Firms Publications

U.S. District Court affirms use of below-market interest rates in “cramdown” of secured creditors under Chapter 11 bankruptcy plan

Fri, 05/22/2015 - 17:04

In a significant decision affecting the rights of secured creditors in US chapter 11 bankruptcy cases and the ability of borrowers to compel reorganizations over such creditors’ objection, on May 4, 2015, the United States District Court for the Southern District of New York (the District Court) held that a chapter 11 plan of reorganization may be confirmed over the objection of a dissenting class of oversecured creditors – a process known as “cramdown” – where such plan would pay them interest based on below-market rates.

Categories: Insolvency News

Lehman Brothers International (Europe)

Tue, 05/05/2015 - 06:00

On 10 April 2015, the administrators of Lehman Brothers International (Europe) (LBIE) circulated their thirteenth progress report (the Report) for the period from 15 September 2014 to 14 March 2015 to all known creditors and counterparties. On 30 April 2015, the administrators hosted a one-hour webinar, providing an update on the current progress of the administration, which included a question and answer session. This bulletin summarises some of the key issues raised in the Report and the webinar and highlights other key recent developments.

Categories: Insolvency News

Ability to litigate in England torpedoed by foreign insolvency proceedings - Erste Group Bank AG v JSC “VMZ Red October”

Fri, 05/01/2015 - 04:40

The filing of claims by a creditor in foreign insolvency proceedings, and the full participation of the creditor in those proceedings, results in the submission to and acceptance of the jurisdiction of the foreign courts in relation to all issues arising in the insolvency proceedings. Creditors should therefore consider very carefully the consequences of filing claims in foreign insolvency proceedings (and/or participating in the foreign insolvency proceedings) as doing so may have unintended consequences.

Categories: Insolvency News

Bar date set for claims to post-bankruptcy interest against Lehman Brothers OTC Derivatives Inc. and Lehman Brothers Commercial Corporation

Wed, 04/01/2015 - 11:39

The United States Bankruptcy Court has set a bar date of 24 April 2015 for holders of claims against Lehman Brothers OTC Derivatives Inc. and Lehman Brothers Commercial Corporation to assert a demand for post-bankruptcy interest.


Categories: Insolvency News

Australian Inbound Investment

Mon, 03/02/2015 - 01:17

Australia set to become a more attractive destination for institutional and inbound investors

Categories: Insolvency News