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ARTICLE · 31 AUGUST 2022

What We're Reading This Week [August 30, 2022]

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Judge David Jones in the Southern District of New York has rejected a request for an official committee of equity holders in Revlon's chapter 11 proceedings, as reported by Reuters.

United StatesInsolvency/Bankruptcy/Re-Structuring
Lisa A. Holl Chang
Lisa A. Holl Chang
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Judge David Jones in the Southern District of New York has rejected a request for an official committee of equity holders in Revlon's chapter 11 proceedings, as reported by Reuters. Debtor's counsel argued that the equity holders "cannot possibly" prove that they are entitled to a meaningful recovery at this stage of the bankruptcy proceedings, and the company's lenders argued that recent stock price fluctuations were "untethered to market realities." Judge Jones found that the cost of appointing a committee, with its expenses being paid from the estate, outweighed its likely value. [Reuters; Aug. 24, 2022]

The first non-bank mortgage lenders are going out of business, a trend that Bloomberg expects will continue as a result of increased interest rates, a sharp decrease in mortgage originations, and non-bank lenders' reliance on credit lines that can be short term. Independent lenders gained market share following 2008 when banks pulled back from the mortgage

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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