Alternative assets have enjoyed an unprecedented level of growth over the last decade, which looks set to continue with global AUM growing from $8.8tn in 2017 to a projected $14tn in 20231.
Asset-backed or net asset value (NAV) facilities as a feature of the fund finance landscape are not new, but their prevalence and uses have increased over the last five years in particular.
In Mission Product Holdings Inc. v. Tempnology LLC, No. 17-1657, the Supreme Court has held that a debtor’s rejection of an executory contract does not abrogate the rights others enjoy under that contract. Although the Court’s ruling specifically dealt with rights to a trademark license, the reasoning appears broader than that. The Supreme Court has in effect done away with a debtor’s right to reject any lease, concession, license, or agreement and then prevent a counterparty from enjoying the use of the rights previously granted.
Using a traffic light approach, we consider the sorts of amendments which might impact on "day one" security.
WHEN MIGHT AMENDMENTS PRESENT A PROBLEM?
As Parliament debates the draft Withdrawal Agreement prior to the vote on 11 December, this week's Q&A looks beyond the headlines at the potential impact of the proposed Brexit deal on a number of specific topics, including what the Political Declaration tells us about the shape of the future EU/UK trade agreement:
Alternative Investment Funds
2018 has seen a wave of company voluntary arrangements ("CVAs") hit the market, with high profile companies such as House of Fraser, Carpetright, New Look and Homebase (to name a few) all making use of this restructuring tool. This briefing note explains how a CVA works, provides an overview of current "market" themes, and makes some predictions on the future of CVAs.
EVOLUTION OF THE CVA
2018 has seen a wave of company voluntary arrangements ("CVAs") hit the market, with high profile companies such as House of Fraser, Carpetright, New Look and Homebase (to name a few) all making use of this restructuring tool. This briefing note explains how a CVA works, provides an overview of current "market" themes, and makes some predictions on the future of CVAs
EVOLUTION OF THE CVA
KEY POINTS Investors seek reliable information, legal certainty, predictability of outcome and the
opportunity to participate in a rescue and/or restructuring which will recover value. The Recast European Insolvency Regulation (the `Recast EIR') should, at least in part,
help investors meet those objectives. It is hoped that the Recast EIR will encourage greater investment (including distressed
KEY POINTS
The CE-File system made electronic working mandatory for insolvency proceedings in
London, with effect from 25 April 2017. Insolvency filings outside London can continue to be made on paper. Potential users should create a CE-File account and familiarise themselves with the
system as soon as possible. While the system will bring users increased flexibility, including the ability to make filings
On March 5, 2018, the Federal Maritime Commission voted to launch an investigation into the detention, demurrage, and per diem charges of vessel operating common carriers and marine terminal operators. The investigation will be headed by Commissioner Rebecca Dye, who will have broad authority to issue subpoenas, hold public and non-public inquiries, and require reports.
The key issues Commissioner Dye will investigate are: