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Intercreditor Agreements: Recognize That Second Lien Financings Are A Special Case Of Subordinated Lending

BOKF, N.A. v. JPMorgan Chase Bank, N.A. (In re MPM Silicones, LLC), 518 B.R. 740 (Bankr. S.D.N.Y. 2014) – Senior lienholders sued lenders holding junior liens on common collateral, arguing that the junior lienholders...more

"Restructuring Offshore PRC Debt"

As the growth of the Chinese economy (and the real estate sector in particular) slows, we are seeing stress in an increasing number of issuers of offshore noninvestment-grade People’s Republic of China (PRC) bonds. It seems...more

The ABI Commission on Business Bankruptcy Reform: Director and Officer Fiduciary Duties and Lender Liability

Will Congress Finally Act? This is the third in a series of Alerts regarding the proposals made by the American Bankruptcy Institute’s Commission to Reform Chapter 11 Business Bankruptcies. It covers the Commission’s...more

Deepening Insolvency: A Viable Theory of Damages in the Eleventh Circuit

“Deepening Insolvency” is a developing theory of law in cases brought by bankruptcy trustees, litigation trust trustees, receivers, reorganized debtors, or some other plaintiff “standing in the shoes” of an insolvent company....more

Amendments to Cypriot Companies Legislation Introduce Examinership

The near collapse of the Cypriot economy has brought about a new generation of legislation which has inter-alia introduced amendments (the Amendments) into Cypriot companies legislation (Cap 113). The Amendments...more

FAQ: Recent Developments in US Law Affecting Pension and OPEB Claims in Restructurings (2015)

From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope, or respond to a restructuring. This Client Alert answers some of the most...more

Boomerang Tube, LLC And Two Affiliates File Chapter 11 Cases

On June 9, 2015, Boomerang Tube, LLC and two affiliates, BTCSP, LLC and BT Financing, Inc., filed chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. The cases has been assigned to The...more

Corporate Directors Are Not Personally Liable Under New Tennessee Law

A misunderstanding over recent amendments to Tennessee’s Business Corporation Act has led drafters of Public Chapter No. 60 to issue a statement emphasizing that corporate directors are not personally liable for a company’s...more

New provisions for secured creditors in the Spanish Insolvency Act

A new milestone has been reached in the reform process of the Spanish Insolvency Act. On 25 May, the draft bill of the Law 9/2015, of urgent measures in insolvency proceedings, has finally been enacted as law. The new rule...more

Bankruptcy & Restructuring Litigation Update - May 2015

New Bankruptcy Challenges for Secured Creditors. The Bankruptcy Code provides secured creditors with significant advantages over their unsecured counterparts. During the past year, however, courts have chipped away at secured...more

The United States District Court for the Southern District of New York Upholds Rulings With Respect to Subordination, Cramdown and...

In a memorandum decision dated May 4, 2015, Judge Vincent L. Briccetti of the United States District Court for the Southern District of New York affirmed the September 2014 decision of Judge Robert D. Drain of the United...more

Provisions of The Small Business, Enterprise and Employment Act now in force

We published a client alert in March, confirming that the Small Business, Enterprise and Employment Act 2015 (the “Act”) received Royal Assent on 26 March 2015 and summarising the provisions which will amend insolvency...more

Bill Of Law Enables Banks’ T3 Or Senior Subordinated Notes In Spain

In the process of implementation of the Bank Recovery and Resolution Directive (BRRD) in Spain, the draft bill is proposing a change in the ranking of claims which will enable Spanish banks to issue the so-called senior...more

The Small Business, Enterprise and Employment Act - Corporate restructuring and insolvency changes come into effect

Four important changes to the Insolvency Act 1986 (IA86) will come into force this week (26 May 2015). They do so without transitional provisions and so will apply automatically to existing corporate insolvency proceedings...more

Delaware Offers New Guidance on Enforcing Fiduciary Duties Owed to Insolvent Corporations

On May 4, 2015, Vice Chancellor Travis Laster of the Delaware Court of Chancery issued a decision in Quadrant Structured Products Co., Ltd. v. Vertin, analyzing creditors’ standing to bring derivative claims against directors...more

The Small Business, Enterprise and Employment Act - When will the insolvency-related provisions come into force?

Following Parliamentary approval in March 2015, there has been a level of uncertainty around the implementation timeline for certain company law and insolvency provisions. In particular, many of the changes to the Insolvency...more

Important Restrictions Placed on use of CBCA for Debt Restructurings

In a recent unreported decision denying approval of a plan of arrangement under the Canada Business Corporations Act (CBCA) proposed by Connacher Oil and Gas Limited, Justice C.M. Jones of the Alberta Court of Queen's Bench...more

Delaware court of chancery issues significant ruling on the ability of creditors to assert fiduciary duty claims against...

In Quadrant Structured Products Co. v. Vertin, 2015 WL 2062115 (Del. Ch. May 4, 2015), the Delaware Court of Chancery (Vice Chancellor J. Travis Laster) announced a bright-line standard governing the threshold inquiry of when...more

Will Congress Finally Act? The ABI Commission on Business Bankruptcy Reform: Secured Lenders

Congress rarely accomplishes anything these days, but the need to reform Chapter 11 of the Bankruptcy Code seems to have “crossed over the aisle.” When the Bankruptcy Code was enacted in 1978, America boasted the world’s...more

Dutch company, New York law – an English scheme of arrangement?

DTEK Finance B.V., Re [2015] EWHC 1164 (Ch) - Following upon the November judgment in Re APCOA Parking Holdings GmbH, last week Mrs. Justice Rose sanctioned a scheme of arrangement between DTEK Finance B.V. (“DTEK“), a...more

Court of Chancery Clarifies Creditors' Rights

A just-issued Court of Chancery decision clarifies, and possibly expands, creditors' rights. In 2007, the Delaware Supreme Court ruled that a corporation's creditors may sue its board of directors for violating its fiduciary...more

DTEK Scheme sanctioned on the basis of a change of governing law of New York law bonds

On 27 April 2015, the English High Court sanctioned a scheme of arrangement (the “Scheme”) for the US$200 million 9.5% senior notes due 2015 (the “2015 Notes”) issued by DTEK Finance B.V. (the “Issuer”), a Dutch finance...more

The DTEK Scheme: A New Way to Restructure US Law Bonds?

Double First: A Ukrainian group of companies breaks ground — first by changing the governing law of its high yield bonds from US to English law and then by being the first Ukrainian-based group to restructure via an English...more

The American Bankruptcy Institute's Recommendations for Chapter 11 Reform

Last December, the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 released a 400-page report on recommended changes to Chapter 11 of the Bankruptcy Code. Originally published in the April...more

High yield bond restructurings across Europe

As the flood of capital into riskier deals continues to pour in at unprecedented rates, and economic and geopolitical risks evolve, the prospect of a surge of bond defaults in the years ahead is looming over high yield...more

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