By: David H. Conaway, Shumaker, Loop & Kendrick, LLP Adjusting to the “new reality”, many companies have focused on all aspects of their balance sheets to improve performance for stakeholders. Companies have realized that material extensions of credit terms regarding its accounts payable result in dramatic improvement to cash flow and working capital.

By: David H. Conaway, Shumaker, Loop & Kendrick, LLP Reuters, Bloomberg and Debtwire are all reporting negative financial information about your customer:

"Bond ratings are down-graded, bond prices are falling, a likely “restructuring” to address the bond debt, bondholders form an “ad hoc” committee to negotiate with the customer, the bondholders retain financial advisors and counsel … as does the customer."

By: David H. Conaway, Shumaker, Loop & Kendrick, LLP The following is an executive summary of the “need to know” bankruptcy concepts as they impact creditors in business insolvencies.

Yesterday, the United States Supreme Court, in Executive Benefits Insurance Agency v. Arkison, issued a unanimous decision that will allow bankruptcy courts to make proposed findings of fact and conclusions of law to district courts on fraudulent conveyance, tort claims, and other state law actions commenced by a debtor or bankruptcy trustee against creditors and other parties. Click here to read more

As confidence in M&A activity seems to have turned a corner, the use of acquirer stock as acquisition currency is a serious consideration for executives and advisers on both sides of the table. A number of factors play into the renewed appeal of stock deals, including an increasingly bullish outlook in the C-level suite and higher and more stable stock market valuations, as well as deal-specific drivers like the need for a meaningful stock component in tax inversion transaction. Click here to read more

As the GM post-confirmation litigation moves through the New York Bankruptcy Court, it is important not to lose sight of how the underlying issues in Motors Liquidation may impact today’s bankruptcy environment, where asset sales under section 363 have proven to be critical to saving businesses and jobs. What should sellers and purchasers of distressed assets know to preserve their ability to use section 363 as a viable tool in the sale of distressed assets? Writing for the Wall Street Journal’s “Bankruptcy Beat,” our partner Rick Chesley concisely explores this issue.

THE INTERNATIONAL SCENE: Transparency in Chapter 15 Cases (citation: Tally M. Wiener and Ido J. Alexander, Transparency in Chapter 15 Cases, XXXIII ABI Journal 6, 34-35, 87, June 2014) - Tally M. Wiener and Ido J. Alexander

May 1, 2014

In this Report:

• In the past month, one rulemaking requirement was finalized and no rulemaking requirements were proposed.
• As of May 1, 2014, a total of 280 Dodd-Frank rulemaking requirement deadlines have passed.

Addressing the enforceability of prepayment premiums in the context of Chapter 11 cases. The law on this issue is evolving and different approaches are taken by various courts.

FEATURE: Should We Net Sovereign Debt? (citation: S. Ari Mushell, Should We Net Sovereign Debt?, XXXIII ABI Journal 5, 48-49, 100-01, May 2014) - S. Ari Mushell