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Brexit Q&A: Business Implications

On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to...more

Bitcoin after Brexit: Safe Haven or Harbinger of Future Distress?

What a difference a week makes! On June 17, 2016, bitcoin was trading at more than $750. Five days later, as polls showed the Brexit vote leaning heavily to “remain,” bitcoin dropped as low as $585....more

Brexit – No Short Term Regulatory Change but Significant Longer Term Implications

The United Kingdom (UK) has voted to leave the European Union (EU). Although the vote will have long term implications, in the short term there will be no change to the current legal and regulatory status quo; the UK will...more

Contractual Close-Out Netting Ineffective in the Event of Insolvency

In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial...more

Litigation Funder Communications Protected by the Attorney-Client Privilege and Work Product Doctrine

Addressing a novel issue in In re: International Oil Trading Company, LLC, 548 B.R. 825 (Bankr. S.D. Fla. 2016), the United States Bankruptcy Court for the Southern District of Florida recently denied in part an involuntary...more

Litigation Funding Cements England’s Insolvency Litigation Hub Status

Much like the English Scheme of Arrangement which has become a popular debt restructuring solution for international debtors, the English High Court is an attractive forum for insolvency litigation thanks to the potent...more

‘Fit for 50’ – Restructurings Likely as Oil Industry Enters New Normal

Prior to the recent collapse in oil values, prices existed at over $100 a barrel for over three years. It made the economics of oil exploration, production and sale comparatively straightforward, but embedded costs into the...more

Greater Choice in Liability Management and Bond Restructurings

Liability management exercises (“LMEs”) are increasing in the bond and capital market and are often used in relatively benign situations. They are certainly not always a precursor to a full-scale restructuring or insolvency....more

Spain’s Improved Insolvency Regime Gains Momentum

Recent piece-meal amendments to the Spanish Insolvency Act 2003 seem to have cumulated into a restructuring solution that is starting to be considered predictable, quick and fair, especially when compared to the pre-amendment...more

A New Wave of CIS Restructurings Poses Unique Challenges

While the CIS nations have recently provided a multitude of sizeable restructuring cases, the region’s dominant force, Russia, has stood up reasonably well to lengthy economic decline, economic sanctions and the collapse of...more

European Restructuring Landscape Improves with Multiple Reforms

In light of the UK’s cram down and director-friendly processes, in particular its scheme of arrangement model, major European economies such as France, Germany and Italy have worked hard to develop regimes that give greater...more

Orrick's Financial Industry Week in Review

Tennessee Chancery Court Denies Motion to Dismiss $164 Million RMBS Suit Brought by Tennessee Pension Fund - On May 24, 2016, Chancellor Carol L. McCoy of the Chancery Court for Davidson County, Tennessee, declined to...more

Accountant and Attorney Liability Newsbrief - Spring 2016

Parties Cannot Alter by Contract the Scope or Grounds of Judicial Review of an Arbitration Award - LeClairRyan shareholders Warren Hutchison and Nancy Reimer scored an impressive victory this spring when the...more

Orrick's Financial Industry Week in Review

FHFA Increases 2016 Multifamily Lending Caps - On May 4, 2016, the Federal Housing Finance Agency announced that it increased its 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35...more

Update: Proposed Rules Will Limit Buy-Side Remedies in a Financial Institution Failure

The Board of Governors of the Federal Reserve System (the “Board”) has proposed rules (the “Proposed Rules”) that represent a significant shift in the terms of over-the-counter derivatives, repurchase agreement and securities...more

Steps taken to backstop the Italian Banking System: Atlas fund, NPL state guarantee and insolvency reforms

On 11 April 2016, the Italian government announced the launch of the Atlante ("Atlas") fund, a private fund which will acquire shares in Italian banks and purchase non-performing loans ("NPLs"). On 15 April 2016, Law...more

PF Newsletter: LMA Updates - Quarter One 2016

Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

Your daily dose of financial news The Brief – 4.21.16

Dealbook’s White Collar Watch gives us a legal take on the many challenges, regulatory and otherwise, facing Elizabeth Holmes’ Theranos – NYTimes... The international financial scandal du jour (the Panama Papers) is...more

Italian reform and the latent potential for CMBS

Fuelled by continued macro-economic uncertainty, the European CMBS market is currently experiencing a prolonged period of malaise. Meanwhile the Italian legislative cogs have continued to turn. The news last week that the...more

Banking and Finance. Major Russian Legislation Changes for 2015

Throughout 2015, both external and internal factors had a considerable negative impact on the Russian economy. It is precisely in this context that amendments intended to modernize legislation to develop regulation of the...more

Eid: A guide for UAE and KSA private sector employers

What has happened? In a recent decision, the DIFC Court of Appeal has handed down a judgment that has the potential to alter the enforcement landscape in the UAE significantly....more

Treatment of senior unsecured debt in European leveraged finance transactions: Court of Appeal confirms no duty to unsecured third...

In its recent judgment in PK Airfinance Sarl v Alpstream AG, the Court of Appeal has reaffirmed the existing rule that a security holder upon a distressed sale of security assets does not owe a duty under English law to...more

To submit or not to submit – questions of jurisdiction

This appeal arose out of the litigation fallout from the Bernard Madoff Ponzi scheme. In the appeal, the Privy Council considered whether, at common law, an agreement to submit to jurisdiction must be express or whether it...more

Distressed Download

The Distressed Download Newsletter is a roundup of recent news from Orrick's Distressed Download blog, a resource for the latest news and industry trends in the distressed debt and restructuring markets. European...more

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