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ARTICLE · 03 MARCH 2021

What We're Reading This Week [March 1, 2021]

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Reuters reports that the involuntary bankruptcy proceeding filed against Navient by three student loan borrowers on February 8, 2021 was dismissed on February 25, 2021.

United StatesInsolvency/Bankruptcy/Re-Structuring
Alexander F. Berk
Alexander F. Berk
Sean Scott
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Aaron Gavant
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Reuters reports that the involuntary bankruptcy proceeding filed against Navient by three student loan borrowers on February 8, 2021 was dismissed on February 25, 2021. In dismissing the case, Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York noted that there was no evidence Navient was not paying its debts as they came due and that the borrowers did not hold claims that were not subject to a bona fide dispute. For more information on the involuntary bankruptcy case filed against Navient, see our previous post on the filing. [Reuters; Feb. 25, 2020]

The Wall Street Journal reports that 96 Wythe Acquisition LLC, which is the owner of the Williamsburg Hotel in Brooklyn, filed for bankruptcy on February 23, 2021. The filing comes after an approximately $68 million adverse judgment was rendered against the Debtor in New York state court arising out defaults under a loan agreement, the proceeds of which were used to complete

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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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