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
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
While there are many factors that can lead a business or individual to file a chapter 11 bankruptcy petition seeking to reorganize a business, often times, particularly in a single-asset real estate case, the primary impetus...more
The bankruptcy proceedings of Brazilian oil companies OGX and OSX have all the makings of a financial soap opera: one high-profile billionaire filing for bankruptcy on behalf of two related enterprises with a combined...more
The increasing dynamism of the Sub-Saharan African economy coupled with the continent’s large financing needs have led Sub- Saharan African countries to consider alternative sources of external funding to finance their local...more
Involuntary debt restructurings that have the effect of impairing a bondholder’s right to receive payment may violate the Trust Indenture Act. This was recently held in the Marblegate/Education Management Corp. bondholder...more
The North Carolina Business Court has recognized a new type of claim: a claim for failing to negotiate in good faith. Raising the stakes further, the court has held that failing to negotiate in good faith could lead to treble...more
On June 27, 2015 the Italian government enacted the law decree no. 83 (the “New Decree”) that, among others, includes material changes to the Italian bankruptcy law (Royal Decree 267/1942, the “IBL”). The New Decree must be...more
On June 27, 2015, the Italian government approved Law Decree No. 83/2015 (the “Decree”) with the aim of further improving the competitiveness of Italian bankruptcy legislation and facilitating debt restructuring of Italian...more
The Greek government has until midnight, Brussels time, on Thursday 9 July 2015 to submit its new debt proposals to its international creditors.
Eurozone leaders were disappointed on 7 July when no substantive...more
Twin rulings by the District Court for the Southern District of New York, the first of which was issued in December 2014 and the second issued on June 23rd of this year, have created great uncertainty in the bond market...more
The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more
In the matter of DTEK Finance B.V.  EWHC 1164 (Ch), 28 April 2015, a change in the governing law of loan notes from New York law to English law was sufficient to found jurisdiction for the English court to sanction a...more
Following the recent event over the weekend (27/28 June 2015), we set out below a short guide on the current status in Greece.
Months of negotiations on a deal to restructure Greece’s debts appear...more
Before the petition date, creditors holding more than 70 percent of the debtors' senior debt agreed to provide $225 million in financing, subject to Court approval. A proposed restructuring support agreement plans to...more
EBA Updates Single Rulebook Q&As: June 26, 2015 -
On June 26, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing eight new questions.
The single rulebook Q&As relate...more
In This Presentation:
- How To Position Your Business To Reap The Benefits Of A Liquidity Event
- How To Position Your Business To Reap (Internal Review And Check-Up)
- Strategic And Structuring...more
EBA 2014 Annual Report -
On June 15, 2015, the European Banking Authority (EBA) published its annual report for 2014.
The report provides an overview of the EBA's activities and achievements in 2014, including...more
As the growth of the Chinese economy (and the real estate sector in particular) slows, we are seeing stress in an increasing number of issuers of offshore noninvestment-grade People’s Republic of China (PRC) bonds. It seems...more
BaFin Issues New Guidance on Debt Funds -
The German Financial Supervisory Authority, BaFin, made a significant change to its administrative practice on 12 May 2015 regarding loan originating and loan restructuring...more
North Carolina courts have long held that a lender does not owe a fiduciary duty to its borrowers. But what about a “Duty to Negotiate in Good Faith?" In a recent opinion (RREF BB Acquisitions, LLC v. MAS Properties, June 9,...more
From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope, or respond to a restructuring.
This Client Alert answers some of the most...more
1. Executive Summary -
The U.K. corporate tax landscape has been undergoing reform for a number of years. A significant part of the changes involves the ongoing modernization of the U.K.’s complex tax regime for...more
In a recent unreported decision denying approval of a plan of arrangement under the Canada Business Corporations Act (CBCA) proposed by Connacher Oil and Gas Limited, Justice C.M. Jones of the Alberta Court of Queen's Bench...more
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