The European real estate sector is enduring a period of turbulence not seen since the 2008 financial crisis. Industry players are dealing with a confluence of stubbornly high interest rates, falling valuations, rising energy...more
The English High Court has sanctioned a restructuring plan in respect of EUR 3.2 billion of bonds issued by the German real estate business, Adler Group. The main objective of the plan was to avoid Adler's imminent insolvency...more
The UK Pensions Regulator is gaining stronger powers, which will have a significant impact on companies undertaking activities such as M&A, secured borrowing, and restructuring. Following best practice and thinking ahead have...more
2/9/2022
/ Corporate Counsel ,
Corporate Governance ,
Criminal Liability ,
Employer Liability Issues ,
Moral Hazard Powers ,
Notice Requirements ,
Pension Schemes ,
Pensions ,
Restructuring ,
The Pensions Regulator (TPR) ,
UK
The economic impact of the COVID-19 pandemic led to a wave of creditor schemes of arrangement ("schemes") and restructuring plans ("RPs") in the second half of 2020, which shows no sign of abating in 2021. For the...more
HEADLINES
- In March 2020, credit insurer Euler Hermes forecast a 43% increase in insolvencies in the UK in 2021, as well as a 26% uptick in France and 12% in Germany.
- By December 2020, ratings agency S&P was...more
In structuring a UK scheme of arrangement that involves the restructuring of existing securities and/or the offer of new securities, due consideration must be given to the relevant US securities laws and registration...more
10/29/2020
/ Blue Sky Laws ,
Cross-Border Transactions ,
Issuer Exemption ,
Private Offerings ,
Risk Management ,
Rule 10b-5 ,
Scheme of Arrangement ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Regulation ,
Trust Indenture Act ,
UK ,
United States
Leveraged finance defaults are rising as the impact of COVID-19 is felt, but covenant-lite terms, government intervention and support from financial sponsors have mitigated fallout from the pandemic.
Leveraged finance...more
HEADLINES
- Default levels remain historically low at 1 per cent to 2 per cent
- Prevalence of cov-lite loans in Europe may be concealing some underperformance, but there are no conventional triggers for lenders to...more