In a report to several Congressional committees, GAO reviewed proposed and enacted changes to the U.S.

A recent Bankruptcy Court decision, In re Firestar Diamond, Inc., out of the Southern District of New York (“SDNY”) by Bankruptcy Judge Sean H.

Le 8 mai 2020, suite à une décision unanime rendue séance tenante le 23 janvier 2020, la Cour suprême du Canada (la « Cour suprême ») a publié ses motifs dans le cadre des procédures d’insolvabilité de Bluberi Gaming Technologies Inc., désormais 9354‑9186 Québec inc., et al.

On May 8, 2020, the Supreme Court of Canada (Supreme Court) issued its reasons in the restructuring proceedings of Bluberi Gaming Technologies Inc., now 9354‑9186 Québec Inc., et al.

Due to the current economic downturn, many corporations (Borrowers) may find themselves in financial difficulty and need to refinance their existing debt obligations with creditors (Lenders). Such Borrowers may be able to reduce their financing costs through the issuance of “distress preferred shares” (DPS). This method of refinancing generally does not adversely affect the Lenders, as they can receive equal or better after-tax returns on their investments without jeopardizing their security and priority.

The CFTC proposed amendments intended to "comprehensively update" its bankruptcy regulations (Part 190 of the CFTC regulations) to "reflect current market practices and lessons learned."

In the proposal, the CFTC provided:

Introduction

En 2019, les tribunaux canadiens, dont la Cour suprême du Canada, ont rendu un certain nombre de décisions qui présentent un intérêt pour les prêteurs commerciaux et les spécialistes des dossiers de restructuration. Le présent article propose, pour chacune de ces affaires, un résumé des enjeux d’importance.

In recent weeks, a number of transactions have come across our desks involving levered feeders set up as an investment vehicle for insurance-related investors. For regulatory reasons, these vehicles are established such that each such investor’s commitment is comprised of both a loan commitment (the “Debt Commitment”) and an equity commitment (the “Equity Commitment”). This structure presents a challenge for lenders trying to balance the requested borrowing base treatment for investor commitments of this type against the potential bankruptcy implications that this structure poses.

In 2019, a number of judicial decisions were rendered across Canada, including by the Supreme Court of Canada (SCC), that will be of interest to commercial lenders and restructuring professionals. This article summarizes the core issues of importance in each of these cases.