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United States Bankruptcy Court for the Southern District of New York Holds That Avoidance Powers Can Be Applied...

On January 4, 2016, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) deviated from SDNY precedent and held that, despite the absence of clear Congressional intent, the...more

New Case Filing – Chapter 15 – PT Holdco, Inc.

PT Holdco, Inc. and four of its affiliates, including Primus Telecommunications Canada, Inc., which resell residential and business telecommunications services, have commenced cases (Lead Case No. 16-10131 (LSS)) under...more

Orrick's Financial Industry Week in Review

The PRA Publishes Guidance on Financial Conglomerate Waivers - On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more

Restructuring eNewsletter - Global Insight Series: Separate and independent rights for lenders - Can lenders go at it alone?

In the recent Hong Kong Court of First Instance case Charmway Hong Kong Investment v Fortunesea (Cayman) Ltd & Ors [2015] HKCU 171, the court considered whether an individual lender has the right under a syndicated credit...more

Orrick's Financial Industry Week in Review

ESMA Q& A on Application of the AIFMD - On December 2, 2015 the European Securities and Markets Authority (ESMA) published an updated Question and Answer document in relation to the Alternative Investment Fund Managers...more

Aircraft finance – key features of the UK's Cape Town ratification

On 1 November 2015, the 2001 Cape Town Convention and its Aircraft Protocol (together Cape Town) became part of UK domestic law. This note brutally summarises certain key aspects of that ratification. For brevity's sake, it...more

Extra-territorial effect of section 236 – the debate continues

Re Omni Trustees Ltd (In Liquidation) [2015] EWHC 2697 (Ch) - In an interesting judgment, the High Court in Manchester has decided not to follow the ruling from earlier this year of Mr Justice Richards in Re MF Global...more

New York Law Governed Bonds are Sufficient “Property” for U.S. Bankruptcy Court Jurisdiction

To qualify as a “debtor” under the U.S. Bankruptcy Code, an entity must reside, have a place of business or property in the U.S. It is common for non-U.S. entities that file for chapter 11 protection to rely on the “property”...more

The Cape Town Convention in the UK: Effective 1 November 2015

Following accession to the Cape Town Convention1 by the UK on 27 July 2015, the International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015 (the “Regulations”) will enter into force on 1 November...more

Orrick's Financial Industry Week in Review

Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more

A New OHADA Uniform Act on Insolvency and Restructuring in Africa

A new Uniform Act Organizing Collective Proceedings for Wiping Off Debts dated 10 September 2015 (the “Uniform Act”) has been published in the OHADA Official Gazette on 25 September 2015 and will enter into force on 24...more

Global Insight - Issue 15, Q3 2015

Restructurings are all about alternatives. It is one thing for a creditor to hold an instrument that entitles it to payment of $X on Y date. But if the debtor does not have the cash to satisfy the obligation when due, some...more

Distressed Download - October 2015

Recent EU Insolvency Regulation - The EC Regulations on Insolvency Proceedings (the "EIR") came into force throughout the European Union (the "EU") (except Denmark) on May 31, 2002 with the purpose of setting out the...more

Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement

Over the last few years, the European leveraged finance market has seen rapid growth of senior secured high yield notes (“SSN”) and senior secured covenant-lite term loan B (“TLB”) financings. A common feature of both SSNs...more

L'attuazione In Italia Della Nuova Disciplina Europea Per La Gestione Delle Crisi Bancarie

In data 10 settembre 2015, il Governo italiano ha approvato due decreti legislativi – in attesa di emanazione - volti a dare attuazione alla disciplina comunitaria della gestione delle crisi degli intermediari bancari, di cui...more

New Opportunities in Cross-Border Special Situations Lending

Recent changes in cross-border leveraged loan documentation requirements open up new possibilities for both borrowers and lenders. Cross-border leveraged loan documentation has become increasingly permissive with respect...more

Nuovo Regolamento UE sulle procedure d’insolvenza

Il Regolamento si pone l’obiettivo di rendere più efficienti le regole sulle insolvenze transfrontaliere, trovare il giusto equilibrio nella protezione sia dei debitori che dei creditori e privilegiare il risanamento delle...more

Orrick's Derivatives in Review - September 2015

District Court Holds that Assignee is Not Entitled to Safe Harbor Protections - On May 28, 2015, the United States District Court for the Central District of California affirmed a bankruptcy court order finding that a...more

Section 236 of the UK Insolvency Act 1986 – extra-territorial effect?

The English High Court rejects an application by the Joint Special Administrators of MF Global UK Limited (“MF Global”) for an order seeking the production of documents pursuant to section 236 of the Insolvency Act 1986 (the...more

Spotlight on Brazil: Recuperação Judicial vs. Chapter 11

The bankruptcy proceedings of Brazilian oil companies OGX and OSX have all the makings of a financial soap opera: one high-profile billionaire filing for bankruptcy on behalf of two related enterprises with a combined...more

The Restructuring Mid-Summer Review: Europe and the Emerging Markets

For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates) has drowned out news of other debt restructuring matters this year. Our Alert below addresses key...more

Distressed Download - July 2015

First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act - On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District...more

Orrick's Financial Industry Week in Review

RMBS Suit Against WMC Mortgage LLC Dismissed as Time-Barred - On July 10, 2015, Judge Alvin Hellerstein of the Southern District of New York granted defendant WMC Mortgage LLC's motion for judgment on the pleadings in an...more

Orrick's Financial Industry Week in Review

First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act - On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District Court...more

Material Changes To The Italian Bankruptcy Law

On June 27, 2015 the Italian government enacted the law decree no. 83 (the “New Decree”) that, among others, includes material changes to the Italian bankruptcy law (Royal Decree 267/1942, the “IBL”). The New Decree must be...more

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