News & Analysis as of

Restructuring

Kramer Levin Naftalis & Frankel LLP

NAIC Discusses Best Practices for Restructuring Mechanisms

Insurers with legacy blocks of business, or with other motivations to enter into block transfers of business or corporate split-offs, should consider a recent regulator call on so-called Insurance Business Transfers (IBTs)...more

Husch Blackwell LLP

Strategic Restructuring for the Future: Exploring Upstream Revenue Opportunities for Hospices

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In this era of disruption and market consolidation, the talk of the town is how hospices can make strategic pivots to expand their geography, diversify the scope of their services to get further upstream, and otherwise be...more

Morrison & Foerster LLP

The National Security Investment Act 2021 and its Implications for Distressed Investments and Restructuring

The National Security Investment Act 2021 (the “Act”) came into effect on 4 January 2022 and introduced a new UK investment screening regime focused on national security risks (the “NSI Regime”). It is similar to the...more

Dechert LLP

Smile Telecoms Restructuring Plan: English Court sanctions plan telling dissenting creditors to ‘stop shouting from the...

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On 30 March 2022, the English High Court sanctioned a new restructuring plan for Smile Telecoms Holdings Limited (“Smile” or the “Company”) (the “Restructuring Plan”). The restructuring will result in the Company’s super...more

Vinson & Elkins LLP

Iceberg Ahead! Spotting the PR Risks of Employment Decisions

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P&O Ferries (“P&O”), a British shipping company, recently hit the headlines in the UK when it abruptly terminated the employment of almost 800 workers without prior warning or consultation, in some cases via Zoom, as part of...more

Conyers

Joint Provisional Liquidators Appointed: All Year Holdings Limited

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Conyers BVI litigators Richard Evans and Charles Goldblatt secure the appointment of Provisional Liquidators over All Year Holdings Limited (“AYH”) at an urgent hearing before the BVI Commercial Court on 20 December 2021. ...more

Conyers

2022 Corporate Digest: Notable Deals & Transactions

Conyers on

This digest outlines significant legal work undertaken by Conyers on behalf of our clients globally in the past year. Although 2021 marks the second year of challenges brought by Covid-19, deal activity is returning to – and...more

Goodwin

National Security and Investment Act 2021 and Restructuring and Insolvency

Goodwin on

The National Security and Investment Act 2021 ("NSIA" or "the Act") came into force in the UK on 4 January 2022. NSIA expands the UK Government’s powers to scrutinise certain acquisitions and investments on national security...more

Proskauer - Health Care Law Brief

Diagnosing Distress: Top 5 Challenges for Private Credit Lenders in Health Care Restructurings

Despite the strength of the U.S. economy headed into the New Year, a variety of conditions may be conspiring against businesses in certain segments of the health care industry. These include reduced patient census at skilled...more

White & Case LLP

Liquidity and refinancing

White & Case LLP on

Looking at the current picture, 60 percent of respondents globally say that the aviation finance sector does not have enough capital and liquidity. Meanwhile, 32 percent believe that the sector has just the right amount of...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

Stikeman Elliott LLP

Ontario Court Approves of Use of Reverse Vesting Transactions and Provides Guidance for Future Transactions

Stikeman Elliott LLP on

The Ontario Superior Court of Justice (Commercial List) (the “Court”) in Re Harte Gold Corp., issued its first published decision on the use of reverse vesting orders (“RVOs”) finding that the Companies’ Creditors Arrangement...more

White & Case LLP

UK Pensions Regulator's new criminal powers are a wake-up call to companies planning corporate transactions

White & Case LLP on

The UK Pensions Regulator is gaining stronger powers, which will have a significant impact on companies undertaking activities such as M&A, secured borrowing, and restructuring. Following best practice and thinking ahead have...more

