Debt Restructuring

News & Analysis as of

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

Court holds lender justified to refuse mortgage switch

The County Court has held Southern Pacific Mortgage Limited did not breach the Disability Discrimination Act 1995 or the Equality Act 2010 when it refused to convert a repayment mortgage to an interest-only one at the request...more

Que Certa, Certa: Supreme Court Creates Uncertainty with “Cert” Review of Puerto Rico Recovery Act

It is said that muddy water is best cleared by leaving it be. The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit...more

Update on Puerto Rico

Supreme Court to Determine Constitutionality of DERA By order dated December 4, 2015, the US Supreme Court has agreed to consider the appeal by the Commonwealth and the Government Development Bank regarding the...more

Polish Restructuring Law

[co-author: Anna Jarczok] The aim of this presentation is to summarize selected issues relevant to lenders under: -the new Polish Restructuring Law of 15 May 2015 (Restructuring Law) -amendments introduced to...more

Obama Administration’s Legislative Proposal to Address Puerto Rico’s Fiscal Crisis

On October 21, 2015, U.S. Treasury Secretary Jacob J. Lew, National Economic Council Director Jeff Zients, and Health and Human Services Secretary Sylvia Mathews Burwell unveiled a legislative proposal, a copy of which is...more

Global Insight - Issue 15, Q3 2015

Restructurings are all about alternatives. It is one thing for a creditor to hold an instrument that entitles it to payment of $X on Y date. But if the debtor does not have the cash to satisfy the obligation when due, some...more

Barbarians at the (marble)gate?

Restructurings are all about alternatives. It is one thing for a creditor to hold an instrument that entitles it to payment of $X on Y date. But if the debtor does not have the cash to satisfy the obligation when due, some...more

CR&B Alert: Commercial Restructuring & Bankrtupcy News - October 2015, No. 3

Welcome to the October 2015 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Readers who wish to print and read the newsletter in its entirety may do so by...more

OCC Released Update to the Bank Accounting Advisory Series

On September 29, the Office of the Comptroller of the Currency released an update to the Bank Accounting Advisory Series (the “BAAS”). The goal of the BAAS is to promote consistent application of accounting standards among...more

Energy Future Holdings – Kicking a Very Large Can Down the Road

Energy Future Holdings (“EFH” or “Debtors”) has cleared all of the preliminary hurdles in its path as it moves towards the confirmation of its plan of reorganization (the “Plan”). Last week Judge Christopher Sontchi of the...more

The Small Business, Enterprise and Employment Act 2015: Restructuring and Insolvency

Following Parliamentary approval in March 2015, this Implementation Timetable sets out the key dates and changes which have been published to date on the insolvency provisions of the Small Business, Enterprise and Employment...more

Debt Restructuring in Italy

Material changes to the Italian bankruptcy law will likely result in increased interest from investors in the distressed market. Italian legislators recently passed significant amendments to the legal framework...more

Can Alphabet Soup Fix Puerto Rico’s Debt Service Issues?

Last week, the Working Group for the Fiscal and Economic Recovery of Puerto Rico gave the broadest hint yet of the next tactic in Puerto Rico’s ongoing quest to deleverage itself. Although the details have not yet been...more

Italy Significantly Amends Debt Restructuring and Bankruptcy Proceedings

Material changes to the Italian bankruptcy law will likely result in increased interest of investors in the distressed market. The Italian legislators passed significant amendments to the legal framework applicable to...more

Business Litigation Report - August 2015

Extradition for U.S. Antitrust Crimes: An Anomaly or the New Normal? - In April 2014, Germany extradited Romano Pisciotti, an Italian national, to the United States to face criminal charges related to his alleged...more

Southern District of New York Recognizes Bondholders’ Rights Under Section 316(b) of the Trust Indenture Act

In lieu of proceeding through a chapter 11 bankruptcy, borrowers and their creditors usually prefer to restructure their debt agreements outside of court. Although they avoid the costs and delays of bankruptcy, out-of-court...more

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