The results are in!

As I mentioned in my May 25th blog post, Curtis James Jackson III, better known as rapper 50 Cent (“Jackson”) was scheduled for his bankruptcy confirmation hearing yesterday (July 6th).

As the country recovers from the shock outcome of last Thursday’s Referendum, the question which Restructuring professionals must now consider is “what does Brexit mean for me?”. The truth is that nobody really knows. The Referendum decision is not legally binding on the UK Government and the process of the UK leaving the EU will only start once the UK has served formal notice on the EU pursuant to Article 50 of the Treaty on the European Union. This will start a two year negotiation period to effect Brexit.

In my May 26th post, I raised several questions that unsecured creditors in any Chapter 11 case should know the answers to and take action where appropriate.

On 23 June 2016 a 52% majority of the British people voted in favour of leaving the European Union. It seems likely that the immediate effect of the Brexit vote will be a degree of turmoil in the financial markets, involving, for instance a devaluation of Sterling against the Euro and of the Euro against the USD.

Chances are those well-known eloquent lyrics have stirred up some patriotic spirit from somewhere deep within even the most sporting averse of us.

With the 2016 summer of sport fast upon us the effect of the Euros, Wimbledon and the Olympics could have a significant impact on the economy (and the nerves) of the nation.

In my May 26th post, I raised several questions that unsecured creditors in any Chapter 11 case should know the answers to and take action where appropriate.

In my May 26th post, I raised several questions that unsecured creditors in any Chapter 11 case should know the answers to and take action where appropriate.

Yesterday, Iron Bridge Tools, Inc., a full-service design, development, and distribution company serving the consumer and professional hand-tool market, filed for Chapter 11 bankruptcy protection in Fort Lauderdale (Case No. 16-17505-RBR).

Since my April 15th blog post, Curtis James Jackson III, better known as rapper 50 Cent (“Jackson”), has made it past the disclosure statement approval phase of his bankruptcy case, and is running towards the plan confirmation finish line.

In case you have just returned from Outer Space- the UK Government has announced that it is holding a referendum on 23 June 2016 on the question:

“Should the United Kingdom remain a member of the EU or leave the EU?”

In the meantime, whilst the UK decides whether to Brexit or not, the EU Commission is taking a “business as usual” stance.