News & Analysis as of

Debt Restructuring

Seward & Kissel LLP

Unpacking Revlon, LATAM cleared for takeoff (sorry), $7.5 million sub V limit official, retail apocalypse redux (?), and new...

Seward & Kissel LLP on

Revlon Bankruptcy Complicated by Citi’s $900 Million Error | Financial Times - As Revlon prepares for restructuring negotiations following its bankruptcy filing last week, it faces complications with identifying its...more

Epiq

Rising Interest Rates and Restructuring Predictions

Epiq on

In an effort to combat inflation, the Federal Reserve (Fed) is raising interest rates. Inflation is a decrease in the purchasing power of our money which causes prices to increase in goods and services over time.  The...more

Seward & Kissel LLP

Bankruptcy System Faces Gov't Backlash

Seward & Kissel LLP on

Key bankruptcy issues, including the propriety of third-party releases and the so-called "Texas Two-Step," as well as determination of proper case venue, have recently drawn the attention of mainstream media, the public at...more

Moore & Van Allen PLLC

Special Situations Client Bulletin - Legal Review Guide for Stressed/Distressed Credits

Moore & Van Allen PLLC on

Although there may be differing views as to whether the U.S. economy is heading into some form of market correction, many would argue that certain warning signs have appeared that would suggest the possibility of an economic...more

Katten Muchin Rosenman LLP

Aircraft Lessors Should Prepare for UK Restructuring Processes

Key Points - - The use by Malaysia Airlines' subsidiary, MAB Leasing Ltd. (incorporated in Malaysia) ("MABL"), in 2021, of an English Scheme of Arrangement (a "Scheme") to compromise its aircraft lease obligations proved...more

Blake, Cassels & Graydon LLP

Expanding Court Discretion in Court-Approved Arrangements Under the Alberta Business Corporations Act

The Business Corporations Act (Alberta) (ABCA) received an overhaul this week. Bill 84, Business Corporations Amendment Act, 2021 came into force on May 31, 2022. That Bill introduced several changes to the ABCA. These...more

Bennett Jones LLP

Stoneway: Use of the CBCA as a Cross-Border Restructuring Tool

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In May 2022, the Canada Business Corporations Act (CBCA) was used to implement a cross-border and international restructuring of a group of companies (collectively known as Stoneway),1 whose principal business is the...more

Rumberger | Kirk

Legally Qualified: A Look at Recent Trends that May Affect Bankruptcies and Restructuring in the Year Ahead

Rumberger | Kirk on

The past two years have been tough on economies worldwide and the future continues to be uncertain for a number of industries. From continued supply chain challenges and the effects of the pandemic, RumbergerKirk Bankruptcy &...more

Latham & Watkins LLP

Restructuring with Regulators: Where Law and Policy Collide

Latham & Watkins LLP on

Balancing the urgency of delivering a restructuring with regulatory requirements in a regulated sector. Restructuring a company in a regulated sector is always challenging. Navigating directors’ duties is difficult...more

Latham & Watkins LLP

Schemes and Restructuring Plans: Where Are We Now?

Latham & Watkins LLP on

The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more

Latham & Watkins LLP

UK and European Restructuring Tools: Choosing the Optimal Forum for Creditor and Shareholder Cramdown

Latham & Watkins LLP on

Debtors and investors have an enhanced choice of restructuring venues as the EU Restructuring Directive is rolled out in Member States - A number of key European jurisdictions have now implemented the EU Preventive...more

Hogan Lovells

Munich I Regional Court declares Wirecard’s annual financial statements null and void – what happens now?

