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Managing the Tax Impact of Debt Restructuring in the Wake of COVID-19

Many businesses are—or soon will be—unable to meet their obligations. Not all businesses in distress are unsuccessful; sometimes, as in the economic circumstances arising from the novel coronavirus (COVID-19) and the governmental directives tailored to address the related public health issues, even successful businesses must confront closures and steep declines in demand that could not have been anticipated, and may find it necessary or desirable to restructure their existing debt obligations.

USA, Insolvency & Restructuring, Tax, Weil Gotshal & Manges LLP, Coronavirus
Court confirms CIT reorganization plan

CIT Group Inc.

USA, New York, Insolvency & Restructuring, Alston & Bird LLP, Share (finance), Bankruptcy, Security (finance), Board of directors, Debt, Stock exchange, Preferred stock, New York Stock Exchange, Small Business Administration (USA), Chief executive officer, United States bankruptcy court
CIT announces reorganization plan solicitation results

CIT Group Inc.

USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Debt, Voting, Solicitation, Election, Brokerage firm
Federal Reserve Governor Tarullo considers regulation of large institutions

Yesterday, Daniel K. Tarullo, a governor of the Federal Reserve System, continued his vigorous speaking schedule with a speech at the Institute of International Bankers Conference on Cross-Border Insolvency Issues in New York.

USA, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Shareholder, Advance healthcare directive, Federal Reserve (USA), US House Committee on Financial Services
CIT files for bankruptcy

CIT Group Inc.

USA, New York, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Wage, Bankruptcy, Debtor, Board of directors, Market liquidity, Limited liability company, Debt, Line of credit, Subsidiary, Preferred stock