Yesterday, Senate Republicans circulated a brief summary of the Financial Regulatory Improvement and Taxpayer Protection Act, a Republican substitute to the Restoring American Financial Stability Act of 2010 (S.3217) previously
Today, Dubai World announced that it has presented a restructuring proposal to the Coordinating Committee representing its creditors on the restructuring of $23.5 billion of total financial liabilities of Dubai World as of December 31, 2009.
On Friday, the Office of the Comptroller of the Currency closed American National Bank, headquartered in Parma, Ohio, and the FDIC was named receiver.
There have recently been a number of significant developments in relation to schemes of arrangement. These include:
- the Federal Court refusing to make orders convening a meeting of CSR’s shareholders to vote on a demerger proposal by way of scheme, on public policy and commercial morality grounds relating to CSR’s potential asbestos liabilities
- the Government’s corporate law advisory body recommending significant reforms to the scheme regime, and
- developments regarding ‘hostile schemes’.
Each of these developments is discussed below.
Today, the FDIC announced that Colony Capital Acquisitions, LLC paid a total of approximately $90.5 million (net of working capital) in cash for a 40% equity stake in a limited liability company (LLC) created by the FDIC to hold a portfolio of approximately 1,200 distressed commercial real estate loans with an aggregate unpaid principal balance of $1.02 billion arising out of 22 failed bank receiverships.
This past Monday, in the wake of last month's termination of TCW Group, Inc.
Today, the U.K. Treasury and Northern Rock plc separatelyannounced that the restructuring of Northern Rock will take place on January 1, 2010 (Transfer Date).
Yesterday, the bankrupt estate of Lehman Brothers Holdings, Inc. (Lehman) sued Barclays Capital, Inc.
Today, HM Treasury announced the conclusion of discussions with Lloyds Banking Group (Lloyds) and Royal Bank of Scotland Plc (RBS), regarding their participation in the U.K.
Earlier today, DSB Bank N.V. (DSB) was declared bankrupt and ordered to liquidate, ending hopes the regional lender, which last week suffered a run on deposits and was subsequently put into receivership, might be sold or bailed out.