Source: http://www.tmajcr.org/journalofcorporaterenewal/october_2014?pg=13
Timestamp: 2019-04-26 06:25:10+00:00

Document:
Neil E. Herman is a partner in Morgan Lewis's Bankruptcy and Financial Restructuring Practice. For more than 25 years, Herman has represented debtors, as well as financial institutions, official creditors’ committees, trustees, and creditors in out-of-court restructurings and in bankruptcy matters. In addition, he has extensive experience in representing landlords, real estate developers, and shopping center owners in bankruptcy matters. A substantial portion of his practice involves representing buyers of assets out of bankruptcy. Herman is also the author of the extensive chapter on “Retail Bankruptcies” in the most recent edition of Collier on Bankruptcy.
3 Many retailers do not experience a substantial loss of revenue or foot traffic immediately following a Chapter 11 filing with two glaring exceptions: (i) where fresh food is involved (restaurant chains and supermarkets) or (ii) where safety of products is a concern. Since consumers need clear and repeated reassurance that corners are not being cut on the freshness of foods and the safety of products, counsel to retailers with these issues should recommend an extra level of press releases, postings at stores, and notices on the web page to respond directly to these commonly perceived customer concerns.
4 See 3 Collier on Bankruptcy, ¶ 365.15 for a detailed summary.
5 7 U.S.C. §§ 499(a) et seq.
(7th Cir) (2004) (holding that court has no power or discretion to approve a critical vendor motion absent proof that remaining creditors would also be paid in full).
7 7 U.S.C. §§ 499(a), et seq.
8 3 Collier on Bankruptcy, ch 366.
9 B.R. 2002(a)( 2) allows the court, for cause, to shorten the 21 day notice period. B.R. 6003(h), which prohibits motions to “assume or assign” leases within 21 days after the petition is silent on rejections and thus implicitly permits first day rejections.
364; see also Collier on Bankruptcy, ch 361, ¶ 363.03[ 3]-[ 4] and ch 364.
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11 See e.g., 11 U.S.C. § 365(e)( 1) prohibiting enforcement of ipso facto clauses triggered by bankruptcy, and § 365(f)( 1) rendering unenforceable lease clauses which prohibit, restrict, or condition the assignment of a lease.
12 See Fed. R. Bankr. P. 4001(B)(v) and (vi), which provides that the “nature and extent” of any deadlines imposed on a debtor for filing a plan or disclosure statement must be described in the DIP loan motion.
13 11 U.S.C. §§ 365(d)( 4)(B)(i) and (ii) grant a debtor one initial period of 120 days to assume or reject leases plus one 90-day extension.
Thereafter, the time period to assume or reject unexpired leases of nonresidential real property can only be obtained with prior written consent of the landlord.
6003(c), 6004(h) and 6006(a) and (d).
20 days after the petition to demand reclamation. 11 U.S.C. § 546(c)( 1).
16 11 U.S.C. § 503(b)( 9) requires a vendor to show (i) it sold “goods” (not services) to the debtor, (ii) the debtor received the goods within 20 days prior to the petition, (iii) goods were sold in the “ordinary course” of the debtor’s business, and (iv) “value” of the goods sold.
17 4 Collier on Bankruptcy § 503.16.
18 11 U.S.C. § 363(b)( 1); see also 3 Collier on Bankruptcy, ch 332.

References: § 365
 § 365
 § 546
 § 503
 § 503
 § 363