News & Analysis as of

Debt Restructuring

Limited recognition of foreign insolvency proceedings in Singapore

by Dentons on

Creditors and anyone seeking recognition of foreign insolvency proceedings in Singapore should consider how the presence of an injunction or an adverse court order may affect the chances of successful recognition....more

The Devil's Dictionary of Bankruptcy Terms: D-I-P and DIP Financing

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

German coalition government plans insolvency law reform

by DLA Piper on

On 4 March 2018, Angela Merkel secured her fourth term in power after the Social Democratic party (SPD) agreed to form another “grand coalition” government with the conservative Christian Democratic Union (CDU), ending months...more

Taking the easy way out of business rescue proceedings

by Hogan Lovells on

It's an open secret that the commendable goals envisaged by the legislature with the introduction of the business rescue proceedings in Chapter 6 of our Companies Act are being hampered as a result of poorly drafted statutory...more

Recovering Administrative Claims in Chapter 9 Bankruptcy and Title III of PROMESA

Municipal bankruptcies under Chapter 9 of the Bankruptcy Code, 11 U.S.C. §§ 901-946 (Chapter 9), are rare. These cases are often filed to adjust bonded indebtedness and pension obligations. Congressional authorization for...more

The Rule In Gibbs: Safeguarding Creditors’ Rights Or Aiding And Abetting "Hold Out" In Foreign Insolvencies?

There is an English common law rule that a debt governed by English law cannot be discharged or compromised by a foreign insolvency proceeding. This rule is derived from a Court of Appeal case: Antony Gibbs and sons v La...more

UK Restructuring Scheme Case Study: Guiding Bibby Offshore Into Safe Waters

by Latham & Watkins LLP on

UK-based offshore and subsea oil & gas services company solidifies its position and completes ownership transfer to noteholders in major company milestone. The recent Bibby Offshore recapitalisation is as fair and...more

Polsinelli TrBK Distress Indices - Fourth Quarter 2017

by Polsinelli on

We're pleased to announce the release of the Polsinelli|TrBK Distress Indices for the Fourth Quarter of 2017. Polsinelli, with data provided exclusively by TexHost, LLC d/b/a, publishes the Indices on a...more

Lease Profit-Sharing Provision Unenforceable Condition to Assignment in Bankruptcy

by Jones Day on

In Antone Corp. v. Haggen Holdings, LLC (In re Haggen Holdings, LLC), 2017 WL 3730527 (D. Del. Aug. 30, 2017), the U.S. District Court for the District of Delaware considered whether, as part of a bankruptcy asset sale, a...more

The Year in Bankruptcy: 2017

by Jones Day on

The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more

Restructuring and Insolvency Bulletin Issue 3 - January 2018: Russian transportation and logistics conglomerate FESCO PLC...

by Dechert LLP on

This case reiterates the opportunity that an English scheme provides to companies in emerging market jurisdictions seeking to restructure their English law debt obligations with international lenders. Mr Justice Snowden’s...more

Restructuring & Insolvency Newsletter - January 2018

by Reed Smith on

Welcome to the January 2018 issue of the R&I Alert, the newsletter produced by Reed Smith's Restructuring & Insolvency Group. ...more

State of the Financial Restructuring Market

Continuing low interest rates and generally improved economic conditions in the U.S. and worldwide during 2017 have reduced financial distress and the need for business bankruptcies in most sectors. However, out-of-court...more

Opportunities for Venture Capital Investments in Singapore in 2018

by Dentons on

Heading into 2018, we look back on several key developments in the legal landscape in the past year that we expect will provide new opportunities for venture capital funds in Singapore. We also share our thoughts on promising...more

The Italian Insolvency Law Reform Project

By the Law 155/2017, that became effective on November 14, 2017, the Italian Parliament required the Government to adopt, within the next 12 months, a comprehensive and organic reform of insolvency proceedings and rules...more

Maximizing returns from a UK liquidation

by DLA Piper on

When a company enters into an insolvency process in the UK, the position of unsecured creditors is typically one of uncertainty. Ranking fifth1 in the insolvency payment waterfall, unsecured creditors frequently find...more

Australia: phoenixing reform rising beyond the safe harbour

by DLA Piper on

Australian insolvency law reform is gaining momentum. In September 2017, we saw the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill 2017 receive royal assent, introducing a new safe harbour for directors who...more

Dutch Government's proposals for a new form of binding, pre-insolvency composition - the "Dutch Scheme"

by DLA Piper on

In September a draft bill was published for public consultation, pursuant to which a district court may be asked to confirm a restructuring plan between a company and its creditors and shareholders concerning the rescheduling...more

Venezuela Debt Restructuring – Sanctions Compliance

As parties pursue restructuring of Venezuelan sovereign debt, they should be sensitive to U.S. economic sanctions prohibitions. The sanctions prohibitions broadly apply to "U.S. persons" – U.S. citizens and permanent...more

Maritime and offshore restructuring in Singapore: A safe harbour?

by White & Case LLP on

The new laws have made Singapore more attractive for companies looking to restructure, but will it become the jurisdiction of choice for Asian debt restructurings? The maritime and offshore (M&O) sector has endured almost...more

Second Circuit Issues Key Cramdown Interest Rate Ruling

by Jones Day on

In Momentive Performance Materials Inc. v. BOKF, NA (In re MPM Silicones, L.L.C.), 2017 BL 376794 (2d Cir. Oct. 27, 2017) ("Momentive"), the U.S. Court of Appeals for the Second Circuit, in a long-anticipated decision,...more

Dana Gas – choice of English governing law upheld over arguments of non-Shari'a compliance

by Dentons on

Dana Gas PJSC (Dana Gas), the Abu Dhabi Stock Exchange listed, UAE-based energy producer, commenced restructuring negotiations with a number of its creditors in May 2017. Just over a month later, Dana Gas announced that...more

Cross-Border Bankruptcy Update: COMI Migration and Illegitimate COMI Manipulation Distinguished

by Jones Day on

With the significant increase in cross-border bankruptcy and insolvency filings in the 43 nations or territories that have adopted the UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), including the U.S., the...more

In Brief: First Circuit Rules That Section 1109(b) of the Bankruptcy Code Creates an Unconditional Right to Intervene in an...

by Jones Day on

In Assured Guaranty Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico, 872 F.3d 57 (1st Cir. 2017), the U.S. Court of Appeals for the First Circuit ruled that section 1109(b) of the Bankruptcy Code gave an unsecured...more

Venezuelan Debt Crisis: Serious Financial Problems Plague the South American Country

Perhaps this is one of the first articles you’re reading about the debt crisis in Venezuela. It won’t be the last. The situation there is bad and will get worse. ...more

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