Debt Restructuring

News & Analysis as of

The Devil's Dictionary of Bankruptcy Terms: Liquidating Chapter 11

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

Key Issues for Derivative Transactions under the BRRD

In this article, we outline the main resolution tools available to a resolution authority and consider the broad powers of resolution authorities that may impact existing derivative transactions in the event of a bail-in....more

Losing Your Marbles: A Sensible Interpretation of Section 316 of the Trust Indenture Act

The U.S. Court of Appeals for the Second Circuit issued its ruling in Marblegate Asset Management, LLC v. Education Management Corp. that provided much needed clarity to creditors and issuers involved in out-of-court...more

Second Circuit Issues Reversal in Closely Watched Marblegate Case

In a 2-1 opinion, the Second Circuit overruled the district court in Marblegate Asset Management LLC v. Education Management Corp., finding no violation of the Trust Indenture Act (“TIA”) in connection with an out-of-court...more

"Second Circuit Confirms That Bond Issuers Can Restructure Out-of-Court Via Consent Solicitations"

On January 17, 2017, the U.S. Court of Appeals for the Second Circuit issued an opinion in Marblegate Asset Management v. Education Management Corp., 15-2124-cv(L), 15-2141-cv(CON) (2nd Cir. Jan. 17, 2017), overturning a...more

Second Circuit Overturns Southern District in Marblegate

On Jan. 17, the U.S. Court of Appeals for the Second Circuit vacated the decision of the District Court for the Southern District of New York in Marblegate Asset Management, LLC v. Education Management Finance Corp., finding...more

Second Circuit Adopts Narrow Interpretation of Trust Indenture Act Provision Intended to Protect Bondholders

On January 17, the US Court of Appeals for the Second Circuit rendered a much anticipated decision in Marblegate Asset Management, LLC v. Education Management Corp., No. 15-2124-cv(L), 15-2141-cv(CON), reversing the Southern...more

Out-of-Court Restructuring Transactions: What’s Old Is New Again after Marblegate

Second Circuit’s reversal of controversial restructuring decision may boost confidence among distressed bond issuers. The recent decision of the United States Court of Appeals for the Second Circuit in Marblegate has...more

Second Circuit Reverses Marblegate Decision

Trust Indenture Act Section 316(b) Limited to Actual Amendments to An Indenture’s Core Terms - Seyfarth Synopsis: On January 17, 2017, in a 2-1 decision in Marblegate Asset Management, LLC v. Education Management Finance...more

Second Circuit Court of Appeals Overturns District Court Decision in Marblegate Regarding Section 316(b) of Trust Indenture Act

On January 17, 2017, the US Court of Appeals for the Second Circuit ruled in favor of the defendant in Marblegate Asset Management, LLC v. Education Management Finance Corp., by vacating the decision of the District Court for...more

Appeals Court Overturns Marblegate, Citing Analysis by Shearman & Sterling Partner

The law on debt restructurings and liability management is back to where it was. Yesterday, the Second Circuit Court of Appeals reversed the controversial District Court decisions in the Marblegate-Education Management...more

Second Circuit Rules on TIA Section 316(b); Overturns Marblegate (and Caesars)

Yesterday, in the latest chapter in the ongoing debate over Section 316(b) of the Trust Indenture Act, the Second Circuit reversed the district court’s decision in Marblegate, concluding that the TIA does not prohibit...more

Southern District Clarifies the Applicability of Section 316(b) of the Trust Indenture Act to Exchange Offers

Last year, plaintiffs successfully used an obscure provision of the 1939 Trust Indenture Act (the TIA) to challenge restructurings by Education Management, LLC (Marblegate) and Caesars Entertainment Operating Co. (Caesars)...more

The Devil's Dictionary of Bankruptcy Terms: Zone of Insolvency

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

Overcoming the obstacles and realizing the benefits of a chapter 11 healthcare restructuring

Many healthcare businesses, both for-profit and not-for-profit, have faced financial distress. Among the factors that may contribute are lower reimbursement rates, changes in the delivery of services, regulatory shifts, and...more

Modernised UK Insolvency Rules Arriving April 2017

The updated UK Insolvency Rules 2016 will come into force on 6 April 2017. The new rules have four aims: - to reflect modern business practice and increase efficiency; - to restructure and modernise the 1986...more

Looming Takata Bankruptcy Presents Risk and Uncertainty to Trade Creditors

In the latest sign of the Takata Corporation airbag fall-out, on December 26, 2016 BMW announced that it will recall nearly 200,000 of its cars in China with Takata airbags. Takata and its 19 OEM customers face potential...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

Government's latest plans to reform the Corporate Insolvency Framework: what's hot and what's not?

On 23 September the Insolvency Service published responses to its "Review of the Corporate Insolvency Framework consultation" which in May had suggested four key changes to the UK’s corporate insolvency regime...more

Changes to Italian Banking Law Promotes Creditor-Friendly Bankruptcy and Restructuring

The so called “Banks Decree” Decree (Law Decree no. 59/2016, hereinafter the “Decree”), published on the Official Gazette and converted into Law no. 199/2016, has recently entered into force. The main purpose of the...more

Global Insight, Issue 18

The current decline in oil prices, which continues to show no signs of a long-term reversal, is having unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas industry,...more

When Can a Bondholder Insist on Prompt Payment of Principal or Interest: Recent Developments under the Trust Indenture Act

In December 2014 and January 2015, the United States District Court for the Southern District of New York issued two sets of decisions — Marblegate Asset Mgmt. v. Educ. Mgmt. Corp. and MeehanCombs Global Credit Opportunities...more

Singapore Hosts Inaugural Forum on Managing Cross-Border Insolvency Cases

The Judicial Insolvency Network (JIN) conference aims to encourage communication and cooperation amongst national courts. From 10 to 11 October, Singapore hosted the inaugural JIN conference. JIN is a network of...more

IRS issues final debt-equity rules

On October 13, 2016, the US Internal Revenue Service (IRS) released final and temporary regulations that recharacterize certain debt between related corporations as stock. These "debt-equity" regulations generally adopt in...more

Highly-Anticipated Final Regulations on Related-Party Debt Instruments Issued

On October 13, 2016, the US Department of the Treasury and the Internal Revenue Service released final and temporary regulations under section 385 of the Internal Revenue Code (the “Regulations”) that contain rules requiring...more

185 Results
|
View per page
Page: of 8
Popular Topics

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×