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Restructuring: When is the right time?

HEADLINES

  • Default levels remain historically low at 1 per cent to 2 per cent
  • Prevalence of cov-lite loans in Europe may be concealing some underperformance, but there are no conventional triggers for lenders to act

Despite concerns that the economic cycle is peaking, and the impact of geopolitical and trade volatility on corporate earnings, leveraged finance default rates show little sign of rising during the next 12 months.

European Union, Banking, Insolvency & Restructuring, White & Case
Canada’s Top Court Releases Precedent-Setting Decision on Litigation Funding and a Court’s Discretion in Restructuring Process

The Supreme Court of Canada’s decision in 9354-9186 Québec Inc. v Callidus Capital Corporation unanimously overturned a unanimous decision of the Québec Court of Appeal. The Supreme Court’s decision, released on January 23, 2020, was issued from the bench with reasons to follow.

Canada, Insolvency & Restructuring, Litigation, Davies Ward Phillips & Vineberg LLP, Supreme Court of Canada
Le plus haut tribunal du Canada rend une décision qui fera jurisprudence concernant le financement des litiges et le pouvoir discrétionnaire du tribunal à l’égard du processus de restructuration

Dans une décision unanime rendue séance tenante le 23 janvier 2020 dans l’affaire 9354-9186 Québec Inc. c. Callidus Capital Corporation, la Cour suprême du Canada a infirmé une décision unanime de la Cour d’appel du Québec. Les motifs de la Cour sont à venir.

Canada, Company & Commercial, Insolvency & Restructuring, Litigation, Davies Ward Phillips & Vineberg LLP
Liquidating CCAAs and Pension Deemed Trust Priorities

The very clearly written decision of Québec Superior Court Justice Stephen Hamilton in the Bloom Lake and Wabush Mines Companies’ Creditors Arrangement Act (CCAA) proceedings is certain to be the topic of current discussion in the Canadian insolvency and secured lending communities. See the September 11, 2017 decision.

Canada, Quebec, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Davies Ward Phillips & Vineberg LLP, Bankruptcy and Insolvency Act 1985 (Canada)