Releases of Sackler Family Too Broad and Not Authorized by the Bankruptcy Code
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French bankruptcy law has been recently modified by Law no. 2012-346 of March 12, 2012 relating to protective measures (mesures conservatoires) applicable to safeguard, recovery and liquidation proceedings, and by Law no. 2012-387 of March 22, 2012 relating to the simplification and easing of administrative procedures.
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A mix of changing credit market conditions and political and economic factors in major economies may be opening up a window of opportunity for Brazilian borrowers to access cross-border lending. Given market dynamics in the United States, Brazilian borrowers may gain both covenant and pricing advantages by syndicating transactions in the U.S. rather than borrowing in the Brazilian loan or CCB markets. In some instances, this may allow Brazilian borrowers to optimize their capital structure with a multi-tiered composition of U.S.
On October 31, the Federal Reserve Board adopted two proposed rules that would tailor how certain aspects of the post-crisis bank regulatory framework, including certain capital and liquidity requirements and other prudential standards, apply to large U.S. banking organizations. One of the rules is to be issued jointly by the FDIC, Federal Reserve and OCC. The other was issued solely by the Federal Reserve.
February 25, 2018
Treasury Issues Report on Dodd-Frank Orderly Liquidation Authority
Treasury Issues Report Recommending Adoption of Reforms to Dodd-Frank Orderly Liquidation Authority and a New Chapter 14 of the Bankruptcy Code for Significantly Systemic Financial Companies
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January 19, 2017
Second Circuit Overturns Marblegate, Rejecting Expansive Interpretation of Section 316(b) of the Trust Indenture Act
In Split Decision, Appeals Court Rules That Section 316(b) of the Trust Indenture Act of 1939 Prohibits Only Formal Non-Consensual Amendments to a Qualified Indenture's Core Payment Terms
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More Clarity for Delaware Directors When Considering Restructuring Transactions
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In Quadrant Structured Products Co., Ltd. v. Vertin (May 4, 2015) (“Quadrant”), the Delaware Court of Chancery confirms – again – that ordinary corporate fiduciary duties govern the conduct of directors of an insolvent corporation, rather than a special duty to creditors. The Court also clarifies the circumstances in which creditors may have derivative standing to enforce those fiduciary duties on behalf of an insolvent corporation.
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On May 29, 2012, the U.S. Supreme Court unanimously held in RadLAX Gateway Hotel, LLC v. Amalgamated Bank1that a plan of reorganization that contemplates a sale of assets subject to validly perfected security interests cannot be “crammed down” over the objection of secured creditors who have not been afforded the right to credit bid for the assets.
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