By Francisco Vazquez (US) on Posted in USUnder the Bankruptcy Code, a creditor may be reimbursed its actual and necessary expenses in making a “substantial contribution” in a chapter 9 or 11 case. Whether a creditor has made a substantial contribution is a question of fact, but generally requires that a creditor demonstrate a tangible benefit to the estate. It is unlikely… Continue Reading
By on Posted in USIn today’s celebrity gossip section of the Zone of Insolvency blog, we are talking about recording artist and actor Earl Simmons, much more commonly known as DMX. DMX commenced a voluntary chapter 11 bankruptcy case on July 19, 2013. Since that time, according to pleadings filed by the U.S. Trustee for the Southern District of… Continue Reading
By on Posted in USEarlier this week, four bondholders of Suntech Power Holdings Co. Ltd. filed an involuntary bankruptcy petition in the Southern District of New York to force Suntech into a Chapter 7 liquidation. The four bondholders, Trondeim Capital Partners, L.P., Michael Meixler, Longball Holdings, LLC and Jiangsu Liquidators, LLC collectively hold more than $1.5 million in Suntech… Continue Reading