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Corporate Restructuring

Restructuring and Insolvency Bulletin Issue 2 - 2017: Focus on schemes of arrangement: recent key judicial decisions

by Dechert LLP on

Schemes of arrangement remain a popular tool for companies to reach a compromise with their creditors and effect complex multi-jurisdictional restructurings. In this article, we highlight a number of recent judicial decisions...more

Restructuring and Insolvency Bulletin Issue 2 - 2017: U.S. Court recognizes a Russian bankruptcy case

by Dechert LLP on

The Bankruptcy Court of the Southern District of New York recently addressed objections to the recognition of a Russian bankruptcy case as a foreign main case under Chapter 15 of the U.S. Bankruptcy Code and to the...more

Retail Insolvencies in Canada Series, #2: Supplier Perspectives

This is the second instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. The Companies’ Creditors Arrangement Act (Canada) (CCAA) is the principal statute for the...more

Supreme Court Declines to Resolve Circuit Split on Debt Recharacterization

On August 10, 2017, the U.S. Supreme Court rescinded the grant of certiorari in PEM Entities LLC v. Levin on the grounds that review had been “improvidently granted.” The case seemingly provided a perfect vehicle to resolve...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In an apparent effort to appease dissatisfied activist investors, chemicals giant DowDuPont has announced plans to change its breakup plan with an reorganizational structure that focuses on three “distinct businesses: an...more

Australian Court of Appeal Approves Use of "Holding" Deed of Company Arrangement

by Jones Day on

In Mighty River International Ltd v Hughes [2017] WASCA 152, the Western Australian Court of Appeal delivered a landmark decision approving the use of a "holding" deed of company arrangement ("DOCA")....more

Courts, Cooperation, and More: Incorporating Case-Specific Provisions in Insolvency Protocols - September 2017

by Jones Day on

In cross-border restructuring cases, interested parties increasingly rely on court-approved insolvency protocols to aid in managing complex insolvencies involving debtors' assets, liabilities, or operations that span...more

Debt Dialogue: August 2017 - The IRS Withdraws Proposed ‘Net Value’ Regulations

The IRS announced in July that it has withdrawn proposed regulations (the net value regulations) that provided guidance regarding corporate formations, reorganizations and liquidations of insolvent corporations. Those...more

How An “F” Reorganization Can Help Your Business

An “F” reorganization is a type of tax-free reorganization under Internal Revenue Code Section 368(a)(1)(F), which includes a mere change in identity or form of one corporation. F reorganizations are typically used to...more

Polsinelli/TrBK Distress Indices Show Healthcare Distress at Record High

by Polsinelli on

We're pleased to announce the release of the Polsinelli|TrBK Distress Indices for the Second Quarter of 2017. Polsinelli, with data provided exclusively by TexHost, LLC d/b/a TrollerBk.com, publishes the Indices on a...more

A “palliative” approach to insolvency in the retail world?

by Morrison & Foerster LLP on

The retail sector is in the midst of a deeply disruptive shift as online shopping increasingly puts its long-term future in peril. Howard Morris, head of the business restructuring and insolvency group at Morrison & Foerster...more

Funds Talk: August 2017 - Retail Restructuring Outlook

On July 12, Kramer Levin and Debtwire co-hosted the “Retail Restructuring Outlook” panel discussion at Kramer Levin’s New York office, moderated by Debtwire’s Richard M. Goldman. The discussion covered topics including market...more

Paying for a debt restructuring - can costs be adopted by the Trustee?

by Hogan Lovells on

On 13 July 2017 the High Court gave its judgment in UBS AG, London Branch v. GLAS Trust Corporation Limited [2017] EWHC 1788 (Comm), a case brought by UBS against the trustee for notes issued as part of a securitisation...more

Debt Dialogue: July 2017 - A New Millennium: Bankruptcy Courts May Lack Constitutional Authority to Approve Nonconsensual Plan...

Third-party releases have become a common and oft-litigated issue in connection with confirmation of a Chapter 11 plan. This is especially so if the party being released is the target of claims arising out of questionable...more

Sears Canada Files for CCAA Protection: A Distressed Investor's Overview of US Bankruptcy and Canadian Insolvency Law

On June 22, Sears Canada Inc. ("Sears Canada") and certain affiliates1 (collectively, the "Sears Canada Group") sought and obtained insolvency protection under the Companies' Creditors Arrangement Act (CCAA) from the Ontario...more

Courts, Cooperation, and More: A Review of Cross-Border Insolvency Protocols

by Jones Day on

In cross-border restructuring cases, including cases under chapter 15 of the U.S. Bankruptcy Code and versions of the UNCITRAL Model Law on Cross-Border Insolvency enacted in 42 other nations or territories, interested...more

Takata Declares Bankruptcy: What are the Key Next Steps for Suppliers?

by Foley & Lardner LLP on

On June 25, 2017, Takata’s US arm, TK Holdings Inc. and certain affiliates excluding certain foreign debtors such as Takata Corporation (Japan) (the “Takata US Debtors”), filed chapter 11 cases seeking bankruptcy protection...more

Coherus Implements Restructuring Plan Following Complete Response Letter For Its Pegfilgrastim Biosimilar

by Goodwin on

As we reported here on June 12, 2017, Coherus BioSciences received a complete response letter (“CRL”) from the FDA for its biologics license application for its pegfiltrastim (Neulasta®) biosimilar. On June 21, 2017, in a...more

In Dispute Over Partnership’s Conversion to LLC, Court Finds No Duty to “Spoon-Feed” Sophisticated Investor

by Farrell Fritz, P.C. on

Pay attention to your K-1s or they may come back to bite you, is the lesson of Bruder v Hillman, Docket No. A-5055-15T1 [N.J. Super. Ct. App. Div. June 27, 2017], decided last week by a New Jersey appellate panel which...more

Recast EU Insolvency Regulation Comes Into Force

From today, 26 June 2017, the Recast EU Insolvency Regulation (Council Regulation (EC) No. 2015/848) comes into force and will apply to all relevant insolvency proceedings (although existing and ongoing proceedings will...more

European distressed debt and private equity - defensive strategies coming to the fore?

by DLA Piper on

Where a corporate borrower defaults on its debt terms, distressed debt investors are often presented with opportunities to acquire the debt at a discount. The strategy of investing in distressed debt presents investors with a...more

Singapore Enacts New Corporate Bankruptcy Law in Bid to Become Center for International Debt Restructuring

by Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 (the "Act") to enhance the country's corporate debt restructuring framework. The Act, a copy of which is available here, was assented to...more

Group Insolvency Proceedings Under the Revised EU Insolvency Regulation

by Jones Day on

Restructuring an international group of companies in Europe continues to be challenging. While companies can transact business freely across European borders, coordination between the stakeholders involved in a cross-border...more

Code Red: Healthcare Restructurings on the Rise

Financial distress – sometimes it is isolated to specific borrowers and other times, it is endemic within an industry. In recent years, energy (e.g., oil, gas, and coal), retail and other industries have suffered widespread...more

Eleventh Circuit Addresses Difference Between Constitutional and Equitable Mootness

by Jones Day on

In Beem v. Ferguson (In re Ferguson), 2017 BL 101650 (11th Cir. Mar. 30, 2017), the U.S. Court of Appeals for the Eleventh Circuit addressed the distinction between constitutional mootness (a jurisdictional issue that...more

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