As we have discussed in previous QuickStudies, certain borrowers in industries experiencing particularly adverse economic conditions have taken advantage of flexible terms in their credit agreements to transfer valuable...more
The impact of the COVID-19 pandemic is affecting individuals and businesses across the globe. For middle market borrowers and their lenders, this is a critical time for risk assessment and proactive action. There has been...more
Following its issuance of proposed regulations in November of last year, the IRS today published final regulations (84 FR 23716) under Section 956 of the Internal Revenue Code. The final regulations include very few changes...more
The IRS recently issued proposed regulations (REG-114540-18) under Section 956 of the Internal Revenue Code limiting the effect of such section, and potentially impacting relatively standard collateral package provisions for...more
On September 21, 2018, Marble Ridge Capital (“Marble Ridge”) issued a press release indicating that Marble Ridge had sent a letter to the board of directors of Neiman Marcus alleging that certain transactions entered into by...more
Delaware has adopted amendments to its Limited Liability Company Act that permit so-called “divisions” to be effected by a Delaware limited liability company (“LLC”). These amendments, which became effective on August 1,...more
Introduction -
The London interbank offered rate (LIBOR) presently serves as the benchmark rate for over $200 trillion of US dollar-based derivatives and loans. In 2012, financial industry regulators discovered...more
On September 7, 2017, an ad hoc, minority group of J. Crew’s senior term lenders (the “Dissenting Lenders”) filed an amended complaint against J. Crew and its affiliates (collectively, “J. Crew”) in the Supreme Court of the...more