400</pubDate>
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		<category>Client Alert</category>
		<title>No Shareholder Vote Needed for Insolvent Company to Transfer Assets to Secured Creditors</title>
		<link>https://www.chapman.com/publication-10010.html</link>
		<description><![CDATA[ The Delaware Supreme Court is currently considering an appeal of a series of decisions by the Court of Chancery which held that a vote of a majority of shareholders is not required for an insolvent company to transfer its assets to its secured creditors. ]]></description>
		<pubDate>Thu, 19 May 2022 09:00:00 -0400</pubDate>
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		<category>Article</category>
		<title>Important Court Rulings Arise from Puerto Rico’s Economic Crisis</title>
		<link>https://www.chapman.com/publication-10009.html</link>
		<description><![CDATA[ This article in the&nbsp;Journal of Corporate Renewal, authored by Chapman Partner Scott A. Lewis, outlines the legal developments stemming from Puerto Rico's economic crisis.&nbsp; ]]></description>
		<pubDate>Tue, 10 May 2022 09:00:00 -0400</pubDate>
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		<category>Client Alert</category>
		<title>Independent Directors of Distressed Companies: Considerations for Appointment to the Governing Board</title>
		<link>https://www.chapman.com/publication-10004.html</link>
		<description><![CDATA[ The proliferation of investments in small, family-owned and mid-cap companies by private equity funds has led to changes in corporate governance provisions in the acquired companies&rsquo; organizational documents. Some private equity funds team up with existing management and take a minority position in the acquired company, while others will make an investment only if they can acquire controlling interest or 100 percent ownership of a company. In cases where a fund acquires a controlling interest in a company, it will often populate the company&rsquo;s governing body with the fund&rsquo;s principals or employees and the company&rsquo;s chief executive. The fund may also seek to add outside directors with industry expertise to help govern the company. Where a private equity fund acquires a non-controlling interest, it will often seek to protect its investment by having consent and/or veto rights for certain significant transactions &ndash; for instance, the incurrence of debt, issuance of additional equity, and acquisition or disposition of assets. Thus, the organizational documents of a company may contain provisions restricting certain activities without the requisite consent of certain directors or equity holders. ]]></description>
		<pubDate>Tue, 22 Feb 2022 09:00:00 -0500</pubDate>
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