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After wrapping up its 2012 public hearing schedule Nov. 30, the American Bankruptcy Institute commission to study the reform of Chapter 11 remains dedicated to modernizing the Bankruptcy Code. (Reprinted with permission from Bloomberg BNA's Bankruptcy Law Reporter.)
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A commission to explore major changes to U.S. bankruptcy rules said on Monday that labor and benefits will be key issues during a host of public hearings beginning early next year.
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An American Bankruptcy Institute commission studying an overhaul of the U.S. Bankruptcy Code believes the proliferation of secured debt and the trading of bankruptcy claims, among other developments, have made the code outdated. But the co-chairs of the commission made it clear on a Monday conference call that they do not see either practice as inherently harmful to businesses seeking to survive the Chapter 11 process.
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Reorganizations of middle market Chapter 11 cases would be best facilitated by giving bankruptcy courts flexibility so that they can exercise judicial discretion in dealing with specific circumstances as they present themselves, a retired judge told the American Bankruptcy Institute commission Nov. 15 at the Commercial Finance Association (CFA) annual meeting in Phoenix, Ariz. (Reprinted with permission from Bloomberg BNA's Bankruptcy Law Reporter.)
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Earlier this year, the American Bankruptcy Institute began hearings of its Commission to Study the Reform of Chapter 11. As its name suggests, the commission's purpose is to gather input from members of the insolvency community - from attorneys and judges to the financial sector - and ultimately present Congress with a proposal to overhaul a system that has not been touched since its enactment 30 years ago.
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(Published with permission for the Wall Street Journal's CFO Report.) The primary industry group for the corporate loan market warned that any attempt to limit the rights of secured creditors in the event of a bankruptcy could have a broader impact on companies’ access to and cost of capital. The comments by the Loan Syndications and Trading Association were aimed at the American Bankruptcy Institute, which is currently studying the 1978 bankruptcy code for areas in need of updating. Among those under consideration is the role of secured debt in bankruptcies.
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The American Bankruptcy Institute’s commission studying reforms of the U.S. bankruptcy code has distressed-debt investors near the top of its agenda. (Published with permission of CFO.com.)
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(Published with permission from BNA's Bankruptcy Law Reporter.) The American Bankruptcy Institute commission to study the reform of Chapter 11 should consider the bankruptcy rules and forms as an important part of bankruptcy practice, according to Judge Eugene R. Wedoff of the U.S. Bankruptcy Court for the Northern District of Illinois, who testified before the commission Oct. 26.
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A commission charged with exploring bankruptcy reform said on Wednesday it may recommend ditching outdated bankruptcy laws altogether and "starting from scratch." The Commission to Study the Reform of Chapter 11, whose 22 members constitute a venerable bankruptcy industry Hall of Fame, on Wednesday held its first in a series of hearings to gather feedback on what is right and wrong with the statutory scheme that has governed Chapter 11 bankruptcy since 1978. The commission's charge includes "literally considering starting from scratch and re-inventing the statute," said Robert Keach, attorney and commission co-chairman. The group, formed earlier this year by trade group the American Bankruptcy Institute, heard feedback from lending industry leaders at the Loan Syndication and Trading Association's annual conference in New York.
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(Published with permission from BNA's Bankruptcy Law Reporter.) The American Bankruptcy Institute's commission to study the reform of Chapter 11 July 2 released the names of nearly 130 corporate restructuring experts who will be serving on one of 13 advisory committees to examine chapter 11 issues.
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