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Subordinated Debt

Troutman Pepper

Sub Debt in Unprecedented Times

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The COVID-19 pandemic has changed life in the United States and around the world, to say the least. It has caused illness, quarantines, cancellation of events and travel, business shutdowns, record unemployment and overall...more

Vinson & Elkins LLP

Tribune Cramdown Standard

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On August 26, 2020, the U.S. Court of Appeals for the Third Circuit affirmed Delaware Bankruptcy Judge Kevin Carey’s order confirming the Tribune Company’s chapter 11 plan.1 As a matter of first impression, the Court held...more

K&L Gates LLP

Subordinated Debt: An Effective Tool for Financing Growth

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COVID-19 and the resulting economic downturn are expected to strain the U.S. banking system at a time when banks are grappling with how to modernize their products and services and keep pace with technological innovation....more

Morgan Lewis

European Commission to Allow State Recapitalization of Firms Hit by COVID-19

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The European Commission has revised its Temporary Framework for State Aid to support the economy during the coronavirus (COVID-19) pandemic to allow capital injections by EU member states into nonfinancial firms affected by...more

White & Case LLP

European Commission extends its COVID-19 State aid rules to recapitalisation and subordinated debt measures

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In anticipation of the wave of requests from stricken companies due to the COVID-19 outbreak for more long-term State support, on 8 May, the Commission extended the scope of its State aid Temporary Framework to allow Member...more

Akin Gump Strauss Hauer & Feld LLP

Hotly Anticipated Extension of EU State Aid Framework to Recapitalizations and Subordinated Debt

- EC extends the Temporary State Aid Framework to allow member states to provide recapitalizations to companies adversely affected by the COVID-19 crisis, including airlines, retailers and firms active in hospitality, leisure...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Look at 2019 Court Decisions That May Shape Restructuring Issues in the Year Ahead

A series of decisions over the past year — on issues such as make-whole premiums, intercreditor agreements, backstops for rights offerings and nonconsensual third-party releases — will likely have a significant impact in 2020...more

Davis Wright Tremaine LLP

Subordinated Debt in a Family Business

It is an old, old story in the family business world. A parent and a child start a business together. Or two siblings start a business together. Or a parent starts a business and passes it to her several children....more

A&O Shearman

Delaware Bankruptcy Court Intercreditor Decision Raises Claim Subordination Issues

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Intercreditor agreements between secured creditors are intended to limit the potential for litigation and result in predictable commercial outcomes with respect to recoveries from collateral in enforcement actions and...more

Ballard Spahr LLP

Ohio Residential Mortgage Lending Act Takes Effect Next Week

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The Ohio Residential Mortgage Lending Act (ORMLA) becomes effective on March 23, 2018. Passed in December 2017 (H.B. 199), the ORMLA consolidates the regulation and licensing of first- and subordinate-lien mortgage loans into...more

Katten Muchin Rosenman LLP

Second Circuit Clarifies Interest Rate Applicable in Chapter 11 "Cramdowns"

On October 20, 2017, in In re MPM Silicones, LLC ("Momentive"), Nos. 15-1682, 15-1771, 15-1824, the Second Circuit Court of Appeals, considering the Supreme Court's opinion in Till v. SCS Credit Corp., 541 U.S. 465 (2004),...more

Polsinelli

Subordinate Finance in Commercial Real Estate—The Current Landscape

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Commercial real estate borrowers often need financing in amounts exceeding what traditional first mortgage lenders will provide. Profound changes in various forms of subordinate finance have occurred in the wake of the...more

Coblentz Patch Duffy & Bass

Tax Court Declines to Follow First Circuit Ruling on Mortgage Subordinations & Conservation Easements

This month, the Tax Court revived a method to defeat conservation deductions with its October 10 opinion published as Palmolive Building Investors LLC et al. v. Commissioner, No. 23444-14; 149 T.C. No. 18 (Oct. 10, 2017),...more

Orrick, Herrington & Sutcliffe LLP

Second Circuit Rejects Categorical Dismissal Of Market Rates When Determining Cram-Down Interest Rates In Chapter 11

On October 20, 2017, the Second Circuit issued its long awaited ruling on several appeals from a U.S. District Court (Bricetti, J.) determination affirming the United States Bankruptcy Court (Drain, J.) in the MPM Silicones,...more

Proskauer Rose LLP

The Emergence of Third Party Preferred Equity as a Financing Device

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Increasingly, buyout sponsors are turning to third party preferred equity as a financing tool for their transactions. Structured to be treated as equity for debt rating agencies, bank regulatory regimes and in-place debt...more

Kramer Levin Naftalis & Frankel LLP

Second Circuit: Reclassification of Claim as Equity Interest? Not Unless It Is Duplicative

The Second Circuit affirmed the bankruptcy and district courts’ decisions subordinating claims asserted against the Debtor by holders of restricted stock units. However, while the court agreed with the lower courts that the...more

King & Spalding

Southern District of New York holds that intercreditor agreement allows for payment of subordinated lender’s post-petition...

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On January 27, 2017, the United States District Court for the Southern District of New York ruled that the subordinated creditor was entitled to payment of post-petition interest prior to repayment of the senior lender’s...more

K&L Gates LLP

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 5

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As highlighted throughout this book, a significant development in the capital markets over the last two decades has been the arrival of real estate debt on the global stage as an asset class in its own right. Based on its...more

Parker Poe Adams & Bernstein LLP

Need To Fix That Accidental Release of a Deed of Trust?

N.C. Gen. Stat. § 45-36.6(b) provides that if a secured party erroneously records a release or satisfaction of a security instrument, then the secured party can file a document of rescission that will effectively rescind the...more

Morrison & Foerster LLP

Developments in Unitranche Financing (2016)

The increasing use of unitranche financing, both domestically and abroad, has created new opportunities for middle market loan participants. However, lenders must understand the legal issues and potential bankruptcy risks...more

Troutman Pepper

Intercreditor Agreements: Recognize That Second Lien Financings Are A Special Case Of Subordinated Lending

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BOKF, N.A. v. JPMorgan Chase Bank, N.A. (In re MPM Silicones, LLC), 518 B.R. 740 (Bankr. S.D.N.Y. 2014) – Senior lienholders sued lenders holding junior liens on common collateral, arguing that the junior lienholders...more

Williams Mullen

Williams Mullen FDI USA Newsletter - June 2015

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- In this Issue: - Welcome - About Us - Results Of 2015 SelectUSA Summit - 2015 Upcoming Events - RAISING CAPITAL: Simplifying the U.S. Capital Markets - Recent FDI Success Stories - FDI...more

Morgan Lewis

Further Amendments to Bank of Russia’s Basel III Requirements Published

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Several changes have been made to the requirements applicable to subordinated debt instruments issued by Russian banks....more

Katten Muchin Rosenman LLP

OCC Revises Guidance and Forms for Subordinated Debt Issued for Tier 2 Capital and Non-Capital Purposes

The Office of the Comptroller of the Currency (OCC) is revising and reorganizing its current guidance for subordinated debt issued by national banks (at appendix A of the “Subordinated Debt” booklet of the Comptroller’s...more

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