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AMR decision highlights bankruptcy court split on enforceability of ipso facto clauses

A recent ruling in the American Airlines bankruptcy case enforcing an automatic acceleration upon bankruptcy provision serves as a reminder that the enforceability of so-called ipso facto provisions in debt instruments remains an unsettled, forum-dependent question.      

USA, New York, Aviation, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Debtor, Debt, American Airlines, United States bankruptcy court
Royal Decree Law 24/2012 address restructuring and termination of Spanish credit entities

The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 (the RDL 24/2012), for the restructuring and termination of Spanish credit entities. This RDL entered into force on 31 August 2012.

Spain, Banking, Insolvency & Restructuring, Latham & Watkins LLP, Memorandum of understanding, Internal control
Spanish Insolvency Act changes — continuation of the trends set by the 2009 reform

In line with the trend of the first reform to the Spanish Insolvency Act of 2003 carried out on March 2009 (the 2009 Reform), new amendments to the Spanish Insolvency Act (the SIA) were approved on 4 October 2011 (the Amendment). This Amendment will enter into force on 1 January 2012.

Spain, Insolvency & Restructuring, Latham & Watkins LLP, Debtor, Debt, Deed, Liability (financial accounting), Liquidation, Moratorium, Refinancing, Distressed securities, Constitutional amendment