For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments
Recent Developments
On November 7, 2014, Judge Steven Rhodes, the judge presiding over the City of Detroit's bankruptcy case, announced that he would confirm the City's proposed Plan of Adjustment (the "Plan"), including the creditor settlements contained within that Plan. A more detailed written opinion will follow, but the opinion read from the bench on November 7, together with an earlier opinion in this case, are among the most important precedents in U.S. municipal bankruptcy law.
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current global developments.
- Debt capitalisation in court-approved refinancing agreements
The 4th additional provision (4th a.p.) of the Spanish Insolvency Act (IA) provides that certain effects under a court-sanctioned refinancing agreement may extend to financial creditors that either have not signed the agreement or have expressed disagreement with it (dissenting creditors).
- RDA (RDL, its Spanish acronym) 11/2014, of 5 September, on urgent measures in insolvency matters, amends, inter alia, the rules on majorities required for the acceptance of settlement proposals.
The new rules can be found in art. 124(1) of the Spanish Insolvency Act (Ley Concursal), which now reads as follows:
Under the "resolution measure," the healthy assets and businesses of BES will be spun off into a new bank ("Novo Banco," provisionally), while problem assets will remain with the vestigial entity, and losses will be borne by shareholders and subordinated creditors. Novo Banco will be recapitalized by Portugal's central bank and rebranded.
- El RDL 11/2014, de 5 de septiembre, de medidas urgentes en materia concursal, ha venido a modificar, entre otros extremos, el régimen de las mayorías necesarias para la aceptación de propuestas de convenio.
El corazón de la nueva disciplina está constituido por el nuevo apartado 1 del art. 124 LC, que ha quedado redactado como sigue:
Recent Developments
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments