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2014: bankruptcy and restructuring annual review

2014 has been a tumultuous year, filled with tragedy and interstellar triumphs: Ebola; Sochi; Ukraine; Flight 370; ISIS; Flight 17; Comet 67P. Life in the corporate bankruptcy and restructuring world was considerably more sedate than in the world at large. Now five and six years removed, some of the mega cases of the 2008 and 2009 era linger on and continue to generate interesting legal developments. 

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Momentive postscript – Bankruptcy Rule 3018: vote changing on Chapter 11 plans: you can’t have your cake and eat it, too

“Life is not about perfect information. Life is about choices, which is why you have elections.”

USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Interview with Bridget Marsh, Deputy General Counsel of the LSTA on Meridian Sunrise Village

We previously covered the Meridian Sunrise Village case on the Bankruptcy Blog here.

USA, Washington, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, General counsel
Momentous decision in Momentive Performance Materials: cramdown of secured creditors – Part II

On August 26, 2014, Judge Drain concluded the confirmation hearing in Momentive Performance Materials and issued several bench rulings on cramdown interest rates, the availability of a make-whole premium, third party releases, and the extent of the subordination of senior subordinated noteholders.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Title 11 of the US Code
Momentous decision in Momentive Performance Materials: cramdown of secured creditors – Part I

On August 26, 2014, Judge Drain, of the Bankruptcy Court for the Southern District of New York, concluded the confirmation hearing in Momentive Performance Materials and issued several bench rulings on cramdown interest rates, the availability of a make-whole premium, third party releases, and the extent of the subordination of senior subordinated noteholders. This four-part Bankruptcy Blog series will examine Judge Drain’s rulings in detail, with Part I of this series providing you with a primer on cramdown in the secured creditor context.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Unsecured debt, Secured creditor, United States bankruptcy court
Further clarification of the Hong Kong courts' jurisdiction to wind up unregistered overseas companies

In a judgment handed down on 6 March 2013, the Hong Kong High Court elaborated on the guiding principles the court will follow when determining whether or not it should exercise its 'exorbitant' jurisdiction to wind up an unregistered overseas company 'which prima facie is beyond the limits of territoriality'.

Hong Kong, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Liquidation
Enforcement of orders made in foreign insolvency proceedings

In Rubin v Eurofinance SA and New Cap Reinsurance Corporation (in liquidation) and another v AE Grant and others [2012] UKSC 46, the UK Supreme Court held that:  

United Kingdom, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Common law, Enforcement of foreign judgments, Liquidator (law), UK Supreme Court
Corporate rescue regime one step closer

The Hong Kong Government has recently released the conclusions to its public consultation on the proposed corporate rescue procedure and insolvent trading laws. The consistent theme throughout the conclusions paper is that the Government will propose practical compromises in order to overcome the contentious issues that have stalled previous efforts to introduce a statutory regime to facilitate corporate restructurings.

Hong Kong, Employment & Labor, Insolvency & Restructuring, Herbert Smith Freehills LLP, Public consultations, Option (finance), Swap (finance), Debt, Retirement, Moratorium, Law Commission (England and Wales)