A substantial number of U.S. and overseas corporations have legacy liabilities that are complicating their equity outlook due to their uncertainty and duration. Typical examples are liabilities derived from asbestos-related...more
On March 17, 2023, the parent of Silicon Valley Bank (SVB) filed for Chapter 11 protection in the Southern District of New York. Unlike SVB itself, its parent, as a bank holding company, was eligible for Chapter 11. In the...more
Key Points - In light of current economic uncertainty, directors, officers and other fiduciaries should stay abreast of material information, even absent a specific actionable transaction. An analysis of audits of financial...more
The New York Court of Appeals’ recent 4-3 opinion in CNH Diversified Opportunities Master Account, L.P. v. Cleveland Unlimited, Inc., 2020 WL 6163305 (NY Oct. 22, 2020), could provide minority noteholders with additional...more
The global coronavirus (COVID-19) crisis continues to have a devastating impact across all segments of the entertainment industry. The cancellation or postponement of film and television productions, concerts, sporting...more
4/1/2020
/ Asset-Backed Securities ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Corporate Restructuring ,
Entertainment Industry ,
Equity Plans ,
Event Cancellation ,
Families First Coronavirus Response Act (FFCRA) ,
Force Majeure Clause ,
Internet Streaming ,
Liquidity ,
Material Adverse Change Clauses (MACs) ,
NLRA ,
Risk Management ,
SBA ,
Shelter-In-Place ,
Small Business Loans ,
State of Emergency ,
Stock Options ,
WARN Act
Europe's latest legislative response to the recent financial crisis — the Bank Recovery and Resolution Directive (BRRD) — is intended to establish a minimum common toolbox for regulators in each member state to address bank...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 contains two sets of provisions for managing the insolvency of financial institutions. First, the legislation creates an Orderly Liquidation Authority...more
1/28/2015
/ Banking Sector ,
Bankruptcy Code ,
Banks ,
Counterparties ,
Debt Restructuring ,
Dodd-Frank ,
FBOs ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Insolvency ,
ISDA ,
Living Will ,
Orderly Liquidation Authority ,
SIFIs
The last major revision to U.S. business reorganization laws occurred in 1978. Since then, companies’ capital structures have become more complex and rely more heavily on leverage, including secured debt in particular; their...more
Historically, the Chapter 11 bankruptcy process was not used as a technique to recapitalize struggling banks. An aversion to using Chapter 11 was attributable in part to concerns that regulators and depositors might perceive...more
Background -
The debtors in Indianapolis Downs operated a combined horse racing track and casino in Indiana. They had substantial secured indebtedness: more than $98 million of first lien (first priority), $375 million...more