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European Commission Consultation: Developing the Secondary Market for Non-Performing Loans

The European Commission ("Commission") has released a consultation paper to evaluate the merits of introducing measures to support secondary markets for distressed debt and the development of a new, contractual-based loan security obligation.

Consultation

European Union, Banking, Insolvency & Restructuring, Jones Day, European Commission
Hold-outs beware: UK schemes of arrangement and Chapter 11 lie in wait

The recentThomas Cook refinancing and Cortefiel scheme of arrangement offer contrasting examples to investors of the risks and rewards of adopting a hold-out position in complex multijurisdictional restructurings.

United Kingdom, Insolvency & Restructuring, Litigation, Jones Day, Debtor, Debt
House Committee on Financial Services holds hearing on Lehman Bankruptcy examiner’s report

On April 20, the House Committee on Financial Services held a hearing to discuss public policy issues raised by last month’s report of court-appointed bankruptcy examiner for Lehman Brothers Holdings Inc. (Lehman Brothers), Mr. Anton R. Valukas. The Committee heard testimony from the following witnesses:

Panel One:

USA, Capital Markets, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Audit, Board of directors, Accounting, Defamation, Balance sheet, US Securities and Exchange Commission, Federal Reserve (USA), FSAB, US House Committee on Financial Services, Chair of the Federal Reserve, Lehman Brothers, Ernst & Young, Chief executive officer