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23 Am. Bankr. Inst. L. Rev. 1 (2015)

handle is hein.journals/abilr23 and id is 1 raw text is: 












TABLE OF CONTENTS


INTRODUCTION                                                             4
I. EXECUTIVE SUMMARY OF PROPOSED PRINCIPLES                              6
II. BACKGROUND ON THE COMMISSION AND THE STUDY PROJECT                   7
  A. Brief History of U.S. Business Reogranization Laws      -------------------7
  B. The Need for Reforn         ----------------------------------------- 12
  C. The Commission's Study         ---------------------------------------13
  D. The Commission's Deliberations                                     17
III. PROPOSED RECOMMENDATIONS: COMMENCING THE CASE                      19
  A. Oversight of the Case        ---------------------------------------- 20
      1. The Debtor in Possession Model                                 20
      2. The Chapter 11 Trustee       -----------------------------------  26
      3. The Estate Neutral                                             32
      4. Statutory Committees        ------------------------------------  40
      5. Estate Fiduciaries                                             45
      6. Valuation Information Packages     -----------------------------  47
      7. Professionals and Compensation Issues      ------------------------  50
      8. Costs in Chapter 11 Cases      ----------------------------------58
  B. Financing the Case         ------------------------------------------ 72
      1. Adequate Protection                                            72
      2. Terms of Postpetition Financing    -----------------------------  79
  C. Breathing Spell for Debtor upon Filing      ---------------------------  86
      1. Timing of Approval of Certain Postpetition Financing Provisions -    86
      2. Timing of Section 363x Sales                                   90
  D. Payment of Certain Claims upon Filing.                             95
      1. Prepetition Claims and the Doctrine of Necessity  -----------------96
      2. Wage and Benefits Priorities        ------------------------------- 100
  E. Financial Contracts, Derivatives and Safe Harbor Provisions    ----------102
      1. Scope of Section 546(e) Safe Harbors      ------------------------  104
      2. Treatment of Repurchase Agreements Under Safe Harbors      ---------108
      3. Assumption of Financial Contracts       --------------------------  112
      4. Section 562 and Commercially Reasonable Determinants of Value--- 114
      5. Walkaway Clauses                                              116
      6. Exclusion of Ordinary Supply Contracts from Safe Harbors -------118
IV. PROPOSED RECOMMENDATIONS: ADMINISTERING THE CASE                   121
  A. Executory Contracts and Leases      --------------------------------121
      1. Definition of Executory Contract   ----------------------------  121
      2. General Rights of Private Parties to Executory Contracts and Unexpired
          Leases                                                       125
      3. Rejection of Executory Contracts and Unexpired Leases     -----------129
      4. Intellectual Property Licenses   ------------------------------  132
      5. Trademark Licenses                                            136
      6. Real Property Leases       -------------------------------------140

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