News & Analysis as of

[Event] Don't Ruck with Us: Locke Lord 2015 Insolvency & Restructuring Conference - Oct. 16th, London

"Don't Ruck with Us," Locke Lord’s annual Insolvency & Restructuring conference, is back, chaired by David Grant, leading Partner commended by Chambers UK for being commercial, a great negotiator and a welcome sight on a...more

Orrick's Financial Industry Week in Review

SEC Proposes to Amend Rules Governing Its Administrative Proceedings - On September 24, the U.S. Securities and Exchange Commission (the "SEC") proposed to amend rules governing its administrative proceedings. Key...more

L'attuazione In Italia Della Nuova Disciplina Europea Per La Gestione Delle Crisi Bancarie

In data 10 settembre 2015, il Governo italiano ha approvato due decreti legislativi – in attesa di emanazione - volti a dare attuazione alla disciplina comunitaria della gestione delle crisi degli intermediari bancari, di cui...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

Bankruptcy Benefits for Startups

The failure of your startup and subsequent exit plan will raise a host of conflicting concerns, such as your reputation in the VC community, the well-being of your employees, and the preservation of your company's work. These...more

The Restructuring Mid-Summer Review: Europe and the Emerging Markets

For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates) has drowned out news of other debt restructuring matters this year. Our Alert below addresses key...more

Distressed Download - July 2015

First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act - On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District...more

Cordray’s Appearance Before Senate Banking Committee Renews Debate on CFPB Restructuring Proposals

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday, July 15, 2015....more

The UK continues its objective stance on rescue procedures

The High Court has considered whether a winding-up petition is permitted where the Petitioner has a collateral purpose for bringing the petition. The collateral purpose, also referred to as an ulterior motive, would result in...more

Orrick's Financial Industry Week in Review

First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act - On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District Court...more

Bank Resolution in Greece

The result of Sunday’s (5 July 2015) referendum which rejected the latest proposed bailout by the European authorities was unequivocal. The next steps in this crisis are far less clear, ranging from a swift renegotiation of...more

[Event] Financial Distress in the Energy Sector: Managing Exposure and Leveraging Opportunities - July 23, Boston, MA

Locke Lord is pleased to bring this important and timely discussion to Boston. By leveraging the extensive experience our lawyers bring to the table from the energy, restructuring & insolvency and private equity sectors, we...more

Bill Of Law Enables Banks’ T3 Or Senior Subordinated Notes In Spain

In the process of implementation of the Bank Recovery and Resolution Directive (BRRD) in Spain, the draft bill is proposing a change in the ranking of claims which will enable Spanish banks to issue the so-called senior...more

DTEK Scheme sanctioned on the basis of a change of governing law of New York law bonds

On 27 April 2015, the English High Court sanctioned a scheme of arrangement (the “Scheme”) for the US$200 million 9.5% senior notes due 2015 (the “2015 Notes”) issued by DTEK Finance B.V. (the “Issuer”), a Dutch finance...more

High yield bond restructurings across Europe

As the flood of capital into riskier deals continues to pour in at unprecedented rates, and economic and geopolitical risks evolve, the prospect of a surge of bond defaults in the years ahead is looming over high yield...more

A Cautionary Tale (or Two) – The Need for Robust Internal Oversight in Financings

In this era of rushed financings and hectic corporate restructurings, internal controls and procedures are more important than ever. Adding litigious shareholders and debtholders to the mix means it’s never been more...more

Distressed Download - March 2015

What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more

Restructurings and Distressed Investing — Planning the Perfect Exit

Investors must address several key issues at the outset of a restructuring to smooth the path to a successful realisation of their investment. The classic image of a restructuring situation is of the critically ill...more

Bond Restructurings in Germany Now Available More Broadly

German Federal Court of Justice decision paves the way for bond restructurings under 2009 Bonds Act. The German Federal Court of Justice (the Court) recently published its first decision on the reformed German Bond Act...more

Business Restructuring & Insolvency Year in Review

Excerpt from A Year in Review: We are pleased to say that 2014 was another successful year for Morrison & Foerster’s Business Restructuring & Insolvency Group. Despite continuing market headwinds, the last year brought...more

A New Tool for Holdout Bondholders: The Trust Indenture Act

Restructuring decision broadly interpreting bondholder protections under the Trust Indenture Act may significantly impact out-of-court restructurings. On December 30, 2014, the US District Court for the Southern...more

APCOA – The Key Highlights of 2014’s Most Discussed Scheme

On 30 October 2014, the English High Court sanctioned the second scheme of arrangement for the APCOA group (the “Scheme”). APCOA has been one of the hottest names in the restructuring market in 2014. First, it broke new...more

Lee v. Pincus et al., C.A. No. 8458-CB (Del. Ch. Nov. 14, 2014) (Bouchard, C.)

In this memorandum opinion, the Court of Chancery partially granted defendants’ motion to dismiss, holding that (i) plaintiff had stated a claim for breach of fiduciary duty against the Director Defendants because it was...more

Commercial Restructuring & Bankruptcy Alert - October 2014

In this issue: - Judge Says That Stockton, California Can Cut Pension Obligations - Third-Party Releases – Better Make Sure They Are Adequately Disclosed - Lawyers Who Sign Proofs of Claims for Clients...more

Restructuring in Higher Education

Since 2011, there have been an increasing number of restructurings in higher education. What may have started with the foreclosure and sale of ATI Schools and Colleges has continued this year with last month’s conversion of...more

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