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The Twilight, or Rebirth, of Liability Management? Serta and Mitel Decisions Reach Opposite Conclusions on the Permissibility of Uptier Exchange Transactions

Introduction & Key Takeaways

The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have played a large role in corporate debt restructurings for the past several years.

USA, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP
Saudi Arabia Update - May 2017

Legal Developments

Potential hourly wage system

The Ministry of Labor and Social Development (MOL) is discussing a potential new employment system for Saudi employees named “Flexible Work” (Flexible Work). Flexible Work will be a system whereby an employee may be paid an hourly wage on a weekly basis in arrears, and various entitlements currently required under the Labor Law for conventional employees would not be required, such as:

Saudi Arabia, Capital Markets, Employee Benefits & Pensions, Insolvency & Restructuring, Insurance, Dentons, Bankruptcy, Health insurance, Employment contract
Saudi Arabia update May 2015

1 Legal Developments

1.1 New Saudization Rules Proposed

Saudization is the colloquial term used to refer to Saudi Arabia’s official government policy of encouraging the employment of Saudi Arabian nationals in the private sector. The policy of Saudization is enforced and implemented through several programs and regulations in Saudi Arabia, including the Nitaqat Program.

Saudi Arabia, Capital Markets, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Dentons