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Puerto Rico Files For Bankruptcy Protection

The Commonwealth of Puerto Rico is seeking the largest municipal bankruptcy filing in U.S. history, after failed negotiations with creditors over its $70 billion debt crisis. That is more than four times the debt Detroit collapsed under. As previously reported, U.S. territories were barred from filing for a traditional bankruptcy, permitted for most U.S. cities … Continue Reading

Nortel Court Rejects Noteholder Objection to Indenture Trustees’ Fees

On March 8, 2017, the United States Bankruptcy Court for the District of Delaware in In re Nortel Networks Inc., No. 09-10138(KG), 2017 WL 932947 (Bankr. D. Del. Mar. 8, 2017) largely overruled certain noteholders’ objections to an indenture trustee’s fees and further clarified that the indenture trustee could recover the fees that it incurred … Continue Reading

Caesars Entertainment Operating Company, Inc., et al. Chapter 11 Proceedings: Debtors Seek Authorization To Pay Indenture Trustee Fees and Expenses

On August 3, the Debtors in the Caesars chapter 11 proceedings pending in the Northern District of Illinois filed a motion seeking payment of the fees and expenses of an indenture trustee for certain senior unsecured notes during the pendency of the case and prior to plan confirmation.  The Debtors assert that the proposed payment … Continue Reading