A recent decision from the First Department reminds us that New York courts are not sympathetic to duress claims when the alleged acts or threatened acts fall within the ambit of the defendant’s rights under a valid...more
On March 3, 2021, DOJ filed a proposed settlement to resolve its lawsuit challenging Geisinger Health’s (Geisinger) partial acquisition of Evangelical Community Hospital (Evangelical). DOJ filed a complaint against the two...more
The COVID-19 pandemic has forced many hospitality professionals and their clients to confront bankruptcy, insolvency, and loan workout issues for the first time since the Great Recession. Chapter 11 presents a host of unique...more
The amendments will become effective on January 4, 2021, with earlier compliance permitted. The amendments focus on providing material financial and non-financial information regarding guarantees and other credit...more
On March 2, the Securities and Exchange Commission adopted amendments to the financial disclosure requirements applicable to registered debt offerings that include credit enhancements, such as subsidiary guarantees. The final...more
The introduction to my last two posts, SECURE Act Part 1 and SECURE Act Part 2, explained: There are two parts of the SECURE Act that I believe will have the greatest impact on my clients: plan sponsors and plan service...more
New York bankruptcy court cautions against liquidated damages provisions that are “invariant to the gravity of the breach.” Liquidated damages provisions must be based on a “causal link” between the anticipated harm and...more
Cessna Finance Corp. entered into contracts with Al Ghaith Holding Co. PJSC for purposes of guaranteeing aircraft lease agreements. Cessna filed a request for arbitration against Al Ghaith seeking payment under the guaranty...more
Implements 2018 Proposed Regulations, ending most limitations on investments in U.S. property, as well as pledges and guarantees by CFCs wholly-owned by U.S. corporations – also provides PTI guidance for CFC shareholders. ...more
On October 31, 2018, the Treasury Department released proposed regulations (the “Proposed Regulations”) that reduce certain amounts otherwise includible in the taxable income of a corporate U.S. shareholder of a controlled...more
México tendrá una nueva administración que durará seis años desde el primero de diciembre. La estrategia de energía delineada hasta el momento es fortalecer a la Comisión Federal de Electricidad (CFE), con la participación de...more
A new administration of the Mexican government is taking over for a six-year term on Dec. 1, 2018. The strategy, so far, is to reinforce the Comisión Federal de Electricidad (CFE) with the participation of private companies. ...more
Our friend, Dan Rubock, just inked an interesting and timely piece entitled, “Key pillars of loan structural quality are eroding, especially in single-borrower deals.” As usual, Dan’s views at Moody’s are worth considerable...more
The Italian Council of Ministers approved a new Legislative Decree reforming the Italian Public Procurement regulation, implementing Directives 2014/23/EU, 2014/24/EU and 2014/24/EU. On April 18, 2016, the Italian...more
Guaranties are common practice in the commercial lending industry. Typically, the borrower is a small corporation, limited liability company, or similar entity that is thinly capitalized with few (likely encumbered) assets....more
As the competition for construction loan projects remains at unprecedented levels in much of the country, lenders are frequently being asked to waive, modify or re-visit their standard construction loan credit enhancement...more
In the aftermath of recent municipal bankruptcies in which issuers proposed and/or implemented bankruptcy plans involving partial discharges of the issuer’s payment obligation on insured bonds, there has been increased focus...more
On May 19, 2014, the PRC State Administration of Foreign Exchange (“SAFE”) formally issued and published the Foreign Exchange Administration Regulations on Cross-Border Guarantees and Security (the “Regulations”), which came...more