Business Restructuring Review

In this issue:

  • Landmark Reorganization of USG Corporation
    With Jones Day’s assistance as reorganization counsel, USG Corporation and its 10 domestic subsidiaries successfully emerged from chapter 11 protection, having resolved more than $6 billion in liabilities and preserved shareholders’ equity interests.
  • Unscrambling the Egg or Redividing the Pie? Revoking a Chapter 11 Plan Confirmation Order
    The Delaware district court and a New York bankruptcy court exercised their broad discretion under section 1144 of the Bankruptcy Code in refusing to revoke orders confirming chapter 11 plans despite allegations of procurement fraud. 
  • Newsworthy
  • When Is It Too Late for Substantive Consolidation?
    The Fifth Circuit held that the bankruptcy court abused its discretion in nunc pro tunc substantively consolidating a debtor corporation with its nondebtor sole shareholder because the court had previously authorized a secured creditor to pursue its remedies against the shareholder in state court.
  • Second Quarter Business Bankruptcy Filings Wane
  • Focus Abroad: China
    A brief discussion of the PRC Enterprise Bankruptcy Law enacted in China on August 26, 2006.
  • Largest Public Company Bankruptcy Filings in 2006