Weekly News – March 11

Notable decisions this week
Supreme Court to Consider Constitutionality of Chapter 11 Fees

U.S. Supreme Court Declines Review Ending Shareholder Fraudulent Transfer Litigation in Tribune

Lender Liability is Not a Thing of the Past: Texas Bankruptcy Court Slams Lender with $17 Million in Damages for Exercising Improper Control Over Borrower

Tweet of the week
The Creditor Rights Coalition Encourages the Bankruptcy Court for the Southern District of Texas to Use Rule-Making Authority to Curb Judge Shopping

Russia and the Credit Markets
Fitch Downgrades Russia to ‘C Citing Imminent Default

JPMorgan boots Russian debt from widely tracked bond indices

Deep Dive: War in Ukraine Creates Uncertainties for Leveraged Debt Investors

Credit Agreement Considerations for Borrowers After Russian Invasion of Ukraine

The Alternative Payment Currency Event Clause in Russian Sovereign Bonds

Explaining Swift and alternatives

Update: Russia Adopts Decree on Repayment in Russian Rubles of Debt to Foreign Creditors

Russia imposes additional restrictions on transactions with foreign investors

What are academics talking about?
Harvard Law School Forum on Corporate Governance Blog Post on The Rise of Bankruptcy Directors

Prof. Buccola’s Review of Douglas Baird’s new book, The Unwritten Law of Corporate Reorganization

Prof. Ayotte Note on the J&J/LTL bankruptcy decision

Prof. Jacoby on Implications of Third Party releases in the Boy Scouts case

What’s happening in the Courts?
Second Circuit Purdue Pharma appeal to be heard April 25, 2022

States object to allocation of Purdue Pharma settlement

Review of other noteworthy bankruptcy and creditor rights opinions

What’s happening across the industry?
LSTA Issues Additional Guidance for ESG Loans

SEC Proposes Changes to Private Fund Rules

Interesting Podcasts
Clauses & Controversies: Is Russian Sovereign Debt Now Worthless?

Upcoming Events
March 18: Law & Economics Center: Examining the Economics, Purposes, and Structure of Bankruptcy Law in Light of Developments in Congress and the Courts

March 22: Reflections and Insights: Ad Hoc Committees in Financial Restructurings

April 28: American Bankruptcy Institute Annual Spring Meeting

May 11: VALCON 2022

The miscellaneous pile
The World’s Largest Law Firm Thinks You’ve Got it all Wrong