ESG and Healthcare Compliance
Podcast - Credit Funds: Make-Wholes and Cramdowns: Understanding the Recent Second Circuit Momentive Decision
With its January opinion in Raymond James & Associates Inc. v. Jalbert, the U.S. Court of Appeals for the Fifth Circuit held that the bankruptcy debtor's indemnification obligations were discharged by the confirmed plan...more
The Fifth Circuit recently held that claims and defenses arising from an indemnification agreement with a debtor could not be asserted against a liquidation trust because the chapter 11 plan barred those claims and defenses,...more
As bankruptcy practitioners, we generally see proposed settlements get approved without objection. However, when objections are lodged, court involvement is necessitated. In this case, United States Bankruptcy Judge...more
A bond issue (a debt obligation of a local government) is often perceived as a mystery for many Pennsylvania local government officials and solicitors. The securities and tax regulations governing municipal bonds have grown...more
Endo creditors seek to resolve U.S. government claims for $465 mln| Reuters - According to court documents filed last week, Endo and a group of the company’s lenders are offering up to $465 million to settle U.S. government...more
In Short: The Situation: After the nationalization of the Dutch SNS banking and insurance group, the Dutch Minister of Finance offered zero compensation to expropriated bondholders....more
Between April 2009 and December 31, 2010, state and local governments borrowed more than $181 billion through the issuance of 2,275 separate issues of Build America Bonds, which were authorized under the federal American...more
Bondholders of the Puerto Rico Electric Power Authority (PREPA) have a secured claim only up to the amount of certain funds established under their trust indenture, and an unsecured claim for the value of future net revenues...more
ESG, or Environmental Social and Governance efforts, may not be a mandate quite yet for healthcare providers, but already there are heavy demands for ESG-related information from regulators, the public and bondholders. As...more
Whether CCRC residency agreements are treated as leases or contracts under state law could impact the recovery of CCRC bonds in the event of the insolvency of the CCRC owner. Some states treat CCRC residency agreements as...more
On April 11, 2022, the EMEA Credit Derivatives Determinations Committee (CDDC) determined that the state-owned Russian Railways is in default on a missed bond payment. Russian Railways tried to make the interest payment due...more
The decision provides new judicial guidance for determining the boundaries of cross-class cram down tests. On 28 June 2021, the High Court declined to sanction a restructuring plan proposed by Hurricane Energy plc...more
The transition from LIBOR represents a potential change in the interest rate on a bond. Background On April 6, 2021, New York Governor Cuomo signed into law legislation aimed to provide legal certainty and curb litigation...more
In this article, the authors explore certain key issues creditors and debtors face when restructuring listed debt (referred herein as "bonds"). There are administrative problems that can arise when dealing with a large number...more
The euphemistically-named Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”), that became law on September 3, 1982, required that tax-exempt obligations be in registered form (as well as denying certain tax benefits...more
The New York Court of Appeals recently handed down an important opinion on out of court restructurings involving bond debt. In CNH Diversified Opportunities Master Account, L.P., v. Cleveland Unlimited, Inc., the Court of...more
Postpetition financing provided by pre-bankruptcy shareholders or other "insiders" is not uncommon in chapter 11 cases as a way to fund a plan of reorganization and allow old shareholders to retain an ownership interest in...more
In recent years, market participants have watched with interest from across the Atlantic as U.S. out-of-court liability management and restructuring transactions moved material assets out of the creditors' collateral pools,...more
Two bills have recently been introduced in the U.S. Senate to help state and local bond issuers deal with the financial hardships caused by COVID-19. The Lifting Our Communities through Advance Liquidity for Infrastructure...more
An International Centre for Settlement of Investment Disputes (ICSID) tribunal has recently dismissed the jurisdictional challenges of the Republic of Cyprus and is pushing ahead with a multiparty arbitration commenced by...more
In an All Participants Memo dated April 10, 2020 (APM 20-03), Ginnie Mae announced that it revised and expanded its issuer assistance programs in Chapter 34 of the Mortgage Backed Securities Guide (MBS Guide) to include a...more
Under emergency legislation applicable with immediate effect for three months with a view to contain the rapid spread of COVID-19 in Luxembourg, Luxembourg enacted on 20 March 2020 temporary measures applicable to all...more
There has been considerable progress towards resolution in two of the largest bankruptcy cases pending in the United States: the Commonwealth of Puerto Rico and the California utility, Pacific Gas & Electric. Several...more
In its opinion in Paul Cheatham I.R.A v. The Huntington National Bank, issued on August 22, 2019, the Ohio Supreme Court held that, absent an express assignment of claims, purchasers of distressed bonds do not have a right to...more
Apparently hoping to urge China off of its new go-slow tactic, the White House is applying its maximum pressure campaign again, announcing yesterday that the US will “impose a 10 percent tariff on an additional $300 billion...more