United States: Financial Restructuring

Third party releases (3PRs) have long been a feature of restructuring processes in key international restructuring centres including England, Singapore and the United States. However, recent court decisions in all three jurisdictions have brought renewed scrutiny to the circumstances in which such releases can be granted and their permissible scope.

A Texas bankruptcy court has ruled that lenders who participated in Serta Simmons Bedding's 2020 uptier transaction violated the credit agreement's pro rata sharing provision...

UK restructuring plans have emerged as a powerful alternative to US Chapter 11 bankruptcy, offering unique advantages for distressed companies including preservation of stock listings, favorable voting thresholds, and the ability to implement non-consensual third-party releases. Recent cases involving US-based companies like Argo Blockchain, Fossil Group, and New Fortress Energy demonstrate how strategic forum shopping and flexible creditor treatment can achieve successful cross-border restructurings.

Riveron's Q2 2026 Restructuring & Turnaround brief examines how companies across multiple industries are navigating elevated financial distress amid tighter credit conditions, rising debt maturities, and persistent operational pressures. The analysis explores sector-specific challenges from aerospace to retail, highlighting how management teams and lenders are addressing liquidity constraints and restructuring risks in an increasingly selective credit environment.

Judge Glenn recently became the first U.S. bankruptcy judge to recognize a Luxembourg judicial reorganization by collective procedure (the Luxembourg Proceeding or JRP) as a “foreign main proceeding” under Chapter...

Moore & Van Allen attorney Reginald Sainvil examines the governance challenges and litigation risks that emerge when control of financially distressed companies shifts at the board level through "board flips."

Reverse vesting orders (RVOs) have emerged in Canada as an important restructuring tool for debtors. Instead of a traditional sale, debtors’ unwanted liabilities and assets are reverse vested out of the debtor company into a newly created entity, “ResidualCo,” leaving the clean, viable business and its assets in the debtor company for the purchaser to acquire.

When an equipment lender funded a borrower's purchase without properly documenting its collateral rights, it found itself without recourse in bankruptcy court. The Delaware bankruptcy court's ruling in Wingspire...

Private equity-backed companies often face critical inflection points requiring experienced interim CFO leadership to navigate mergers, growth transitions, distressed situations, and organizational scaling. Through four detailed case studies, a senior interim management expert reveals how strategic financial leadership drives alignment, execution speed, and sustainable value creation during periods of transformation and uncertainty.