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Debt-Equity

Goodwin

How Long Do Funds Suspend the Investment Period Due to “Key Person Events”?

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Most funds automatically suspend their investment period when a key person event occurs, but the duration of the suspension varies by asset class. Key persons are investment professionals who are considered indispensable...more

White & Case LLP

APAC FRI Pulse

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As 2024 comes into full swing, it is timely to reflect on the lessons from 2023 and the impact that global economies have had on the financial landscape in Australia. Post-global pandemic and in the midst of the current...more

Eversheds Sutherland (US) LLP

Whose right is it? Impact of bankruptcy on lender's prepetition exercise of proxy rights

In In re CII Parent, Inc., the Bankruptcy Court for the District of Delaware affirmed a secured lender’s prepetition exercise of its proxy rights and its subsequent removal and replacement of the directors/managers of the...more

Kramer Levin Naftalis & Frankel LLP

And Another Lender Blocking Provision Bites the Dust, Texas Bankruptcy Court Rules

One feature commonly seen in commercial lending transactions is a waiver of the borrower’s authority to file for bankruptcy without the consent of the lender. While such “blocking” provisions are generally upheld where the...more

Katten Muchin Rosenman LLP

UPDATE: Proposed Taxes on Mezzanine and Preferred Equity Financing Resurface in New York Legislature

Key Points - - New York lawmakers have reintroduced legislation that, if adopted into law, would make mezzanine and preferred equity financing subject to the mortgage recording tax. - The legislation would also...more

Holland & Knight LLP

Mortgage Recording Tax on Mezzanine Debt, Preferred Equity Again Proposed in N.Y. Senate

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Legislation to impose a tax on the creation of mezzanine debt and preferred equity was reintroduced on Jan. 4, 2023, in the last two sessions of the New York state legislature, by the same state senators who proposed it...more

Cadwalader, Wickersham & Taft LLP

A Veterans Day Salute November 2022 | Issue No. 200 - The Rise of Rated Note Feeders: Structures and Subscription Facility...

As the traditional subscription facility market has matured, new liquidity and funding innovations have arisen. Enter the rated note feeder. This structural tool in the back pocket of GPs may ease the accessibility of private...more

Proskauer - Tax Talks

EU Commission publishes draft directive to remove tax driven debt-equity bias

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Summary and Background - On 11 May 2022, the European Commission (the “Commission”) published its draft proposal for a debt-equity bias reduction allowance (“DEBRA” or, the “Directive”), which forms part of the...more

Cozen O'Connor

U.S. Responds to Russian Invasion of Ukraine with Costly Sanctions

Cozen O'Connor on

In the wake of Russia’s incursion into Ukraine, the United States has over the past several days imposed a series of unprecedented economic sanctions and export controls designed to prevent President Vladimir Putin from...more

Latham & Watkins LLP

Creative Uses of Collateral Present New Financing Opportunities for PE

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Innovative asset-based lending is on the rise as a means of attracting new lenders while maintaining the strategic support of existing creditors. Raising fresh capital for portfolio companies in times of financial stress is...more

WilmerHale

In Case You Missed It: Launch Links - January 2021

WilmerHale on

Some interesting links we found across the web this week: The Difference Between Debt and Equity Financing - Are you a small business owner trying to decide if debt or equity financing is best for your business? ...more

Opportune LLP

Overriding Royalty Interest: A Viable Alternative To Conventional Debt-for-equity Restructuring

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By Glenn Sniezek When an oil and gas company is over-leveraged and needs to restructure its debt, the typical option that most companies look at is converting all or a portion of its debt to equity via an in-court or...more

Morgan Lewis

CFTC Subcommittee Issues ‘First of Its Kind’ Climate Risk Report

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A recent report from the US Commodity Futures Trading Commission encourages financial regulators to consider the risks climate change poses to the US financial system and includes recommendations for addressing these risks....more

Morrison & Foerster LLP

NY State Legislature Considers Bill Proposing Tax On Mezzanine Debt And Preferred Equity

In January 2020, Senator Julia Salazar and Assembly Member Harvey Epstein introduced a bill (S7231/A09041) in the New York State Legislature proposing to charge a recording tax (similar to the mortgage tax) on mezzanine debt...more

Pillsbury Winthrop Shaw Pittman LLP

Implementing China’s New Foreign Investment Law, Part Two: Accepting Foreign Loans

The second installment of a series of alerts focusing on practical issues relating to China’s new Foreign Investment Law. The two current models of foreign loans for Foreign Invested Enterprises reflect the Chinese...more

McDermott Will & Emery

Special Situations: 102

McDermott Will & Emery on

During these unprecedented times, many funds seek opportunities to deploy capital, with a particular focus on the “special situations” space. A certain amount of heightened risk (or risk perception) in this economic climate...more

McDermott Will & Emery

New Debt-Equity Regulations Address Certain Gaps, but More Guidance Is Expected

McDermott Will & Emery on

The final debt-equity regulations issued on May 13, 2020, finalize proposed section 385 regulations issued in 2016 without any substantive changes to the existing debt-equity regulations, and withdraw the temporary section...more

Kramer Levin Naftalis & Frankel LLP

Treasury and the IRS Finalize Without Change October 2016 Proposed Regulations Treating Certain Related-Party Corporate Debt as...

On May 13, 2020, the Department of the Treasury (Treasury) and the Internal Revenue Service (the Service) released regulations finalizing previously proposed regulations under Internal Revenue Code Section 385 regarding the...more

Latham & Watkins LLP

Managing Italian Companies with Listed Securities During The COVID-19 Outbreak – Part II (Public Guarantees and Lending Relief...

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This second in a series provides practical guidance to help companies cope with the evolving regulatory scenario during the pandemic. Due to the global spread of COVID-19, governments and regulators have adopted a variety...more

Latham & Watkins LLP

Managing Italian Companies With Listed Securities During the COVID-19 Pandemic – Part I (Reporting Obligations and Corporate...

Latham & Watkins LLP on

This first in a series provides practical guidance to help companies cope with the evolving regulatory scenario during the pandemic. Due to the global spread of COVID-19, governments and regulators have adopted a variety...more

White & Case LLP

Understanding Tax: Opportunities arising from the new UK Hybrid Capital Instruments Regime

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This article is produced by our London Tax team, which is part of our global Tax practice. Our series, "Understanding Tax", explores commercially relevant and recent changes to the UK's tax code. Opportunities arising from...more

Skadden, Arps, Slate, Meagher & Flom LLP

Coronavirus/COVID-19 Update #2

The question is no longer whether the volatility created by the COVID-19 pandemic will deepen the difficulties businesses and other institutions face in the coming months, but by how much and in what ways. In the past few...more

BCLP

Coronavirus Credit Squeeze? Small Businesses Should Consider Disaster Assistance Loans from the SBA

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The devastating impact of the Coronavirus (COVID-19) needs no introduction. Among the many enormous challenges facing the world today as a result of the rapid and pervasive spread of the virus, businesses have watched as most...more

Dorsey & Whitney LLP

SEC Seeks to Encourage Registered Debt Offerings by Amending Financial Statement Requirements

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On March 2, the Securities and Exchange Commission adopted amendments to the financial disclosure requirements applicable to registered debt offerings that include credit enhancements, such as subsidiary guarantees. The final...more

Kramer Levin Naftalis & Frankel LLP

Debt-Equity Dashed Expectations: Treasury and the Service Retain Onerous Section 385 Regulations

On Nov. 4, 2019, the Department of the Treasury (Treasury) and the Internal Revenue Service (the Service) published final debt-equity regulations (the Final Regulations) and an advance notice of proposed rulemaking (the...more

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