Jones Day

Business Restructuring Review - The Year In Bankruptcy: 2021

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One year ago, we wrote that, unlike in 2019, when the large business bankruptcy landscape was generally shaped by economic, market, and leverage factors, the COVID-19 pandemic dominated the narrative in 2020. The pandemic may...more

Law Matters

Still Waiting for the Other Shoe to Drop

Law Matters on

Economists and professionals in the restructuring sector of business and real estate have been anticipating a distressed economy for the past 18 months. Thus far they have been wrong....more

Stark & Stark

Deferral Agreements - Considerations for Extending Relief to Troubled Franchisees

Stark & Stark on

Deferral agreements, or workout agreements, are a favorable option for franchisors seeking to restructure and manage the obligations of a struggling franchisee before more draconian measures, such as termination of a...more

Conyers

Cayman Islands Restructuring: No Place Like Home

Conyers on

Conyers were instructed by Silver Base Group Holdings Limited (“Silver Base”) in relation to a successful application for the appointment of “light-touch” provisional liquidators for restructuring purposes before the Grand...more

Alston & Bird

Amicus Finance – The First Part 26A Restructuring Plan Sanctioned by the UK Court Despite Opposition from a Senior Creditor Class

Alston & Bird on

For the first time, a UK court has crammed down a dissenting class of senior secured creditors. Our Financial Restructuring & Reorganization Group reviews the court’s reasoning and sets out the main takeaways from the...more

Dechert LLP

Smile Telecoms Restructuring Plan: Court grants convening application excluding “out of the money” creditor and shareholder...

Dechert LLP on

On 12 January 2022, the English High Court granted Smile Telecoms Holdings Limited’s (“Smile” or the “Company”) application to convene a single meeting of plan creditors (the super senior creditors) to vote on the Company’s...more

Jones Day

Recent Trends in Corporate Debt and Reorganizations: Laying the Groundwork for Future Large Chapter 11 Cases or Just More Runway?

Jones Day on

After commercial Chapter 11 filings soared to their highest levels in more than a decade in 2020, the numbers gradually came back to Earth in the latter part of 2020 and, in 2021, fell well below annual averages. The primary...more

Dechert LLP

Amicus Finance plc (in administration): High Court sanctions first mid-market restructuring plan, despite the opposition of...

Dechert LLP on

On the 19th of August 2021, the English High Court sanctioned a Part 26A restructuring plan proposed by the administrators of Amicus Finance plc (in administration) (“Amicus”) for the company’s solvent exit from...more

American Conference Institute (ACI)

[Event] 10th Edition of Fraud, Asset Tracing & Recovery - January 24th - 25th, Miami, FL

ACI’s and C5’s 10th Edition of Fraud, Asset Tracing & Recovery Miami conference is returning on January 24 – 25, 2022 in person! Deemed as the foremost, can’t-miss event for the Fraud community, it gathers the pre-eminent...more

Rivkin Radler LLP

Selling Your S Corporation’s Business? What If It’s Not an S Corporation?

Rivkin Radler LLP on

Haste Makes Waste? How many of you are suffering from Build Back Better Fatigue? Seriously, it’s a thing. Sure, the House passed its version of the President’s tax and spending bill on November 19, and the Senate...more

Dechert LLP

Avoiding an Out-of-Court Restructuring May Breach Fiduciary Duties

Dechert LLP on

Introduction Under Delaware law, the board of directors of an insolvent company has wide latitude to pursue good-faith strategies to maximize the value of the firm. Trenwick Am. Litig. Tr. v. Ernst & Young, L.L.P., 906 A.2d...more

Cadwalader, Wickersham & Taft LLP

What’s in a Name? Court Holds That Despite Its Title, a Security Agreement Also Subordinated Junior Creditor’s Rights to Payment

On October 29, 2021, Judge Laura Taylor Swain, the presiding judge in the Puerto Rico bankruptcy case, ruled that approximately $2 billion in intragovernmental loan claims were subordinated to bonds issued by the Puerto Rico...more

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