International Trade Bankruptcy

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Eurozone Crisis: Possible Outcomes

There is no precedent for a country leaving the Euro, and speculation continues as to how the crisis will unfold, and what the consequences would be of an exit of a member. There is uncertainty around various scenarios, not...more

Recast Insolvency Regulation: New Rules and Focus on Cross-Border Restructuring

On 20 May 2015 the recast EC Regulation on Insolvency Proceedings (2015/848) (Recast Regulation) was adopted and will apply to insolvency proceedings opened after 26 June 2017 in Member States (other than Denmark). Broader in...more

A Short Guide to the Implications for the Imposition of Capital Controls in Greece

Following the recent event over the weekend (27/28 June 2015), we set out below a short guide on the current status in Greece. Background - Months of negotiations on a deal to restructure Greece’s debts appear...more

Bahamas Resort Baha Mar Files For Bankruptcy in Delaware

On June 29, 2015, Baha Mar Ltd, the development company behind a $3.5 billion Bahamian resort and its affiliated debtors, filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in the U.S. District Court of...more

Anti-suit injunctions, OW Bunker and ISDA Master Agreements

Anti-suit injunctions, OW Bunker and ISDA Master Agreements SwissMarine Corporation Limited v O.W. Supply & Trading A/S (in bankruptcy) [2015] EWHC 1571 (Comm) - The Commercial Court has recently refused to grant an...more

Court varies order recognising South Korean insolvency proceedings to allow pursuance of claims in London arbitration

Re Pan Ocean Co Ltd [2015] EWHC 1500 (Ch) - The Applicants had entered into a pool agreement and time charter with Pan Ocean, both of which were governed by English law and provided for London arbitration. The agreements...more

Schemes: Recognition or Parallel Schemes of Arrangement

In response to the turbulent economic times seen of late, there has been a significant growth in the use of schemes of arrangement to compromise creditors’ claims where the company in question is facing financial...more

Orrick's Financial Industry Week in Review

EBA 2014 Annual Report - On June 15, 2015, the European Banking Authority (EBA) published its annual report for 2014. The report provides an overview of the EBA's activities and achievements in 2014, including...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

Raising a Drawbridge Objection: Eligibility in Chapter 15 Cross-Border Insolvency Cases

Insolvency like international law can lend itself to aggressive protectionism as parties or countries try to preserve their own interests, like medieval lords surrounded their castles with moats and towering walls to fend off...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

Greek Financial Crisis – What Next?

Greece is facing a severe liquidity crunch with a rapid deterioration in the Government's cash position. This is evidenced by the Greek Government's recent request for wider public sector entities and local authorities to...more

Sky’s the limit: Cape Town Convention extension to Cayman imminent

Practitioners will be aware that the United Kingdom Government is set to ratify the Convention on International Interests in Mobile Equipment and the Protocol thereto on matters specific to Aircraft Equipment (the Cape Town...more

Business Litigation Report - May 2015

In This Issue: - Main Article: ..Patent Infringement in the Digital Age: How a Dispute About Tooth Aligners Led to a Fight About the ITC’s Jurisdiction over Electronic Transmissions - Noted With...more

Saudi Arabia Update May 2015

New Saudization Rules Proposed - Saudization is the colloquial term used to refer to Saudi Arabia’s official government policy of encouraging the employment of Saudi Arabian nationals in the private sector. The policy...more

Orrick's Financial Industry Week in Review

European Commission Requests 11 Member States to Implement Bank Recovery and Resolution Directive (BRRD) - On May 28, 2015, the European Commission published a press release announcing that it has requested 11 member...more

Suspension of Contractual Rights of Counterparties to UK Banks

On 26 May 2015, the Prudential Regulation Authority (“PRA”) of the UK issued a consultation paper entitled “Contractual stays in financial contracts governed by third-country law”, proposing a new restriction that would apply...more

Forum shopping – the end of an era?

Introduction - On 20 May 2015 the European Parliament adopted the recast Insolvency Regulation (the “Recast Regulation”) amending the existing Council Regulation (EC) (No. 1346/2000) on Insolvency Proceedings (the...more

Schemes of Arrangement for Distressed Shipping Companies – a viable (and cheaper) alternative to chapter 11?

While it is clear that chapter 11 of the U.S. Bankruptcy Code can be an effective tool of reorganisation for distressed foreign shipping companies that are locked in an adversarial dispute with their creditors, should an...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

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

Orrick's Financial Industry Week in Review

EBA Final Report on Guidelines on Triggers for Use of Early Intervention Measures Under BRRD - On May 8, the European Banking Authority (EBA) published its final report (EBA/GL/2015/03) on guidelines on triggers for the...more

UPDATE: Cross-border Leveraged Lending – Consider Changes Needed to US Intercreditor Agreements for Financings with European...

Hybrid US/European restructurings can lead to unexpected commercial outcomes because of different practices in intercreditor agreements. The US loan markets continue to attract European borrowers whenever US pricing...more

Who needs New York law when you can have an English scheme of arrangement instead?

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 the Dutch company DTEK Finance...more

Chapter 15 Cross-Border Insolvency Means Comity and Cooperation; Not Necessarily Comedy and Concern

After taking the last train into the small Italian town of Vernazza, my travelling party soon came to realize that our booked inn had given away our rooms and that there were no available rooms in town and no more trains out....more

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