Debt Restructuring

News & Analysis as of

Opinion White Paper: Relating to Section 316(b) of the Trust Indenture Act

The purpose of this White Paper is to provide guidance to practitioners in their consideration of the application of recent judicial opinions relating to Section 316(b) of the Trust Indenture Act of 1939, as amended (the...more

The Devil's Dictionary of Bankruptcy Terms

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...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

Debt Restructurings -- New Developments

Shearman & Sterling joined 27 other law firms in developing an opinion white paper regarding the application of recent judicial opinions relating to Section 316(b) of the Trust Indenture Act of 1939 in the Marblegate and...more

Most recent changes to the German regulatory situation for debt funds

Pursuant to recent legislative changes, certain investment funds are now entitled under certain conditions to originate or restructure loans in Germany without the need to obtain a banking licence for lending. Due to the...more

Orrick's Financial Industry Week in Review

Litigation Finance: A Brief History of a Growing Industry - Litigation costs money. Litigation finance can provide the cash a plaintiff needs to prevail in court. Plaintiffs holding valid—and potentially quite...more

The Advantage of Crossover Refunding of Build America Bonds

Many governmental entities considering an advance refunding of their Build America Bonds (“BABs”) can achieve a better economic result by using a crossover refunding. While an advance “net” refunding typically results in a...more

Current Topics in High Yield & Leveraged Finance - Spring 2016

Our Leveraged Solutions Team includes senior US, English and local lawyers throughout Europe who advise clients daily on issues that surround High Yield / Leveraged Finance. We are keen to share our learning and market...more

Orrick's Financial Industry Week in Review

European Commission Adopts Delegated Regulation on Presentation of Investment Recommendations and Disclosure of Conflict of Interest Under MAR - The European Commission has adopted a Delegated Regulation supplementing...more

Orrick's Financial Industry Week in Review

EBA Publishes Results of the CRDIV-CRR/Basel III Monitoring Exercise as of June 30, 2015 - On March 2, the European Banking Authority ("EBA") published its report of its ninth Basel III monitoring exercise, particularly...more

Can the E&P Debtor Reject Gas Gathering Agreements in Bankruptcy?

What’s a sure way to destroy untold millions of dollars of energy infrastructure value built in reliance on the promise of reimbursement for huge capital investments necessary to move a producer’s product to market for the...more

Draft Treasury Legislation Would Give Puerto Rico Access to “Super Chapter 9” and Chapter 9 Bankruptcy

A draft of the U.S. Treasury’s proposed debt restructuring legislation began circulating earlier today. The draft legislation would give Puerto Rico, as well as other U.S. territories, and their municipalities access to U.S....more

A brave new world for international leveraged debt - The reshaping of the wider economy has led to increasingly converging and...

Innovation and collaboration are driving leveraged debt markets - European high yield and leveraged loan markets have a distinctly different feel from 12 months ago. Volumes and values notably dropped over 2015, leaving...more

U.S. Bankruptcy Court in Delaware Makes Substantive Changes to Local Rules

As is customary, on Feb. 1, 2016, the United States Bankruptcy Court for the District of Delaware amended the Local Rules of Bankruptcy Practice and Procedure. This year's amendments, however, are more substantive than in...more

Restructuring Oil and Gas Partnership Debt? Tax Planning Is Key

Tax partnerships, including MLPs, seeking to restructure debt face peril and possibility during challenging times. With the lowest oil prices in more than a decade and the equity markets effectively closed to them, oil...more

Evolution and alternatives in the market - While fears of another downturn loom, the European financial markets have innovated,...

Following the collapse of Lehman Brothers and the period that followed, the markets have more understanding of the credit risk spectrum. This includes jurisdictional risk, available restructuring options and the complexity...more

Midstream Contract Acreage Dedications at Risk

If you read one thing... - On Tuesday, Judge Shelley Chapman, the Southern District of New York Bankruptcy Judge in the Sabine Oil & Gas chapter 11 cases, noted she was “inclined” to permit the rejection of certain...more

How Will Exploration and Production Companies Weather the Storm of 2016?

On December 31, 2014, when the price of West Texas Intermediate crude oil dropped 50% from summer prices that year to just under $55.00 per barrel, experts predicted there would be a flurry of industry restructurings; but no...more

New Case Filing – Chapter 11 – SFX Entertainment, Inc.

SFX Entertainment, Inc. (NASDAQ: SFXE) and many of its affiliates, which hold live electronic-music events, have commenced cases (Lead Case No. 16-10238 (MFW)) under Chapter 11 of the Bankruptcy Code by filing petitions with...more

Debt Restructuring Agreements entered into by Real Estate Funds

According to recent Italian case law Real Estate Funds may now enter as debtors into the debt restructuring agreements (so called “accordi di ristrutturazione dei debiti”) provided for by the Italian bankruptcy law. Reference...more

CR&B Alert - Commercial Restructuring and Bankruptcy News - January 2016, No. 1

Deed-In-Lieu, or Not - The fact situation was fairly typical in In re 364 N.B.E. Corp., United States Bankruptcy Court, Eastern District of New York (Case No. 13-46771) (December 29, 2015). After the debtor defaulted on...more

Restructuring eNewsletter - Global Insight Series: The rise of the phoenix, the regulators' response and proposed reforms

Illegal phoenix activity broadly involves the transfer of assets between related companies to intentionally evade creditors. In October 2015 a comprehensive report in respect of the incidence, cost and enforcement of illegal...more

Restructuring eNewsletter - Global Insight Series: More restructurings in 2016? Absolutely

Economists are renowned for their uncanny inclination to see dark clouds on a sunny day. Restructuring professionals tend to fall into the same camp; we’re no Pollyannas when it comes to forming views on business conditions....more

Swift Energy Files Prepack Chapter 11

On New Year's Eve 2015, Swift Energy Company and 8 affiliates filed a voluntary petition commencing a prepackaged chapter 11 case in the United States Bankruptcy Court for the District of Delaware. The case is docketed as...more

Restructuring eNewsletter - Global Insight Series: Separate and independent rights for lenders - Can lenders go at it alone?

In the recent Hong Kong Court of First Instance case Charmway Hong Kong Investment v Fortunesea (Cayman) Ltd & Ors [2015] HKCU 171, the court considered whether an individual lender has the right under a syndicated credit...more

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