Hogan Lovells on

Wirecard's insolvency administrator has won a first victory before the Munich I Regional Court. On 5 May, the court declared the annual financial statements for 2017 and 2018, which show balance sheet profits totalling around...more

Epiq

Where to Next? Travel and Bankruptcy Predictions Remain Foggy

Epiq on

There is no argument that throughout the pandemic, travel has been one of the hardest hit industries. Domestic and international restrictions, capacity limitations, cancelled events, remote operations, illness, and fear...more

Hogan Lovells

Pointless – English High Court winds up listed plc for losing its purpose

Hogan Lovells on

For the first time in England & Wales, a court has ordered the winding-up of a listed plc on the grounds of loss of substratum – the abandonment of the company's original main object and purpose. If Hong Kong follows this...more

Quarles & Brady LLP

Intercreditor Agreements in Bankruptcy: How Intercreditor Agreements shape the proceedings and outcomes for secured creditors

Quarles & Brady LLP on

Junior and Senior Lenders work hard to negotiate Intercreditor Agreements. What difference does it make? Isn’t it enough to simply agree that the Junior Lender is in a junior position? This article follows a borrower,...more

White & Case LLP

Singapore court considers whether lock-up agreements alter the classification of creditors

White & Case LLP on

Lock-up agreements typically involve the company's creditors committing in advance to vote at the relevant class meeting in favour of the contemplated scheme. Lock-up agreements serve an important commercial purpose of either...more

Snell & Wilmer

Global Connection - Russian-Ukraine Conflict: Continue to Prepare for the Impact on Global Supply Chain

Snell & Wilmer on

As the Russian-Ukraine conflict continues to elicit intensifying economic responses from multiple countries, the frequency and rapidity of these new sanctions have left companies scrambling to align their internal and...more

Alston & Bird

Smile Telecoms – Part 26A Restructuring Plan Proposed by a Non-English Company Excludes ‘Out of the Money’ Creditors and...

Alston & Bird on

Our Financial Restructuring & Reorganization Group previews a significant sanction hearing after the court exercised its power under Section 901C(4) of the Companies Act 2006 to exclude ‘out of the money’ creditors and...more

Hogan Lovells

Recent developments in Singapore’s quest to become Asia’s international debt restructuring hub

Hogan Lovells on

Singapore is getting serious about becoming the region’s international insolvency hub.  In this inaugural podcast from the International Insolvency Institute, Hon. Kevin Carey (Ret.) of Hogan Lovells discusses Hon....more

Lowenstein Sandler LLP

2022 Bankruptcy & Restructuring Outlook

Lowenstein Sandler LLP on

Brent Weisenberg, senior counsel in the firm’s Bankruptcy & Restructuring Department, provides his outlook on what’s to come in 2022 in the bankruptcy and restructuring world. Weisenberg focuses on the long-suffering retail...more

Morgan Lewis

When Is a Guaranty Claim Reduced by Recovery in a Debtor’s Bankruptcy Case?

Morgan Lewis on

Consider a lender that extends a term loan in the amount of $1 million to an entity debtor. The loan is guaranteed by the debtor’s owner. If both the debtor and the guarantor become subject to bankruptcy cases, it is settled...more

Proskauer Rose LLP

Sunny With Clear Skies, But a Chance of Turbulence on the Horizon: Private Credit Restructuring Year in Review

Proskauer Rose LLP on

This past year was marked by extraordinary deal activity. Record breaking M&A activity drove record breaking private credit activity. Private equity M&A activity was at a substantial high, with over 8,500 deals worth $2.1...more

Hogan Lovells

Delaware Bankruptcy Court issues key new decision regarding redemption premiums: Language matters!

Hogan Lovells on

Loan agreements and bond indentures often prohibit a borrower or issuer from prepaying a loan or bond prior to its stated maturity without paying a “makewhole premium” or “redemption premium,” which is a sum of money, paid in...more

Skadden, Arps, Slate, Meagher & Flom LLP

Expansive Stimulus and Monetary Policy Helped Limit Restructurings, but Debt Maturities Loom

Takeaways - After an initial surge in debt restructurings and insolvencies in the early stages of the pandemic, stresses eased and fewer companies sought reorganizations. Default rates are low, as governments have...more

Akin Gump Strauss Hauer & Feld LLP

Restructuring Watch - January 2022

Welcome to the first edition of Restructuring Watch from the Akin Gump financial restructuring team in London. These editions will provide short and accessible updates on key legal developments in the European restructuring...more

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