News & Analysis as of

Corporate Restructuring Debt

Latham & Watkins LLP

Holding Water: Thames Water Restructuring Plan Sanctioned

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The English court has sanctioned the group’s interim financing plan, but the opposing creditor group’s appeal will be heard on an expedited basis. The last 12 months have been turbulent for Thames Water. Following the...more

Mintz

Watch Your Language! Non-Pro Rata Uptier Transactions and the Serta and Mitel Decisions

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Among the many financial innovations that came out of the COVID era, non-pro rata uptier transactions as a liability management exercise (“LMEs”) are among the more controversial. While lawsuits challenging non-pro rata...more

Orrick, Herrington & Sutcliffe LLP

The Impact of the Serta and Mitel Decisions: What Comes Next

The Fifth Circuit struck down Serta Simmons’ 2020 uptier transaction, while the New York Appellate Division upheld a similar transaction in a case involving Mitel Networks, exposing key differences in how courts interpret...more

Morrison & Foerster LLP

Latest Uptier Decisions in Serta and Mitel Remind Contract Language Matters

The caselaw on “uptiers” as liability management exercises (LMEs) grew by two opinions on the last day of 2024. In Serta, the Fifth Circuit reversed the bankruptcy court’s blessing of the pre-bankruptcy uptier and...more

J.S. Held

Lending Climate in America – 1st Quarter 2024 Survey

J.S. Held on

With inflation continuing to impact the US economy, lenders are focused on the economic impact of the presidential election in November. Lenders’ expectations for the US economy’s performance in the longer term – beyond the...more

Conyers

Update to the Adler High Court Decision: The UK’s Court of Appeal Overturns the High Court’s Approval of the Adler Restructuring...

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Following the English High Court’s written reasons for sanctioning the Adler Group restructuring plan on 21 April 2023, the English Court of Appeal has overturned the High Court’s decision and sent a strong message regarding...more

Alston & Bird

European Enforcement Guide

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In the current economic climate, it is important that lenders understand how they can enforce security and debt claims, to help in assessing options in the event of default by their customers, and when structuring new...more

Jones Day

Double-Dip Financings: The Next Wave in European Liability Management?

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A “double-dip” structure is considered a way to allow some creditors to have multiple claims against key obligors arising out of the same underlying transactions. These additional claims could improve their position relative...more

Conyers

Locality of a Debt

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For businesses that are family-owned and run in jurisdictions such as Hong Kong, Mainland China and Taiwan, it is common for beneficial ownership and control of the business enterprise to be vested in the shareholders of a...more

Ankura

Avoid the B-word! In Times of Financial Stress, Being Proactive Ensures You Have Options

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“How did you go bankrupt? “Two ways. Gradually, then suddenly.” - Ernest Hemingway, The Sun Also Rises Whether from internal or external factors, every company at some point will experience financial stress. The key to...more

Conyers

Cayman Islands Restructuring: Getting Oriented With the New Regime – Part II

Conyers on

On 11 November 2022, Mr Justice Kawaley ordered the first appointment of restructuring officers in Re Oriente Group Limited (FSD 231 of 2022) under the new Cayman Islands restructuring regime, with reserved written reasons to...more

Conyers

Cayman Islands Restructuring: Getting Oriente-d With the New Regime

Conyers on

On 11 November 2022, Mr Justice Kawaley ordered the first appointment of restructuring officers in Re Oriente Group Limited (FSD 231 of 2022) under the new Cayman Islands restructuring regime, with reserved written reasons to...more

K&L Gates LLP

COVID-19: UK Government Announces End of Temporary Restrictions on Certain Insolvency Proceedings

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The UK government has announced that temporary restrictions on creditor action introduced in the Corporate Insolvency and Governance Act 2020 are to be phased out. These temporary restrictions were put in place to protect...more

White & Case LLP

Distressed companies open the liability toolbox to avoid full-blown bankruptcies

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Management teams and private equity (PE) sponsors have successfully deployed a range of liability management tools to steer companies through the COVID-19 downturn and avoid both bankruptcies and full-blown restructurings. ...more

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