Business Restructuring Review

In this issue:

  • Jones Day Charts Dana Corporation’s Path to Successful Emergence From Chapter 11
    A team of Jones Day professionals represented Dana Corporation and its affiliates in connection with their filing and successful emergence from Chapter 11.
  • Newsworthy
  • Clearing the Air: Australia’s High Court Clarifies the Operation of the IATA Clearing House Regulations During Member Airline’s Australian Insolvency Proceeding
    Australia’s High Court recently considered whether or not the International Air Transport Association is a creditor of a member air carrier that is the subject of insolvency proceedings
    in Australia.
  • Petition Rather Than Transfer Date Valuation of Collateral Appropriate in Determining Secured Creditor’s Preference Liability
    An Eighth Circuit bankruptcy appellate panel ruled that a secured creditor’s collateral must be valued as of the petition date rather than the transfer date in applying the hypothetical liquidation test in preference litigation.
  • Refusal to Participate in Confirmation Process Dooms Bid for Stay of Order Confirming Chapter 11 Plan
    A New York bankruptcy court denied a request made by certain shareholders for a stay pending their appeal of a confirmation order because even though the shareholders had voted against the plan, they chose not to participate otherwise in the confirmation process.
  • I In Brief: Automatic Stay Does Not Bar Call for Shareholder Meeting
    The Delaware Chancery Court held that the automatic stay did not preclude it from directing a chapter 11 debtor to hold a meeting of the corporation’s shareholders in the absence of any showing that the call for a meeting amounted to "clear abuse."