Debt Restructuring

News & Analysis as of

The Meridian Sunrise Village Opinion Redux

In my last post I discussed the Meridian Sunrise Village v. NB Distressed Debt Investment Fund Ltd. opinion handed down by the United States District Court for the Western District of Washington in March of this year. The...more

Commercial Restructuring & Bankruptcy Newsletter - June 2014

In this issue: - Are Breakup Fees at Risk? - Credit Bidding Rights Limited, Capped by Debt Purchase Amount - Court Upholds Creditor’s Security Interest Despite Post-Petition Lapse of Financing Statement...more

Supreme Court Decides Republic of Argentina v. NML Capital, Ltd.

On June 16, 2014, the United States Supreme Court held that the Foreign Sovereign Immunities Act (FSIA) does not prevent a judgment creditor from conducting postjudgment discovery into a foreign sovereign's assets outside the...more

Supreme Court Holds that the FSIA Does Not Limit Post-Judgment Discovery

In its latest decision interpreting the Foreign Sovereign Immunities Act (FSIA), the Supreme Court made clear that any claim of immunity by a foreign state must rise or fall based on the text of the FSIA. Because the FSIA...more

A Grand Bargain? Detroit Defends Restructuring Plan

Over the Memorial Day weekend, while many around the country were enjoying beautiful weather, the lawyers for the city of Detroit were busy filing a lengthy defense to their proposed restructuring plan, which is slated to be...more

UPDATE: Leaving Las Vegas (but What is Filed in Delaware Stays in Delaware)

On Thursday, May 22, 2014, Judge Sontchi upheld the Energy Futures Holdings debtors’ chosen venue in Delaware, denying the second-lien holders’ motion to transfer the bankruptcy case to Texas. In arriving at this decision,...more

Texas Supreme Court Allows Capitalization Of Interest, Fees, Escrow Items For Home Equity Loan Modifications

On May 16, The Texas Supreme Court held that the state constitution does not prohibit the restructuring of a home equity loan as long as the original loan met constitutional requirements and terms of the original extension of...more

Court Rejects Effort to Transfer Venue of Energy Future Holdings Bankruptcy From Delaware to Texas

In a ruling yesterday, Judge Christopher Sontchi of the United State Bankruptcy Court for the District of Delaware denied a motion by a bond trustee to transfer venue of the Dallas-based Energy Future Holdings from...more

Are Distressed Loan Fund Investors “Financial Institutions” And Why Does It Matter?

Once again, those of us in the commercial finance world are reminded of the age-old adage caveat emptor. This time the warning is directed at hedge funds and other investors with a penchant for purchasing distressed debt from...more

European Revolution vs. English Evolution

Update on Case Law Developments in English Restructuring This client alert will focus on three of the key recent cases of the past six months, each of which features the use of English law restructuring tools for...more

Apcoa Parking: Availability of UK Scheme of Arrangement to foreign corporates extended

One of the recent hot topics in the European restructuring market has been whether the UK Courts would sanction a scheme of arrangement in relation to a foreign company, with no previous connection to the UK whatsoever, where...more

Germany's Move to a Restructuring-based Approach to Insolvencies

Frank Grell is a partner at Latham & Watkins who chairs the firm’s German Restructuring and Insolvency Practice. In this interview, he reflects on several successful applications of the German Insolvency Act...more

Proposals May Signal Direction of Future Tax Reform

After several years of hearings and forums intended to develop broad-based support for comprehensive tax reform, on February 26, 2014, House Ways and Means Committee Chairman David Camp (R-Mich.) released a draft tax reform...more

FDIC Releases Videos Designed to Provide Information to Bank Directors, Officers and Employees Regarding Municipal Securities, the...

The FDIC released four new videos (the “Videos,” and each a “Video”) designed to provide technical assistance to directors, officers and employees of depository institutions that are FDIC insured. The Videos are available on...more

Which way forward for the sovereign debt crisis? Six thought leaders in sovereign debt restructuring share their observations of...

A crisis far beyond anything experienced in recent memory - The way in which regulators, investors, banks and governments respond to the current sovereign debt challenges will echo for many years. Decisions made today...more

Special Situations Opportunities in Upcoming Asia Restructurings

Latham & Watkins partner David Heller moderated a panel discussion at the November 5, 2013 “Maximizing Outcomes in Upcoming Asia Restructurings” industry summit co-hosted by Latham and the Asia Securities Industry & Financial...more

Agencies Issue Guidance on Troubled Debt Restructurings

The four federal financial institution regulatory agencies—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the...more

FRB, FDIC, OCC AND NCUA Issue Joint Supervisory Guidance Concerning Troubled Debt Restructurings

The FRB, FDIC, OCC and NCUA (collectively, the “Agencies”) jointly issued guidance to financial institutions entitled InterAgency Supervisory Guidance Addressing Certain Issues Related to Troubled Debt Restructurings (the...more

Don’t Cry for Me Argentine Bondholders: Avoiding Supreme (Court) Confusion

Argentina is in hot pursuit of multiple audiences before the Supreme Court: two petitions for writs of certiorari filed by Argentina are pending in the NML v. Argentina cases, and another is almost certainly on the way. In...more

Argentina's financial fate now depends on the U.S. Supreme Court

The Second Circuit has affirmed the injunctions against Argentina in NML Capital, Ltd. v. Republic of Argentina, a case that we have been following in this blog although the amended injunctions shall be stayed pending the...more

Lessons From the Wake of Economic Collapse: Avoiding Personal Liability in Loan Origination and Restructuring

Although today’s lending economy continues to follow a fairly steady path toward stability, the recent economic downturn has given rise to an increasing number of lawsuits by the Federal Deposit Insurance Corporation (“FDIC”)...more

Don’t Cry for Me Argentine Bondholders: Argentina Seeks Supreme Court Review

Argentina filed a petition for writ of certiorari in US Supreme Court: what Argentina wants, when the Supreme Court will answer, and whether or not Argentina will get its day in the high Court. On June 24, the Republic...more

Don’t Cry For Me Argentine Bondholders: Plaintiffs Reject Argentina’s Proposal

The plaintiffs have squarely rejected the proposal that Argentina made in its March 29 reply to the Second Circuit’s March 1 inquiry as to how Argentina planned to “make current” the “original bonds” held by the plaintiffs....more

The fate of Argentina's debt restructuring is getting closer

In what the Financial Times has called “the sovereign debt restructuring case of the century,” Argentina has timely submitted its proposal as requested by the U.S. Court of Appeals for the Second Circuit, with which it is...more

Legal impacts of the Cyprus banking crisis

20 March 2013 - Harneys is closely monitoring the evolving situation in Cyprus. Naturally we have, over the past few days, been assisting those of our clients who have accounts in Cyprus or corporate structures which involve...more

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