News & Analysis as of

Restructuring

I Get Knocked Down, But I Get Up Again

by K&L Gates LLP on

Australia has long been known for its “have a go” attitude and it appears that this sentiment has been behind major reform in Australia’s restructuring and insolvency laws over the past year. Originally published in INSOL...more

Cross-Border Clash for the Brazilian Dutch Telco in the U.S. Courts

by Morrison & Foerster LLP on

Distressed and special situations investors should take note of the U.S. Bankruptcy Court’s recent decision in Oi’s Chapter 15 case. We present our takeaways for investors. The U.S. Bankruptcy Court refused to recognise...more

Tidewater Inc. Settles Its Remaining Charter Agreement Rejection Damage Claim After Judge Shannon Found Stipulated Loss Value...

by Cole Schotz on

On November 28, 2017, Tidewater Inc. and its affiliated debtors (collectively, the “Tidewater Debtors”) withdrew their motion objecting to final allowance of rejection damage claims of Fifth Third Equipment Finance Company...more

Underperforming Law Firms Risk Failure

by Hayse LLC on

The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year. - John Foster Dulles Former Secretary of State...more

Restaurants vs. Apparel: A Different Recipe for Restructuring A Retail Footprint

by Bryan Cave on

With the holiday season now upon us, analysts are closely watching the restaurant industry, particularly the casual dining segment. Reminiscent of the conditions in 2008-2009, many are speculating whether the increase in...more

Venezuela Restructuring: A Long Road Ahead?

by Latham & Watkins LLP on

Venezuela’s initiative is unlikely to set the stage for a restructuring of international obligations in the face of US sanctions. Key Points: - US sanctions will prohibit US persons from engaging in a restructuring of...more

Second Circuit: Secured Lender Not Entitled to a Make Whole Premium in “Cramdown” Restructuring, But May Be Entitled to Higher...

by BakerHostetler on

On October 20, in Matter of M.P.M. Silicones, L.L.C. (“M.P.M. Silicones”), the United States Court of Appeals for the Second Circuit held that secured noteholders were not entitled to an approximately $200 million make-whole...more

Five Exercises for Toning Up a Law Firm’s Large Middle Section

by Hayse LLC on

Law firms look around and see that the attorney pyramid structure is crumbling or gone. In its place is an indistinct shape that often includes an oversized group of experienced lawyers not worthy, at least yet, of ownership....more

J. Crew Group, Inc.: Use of Credit Facility Baskets Eviscerates Value of Term Loan Collateral

by Locke Lord LLP on

On September 7, 2017, an ad hoc, minority group of J. Crew’s senior term lenders (the “Dissenting Lenders”) filed an amended complaint against J. Crew and its affiliates (collectively, “J. Crew”) in the Supreme Court of the...more

Reform Comes to Australian Restructuring and Insolvency Law

by Morgan Lewis on

Two key changes made to Australian insolvency law enhance restructuring efforts in Australia and could improve outcomes for US investors. ...more

Update – Boart Longyear schemes of arrangement approved

by Hogan Lovells on

In our previous blog post, we examined the decision of the New South Wales Court of Appeal to uphold the composition of classes of creditors in the Boart Longyear restructuring by way of scheme of arrangement....more

Relieving Pressure in the Law Firm Restructure/Turnaround

by Hayse LLC on

We have previously written about the unique nature of the law firm turnaround and how commitment from owners is one of the keys to turnaround success. In Part 2 we will look at resource management (or cost management) as a...more

Is it Time to Restructure/Reposition Your Law Firm?

by Hayse LLC on

...Law Firms, like all businesses, are in a constant state of change. Similar to an annual check-up on your health, law firm leaders should periodically take the time to evaluate the condition of their firm in order to catch...more

Restructuring and Insolvency Bulletin - Issue 1 - 2017 - Supreme Court Lehman Waterfall I decision - foreign currency creditors...

by Dechert LLP on

98% of the liabilities of Lehman Brothers International (Europe) (in administration) (“LBIE”) were denominated in non-sterling currencies. The fall in sterling after LBIE entered administration resulted in significant paper...more

Zebra Crossings: the view on secondment in Johannesburg

by Hogan Lovells on

When I left the UK, bound for Johannesburg, it was (and remains) a turbulent time with the UK government facing difficult negotiations in the coming years first over Brexit and now too in relation to its very ability to...more

New Tax Amnesty Law

by White & Case LLP on

Turkey has passed a new law offering taxpayers the opportunity to restructure their unpaid and overdue taxes, social security payments and some other public receivables and to benefit from a partial amnesty for penalties and...more

U.S. Supreme Court Holds That Structured Dismissals Cannot Deviate From the Bankruptcy Code's Priority Scheme

by Jones Day on

In bankruptcy cases under chapter 11, debtors sometimes opt for a "structured dismissal" when a consensual plan of reorganization or liquidation cannot be reached or conversion to chapter 7 would be too costly. In Czyzewski...more

Don’t Fear the Reaper: Hiring Bankruptcy Counsel Won’t Be Held Against You

by Robins Kaplan LLP on

Both bankruptcy practitioners and potential clients thereof can take comfort in a recent decision issued by the United States Court of Appeals for the Fifth Circuit. Last week, the Fifth Circuit concluded that hiring...more

A Hypothetical Question Deserves a Hypothetical Answer: The Ninth Circuit’s Approach to Preference Transfers in In re Tenderloin...

As a creditor, the news of a debtor who owes you a substantial sum of money filing bankruptcy is often the most alarming news you can learn—that is, until you seek advice of counsel and learn that payments the debtor made to...more

The Devil's Dictionary of Bankruptcy Terms: Substantial Consummation

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

Equitable or Equity Committees: Lessons from Recent Cases

by Morrison & Foerster LLP on

The second half of 2016 saw a surge in the number of requests to form official equity committees, especially in commodity-related restructurings. This most recent restructuring cycle began in August 2015 and remains active....more

French Legal and Regulatory Update - January 2017

by Hogan Lovells on

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for January 2017. 1. Audovisual...more

The Devil's Dictionary of Bankruptcy Terms: Venue

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

Republican Senators Introduce Bill to Restructure the Consumer Financial Protection Bureau

by Snell & Wilmer on

On January 11, 2017, U.S. Senator Deb Fischer (R-Neb.) introduced Senate Bill 105 which proposes a substantial change to the leadership structure of the Consumer Financial Protection Bureau (“CFPB”). Senator Fischer was...more

Upheaval in the German Restructuring Market – Need-to-know Facts and Alternative Tools

by Latham & Watkins LLP on

To date, a debt waiver has been frequently used as a tool to successfully restructure German based companies in financial difficulties. A decision of the German Federal Fiscal Court (Bundesfinanzhof) published on...more

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