What the Pros Say (Amazon, Canada, Makewhole, Third Party Releases)

Amazon & Antitrust. This law journal piece runs through the anticompetitive aspects of Amazon's structure.

Canada and Environmental Issues. As Baker McKenzie's Michael Nowina and Glenn Gibson write here, the Supreme Court of Canada will revisit whether secured creditors ought to be paid before environmental claims stemming from abandoned oil and gas wells.

Energy. Lazard Ltd. shares its analysis of the levelized cost of (wind and solar) energy.

Makewhole/Interest Rate. While In re MPM Silicones LLC (Momentive) gives restructuring geeks subjects to opine on (hereKramer Levin Naftalis & Frankel LLP's Greg Horowitz and Marsha Sukach; hereKing & Spalding LLP's Austin Jowers; hereLatham & Watkins LLP's Mitchell Seider, David Hammerman, Keith Simon, Jeffrey Mispagel, and Annmarie Reilly), the company's owners are moving forward towards an exit. The company plans a $350mm IPO. In the fiscal year closed June 30, the company had sales of $2.3b and losses of $146mm. The largest owners are Apollo Capital ManagementOaktree Capital ManagementD.E. Shaw, and Pentwater Capital Management.

Third Party Releases. A lineup of Shearman & Sterling LLP partners summarize recent Delaware caselaw.

What the Pros Say (Make-whole, Macro, Retail)

MakewholeChapman & Cutler LLP's Michael Friedman, Larry Halperin and Aaron Krieger summarize the recent decision in In re: Ultra Petroleum Corp., et al.  

Market. On the heels of two newsletters, Howard Marks from Oaktree Capital Management has more to say. What's he say about distress? Spoiler alert: there ain't much to do as it relates to companies with an actual future. 

RetailAlixPartners LLP's Kent Percy, Luke Ericson, Mark Barnett, and Alvaro Corletto Costa have authored a retail bankruptcy study wherein they note that "almost half of all retailers that have filed for bankruptcy have ultimately liquidated." This is clearly why reorganized retailers, e.g., True Religion earlier this week, tout with such flair the fact that they still exist. Case and point: “'We have a situation that has becoming increasingly rare in the space over the last year—a retailer that is reorganizing,' True Religion’s attorney Laura Davis Jones said in court." Hallelujah! More celebration here

What the Pros Say (Makewhole, Retail, The WARN Act)

Makewhole. Bracewell LLP's Evan Flaschen and David Lawton summarize a recent decision on the topic in In re Ultra Petroleum Corp.

Retail (A Case Study)This is a long-but-worthwhile read by Todd Zoha and Kyle Putzstuck of MorrisAnderson about an out-of-court operational restructuring of a mattress retailer. Interestingly, the piece underscores the increasing threat that BtoC mattress sellers like Leesa and Casper (surely you've seen or heard ads for them, like, everywhere) pose to the old guard.

The WARN Act. Cole Schotz's Myles MacDonald summarizes a recent Third Circuit decision on the statute.