As we described in our client alert dated September 14, 2016, in the aftermath of the real estate downturn from 1989 to 1993, when real estate mortgage lenders began to contemplate making new mortgage loans, they sought to create new legal structures to prevent their prospective borrowers from filing for Chapter 11, and to ameliorate the adverse consequences, if such a filing were to occur.
In our client alert dated September 14, 2016, we discussed the decision of the United States Bankruptcy Court for the District of Delaware in In re Intervention Energy Holdings, LLC, which refused to invalidate a bankruptcy filing made without the consent of its lender who held a “Golden Share” as void against federal public policy.
5 What will happen if a Type A event occurs? If a Type A event occurs without appropriate steps being taken there can be a number of consequences. (i) Impact on relationship with pension scheme trustees Pension schemes have long term liabilities. Sponsoring employers therefore generally expect to have a long term relationship with the trustees of their scheme. That relationship could be damaged if a Type A event occurs and the trustees are not kept informed or if they consider that their concerns about such events have not been addressed.
On May 9 2017 the Amsterdam Court of Appeals ruled that the Russian liquidation order of August 1 2006 regarding OAO Yukos Oil Company is contrary to Dutch public order and therefore null and void.(1) An interesting question is whether the judgment will have a bearing in the appeal of the annulment proceedings concerning the $50 billion Energy Charter Treaty (ECT) arbitration case between former Yukos shareholders and Russia, which is pending before The Hague Court of Appeal.
Introduction The number of financial institutions that have announced the relocation of their EU headquarters from the UK to Germany has increased during the last weeks. In the meantime, some of the largest US and Asian institutions have confirmed their plans to expand their operations in Germany, and we expect others to follow soon. How can we assist? This briefing shall provide you with an overview of a number of issues that may be of interest for your decision to expand your operations in Germany.
Il 5 aprile scorso l’Avvocato Generale Campos Sànchez-Bordona (AG) ha rassegnato le proprie conclusioni nell’ambito della causa C-245/16 pendente innanzi alla Corte di Giustizia (CdG) e instaurata su un rinvio pregiudiziale da parte del TAR Marche.
New legislation came into force in Hong Kong in eary February which gives the court power to set aside transactions performed at an undervalue. This briefing explains the scope of this new law and the key considerations for directors when approving corporate transactions in order to avoid the risk of incurring personal liability. It is available in English and Chinese.
The High Court yesterday held that a Chairperson of a shareholder scheme meeting may reject votes cast against a scheme of arrangement in circumstances where the shares were acquired through an artificial share-splitting exercise designed to frustrate the scheme. It is the first English case to consider this issue and while it arose in the context of a shareholder scheme, the impact is also significant for debt restructurings implemented by way of a creditor scheme of arrangement.
Background
Welche Folgen hat die Entscheidung für abgeschlossene Verfahren? Was bedeutet sie für die Zukunft?
On November 17, 2016, the Third Circuit Court of Appeals issued an opinion holding that claims for “make-whole” amounts were valid and enforceable as “redemption premiums” under New York law despite the automatic acceleration of the underlying debt upon the issuer filing for chapter 11 bankruptcy protection. See In re Energy Future Holdings Corp., No. 16-1351 (3d Cir. Nov. 17, 2016) (the “EFH Decision”).