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Articles by Brian Trust
US Bankruptcy Court Holds For Serta And Participating Lenders In Uptiering Transaction Dispute
On June 6, 2023, the US Bankruptcy Court for the Southern District of Texas (the "Court") confirmed Serta Simmons Bedding, LLC's ("Serta") Chapter 11 plan and held that Serta's 2020 uptiering transaction (the "Uptiering Transaction") did not breach Serta's 2016 first lien credit agreement (the "Credit Agreement"). In the memorandum opinion (the "Opinion")1, Judge David R.
Continued Uncertainty Regarding Whether Companies in Bankruptcy Are Eligible for PPP Loans Under the US CARES Act
Mayer Brown partners Brian Trust, Sean Scott, and Aaron Gavant and associate Kyle Tum Suden discussed the evolving case law surrounding whether companies in bankruptcy are eligible to pursue funding pursuant to the SBA’s Paycheck Protection Program in an article available here. For a further discussion of this issue, see prior articles for Mayer Brown’s COVID-19 response blog available here and here.
Continued Uncertainty Regarding Whether Companies In Bankruptcy Are Eligible For PPP Loans Under The US CARES Act
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Continued Uncertainty Regarding Whether Companies in Bankruptcy Are Eligible for PPP Loans Under the US CARES Act
As discussed in earlier posts, substantial uncertainty exists over whether companies in bankruptcy are eligible to pursue funding pursuant to the SBA’s Paycheck Protection Program, or PPP, which was established by the CARES Act to support small businesses by offering SBA-guaranteed loans on advantageous terms. Litigation has ensued, with jilted companies looking to restructure in bankruptcy challenging the SBA’s ability to block their loan requests.
Paycheck Protection Program Loans And DIP Financing
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Paycheck Protection Program Loans and DIP Financing
In an article for Mayer Brown’s COVID-19 Response Blog, Mayer Brown partners Brian Trust, Adam Paul, Tom Kiriakos, Sean Scott, Aaron Gavant, and associate Kyle Tum Suden discuss the intersection between paycheck protection program loans and DIP financing.
Paycheck Protection Program Loans and DIP Financing
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 to provide $2.2 trillion to U.S. citizens and businesses afflicted by the COVID-19 outbreak, including $349 billion for financing “small businesses” under the Paycheck Protection Program or PPP.
US Supreme Court Discards Bob Richards Rule, Holds “Federal Common Law” Does Not Govern Inter-Company Distribution of Tax Refunds
In its February 25, 2020, decision in Rodriguez v.
US Supreme Court Discards Bob Richards Rule, Holds "Federal Common Law" Does Not Govern Inter-Company Distribution Of Tax Refunds
To print this article, all you need is to be registered or login on Mondaq.com. In its February 25, 2020, decision in Rodriguez v.
Third Circuit Holds Bankruptcy Courts May Constitutionally Confirm a Chapter 11 Plan Containing Nonconsensual Third-Party Releases
On December 19, 2019, the US Court of Appeals for the Third Circuit held in In re Millennium Lab Holdings II, LLC1 that bankruptcy courts have the constitutional authority, well within the constraints of Stern v. Marshall,2 to confirm Chapter 11 reorganization plans containing nonconsensual third-party releases.
5th Circ. Ultra Petroleum Ruling Poses Key Debtor Question
Law360 (January 10, 2020, 5:36 PM EST) -- On Nov. 26, 2019, the U.S. Court of Appeals for the Fifth Circuit held in Ultra Petroleum Corp. v. Ad Hoc Committee of Unsecured Creditors of Ultra Resources[1] that the U.S. Bankruptcy Code limits in certain respects the right of creditors to enforce contractual claims for a “make-whole” premium owed under a note agreement as the result of the debtor’s prepayment of the notes.
US Bankruptcy Code Defines Right to Receive “Make-Whole” Premium under Chapter 11 Plan
On November 26, 2019, the US Court of Appeals for the Fifth Circuit held in Ultra Petroleum Corp. v. Ad Hoc Committee of Unsecured Creditors of Ultra Resources1 that the US Bankruptcy Code limits in certain respects the right of creditors to enforce contractual claims for a “make-whole” premium owed under a note agreement as the result of the debtor’s prepayment of the notes.
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