*Fried Frank published a memorandum titled COVID-19 Pandemic: Key UK Government and Bank of England Initiatives to Support Businesses on March 30, 2020 ("March 30 Memorandum") and published an update to the March 30 Memorandum on April 15, 2020 (the "April 15 Update"). In light of the rapidly developing situation and government response, the April 15 Update has been further updated to include the latest guidance provided by the UK Government, in particular as to employment retention initiatives and loan schemes, and is current as of May 12, 2020.

Two courts recently answered “yes,” finding that environmental claims brought against reorganized debtors by government entities were discharged under confirmed Chapter 11 plans of reorganization. In In re Exide Techs., 613 B.R. 79 (D. Del. 2020), the District of Delaware held that pre-petition, non-compensatory air quality penalties imposed on a Chapter 11 debtor by a state regulator were subject to discharge in bankruptcy. And in In re Peabody Energy Corp.

I.Exide Techs.: the Bankruptcy Code’s Exceptions to Dischargeability

Yes, says the First Circuit. The First Circuit recently affirmed the District Court’s decision to deny a group of bondholders’ (the “Bondholders”) motion to have a trustee appointed for the Employees Retirement System of the Government of the Commonwealth of Puerto Rico (the “System”) under section 926 of the Bankruptcy Code. Section 926 of the Bankruptcy Code allows a court to appoint a trustee to pursue avoidance actions in Chapter 9 cases.

In the wake of the high profile collapse of the private equity firm Abraaj Capital, the Dubai International Financial Centre (“DIFC”) updated its insolvency regime with the introduction on June 13, 2019 of the new DIFC Insolvency Law (Law No.1 of 2019) (the “DIFC Insolvency Law”).

Disagreeing with the much-critiqued SDNY opinion in Enron, the SDNY bankruptcy court disallowed claims brought by secondary transferees because the original claimants allegedly received millions of dollars in fraudulent transfers and preferences from the Debtors that have not been repaid. Deepening the district spilt on the nature of Section 502(d) of the Bankruptcy Code, the Court held that the defense barring fraudulent transfer-tainted claims focuses on claims—not claimants—and cannot be “washed clean” by a subsequent transfer in the secondary market.

* On March 30, 2020, Fried Frank published a memorandum titled COVID-19 Pandemic: Key UK Government and Bank of England Initiatives to Support Businesses ("March 30 Memorandum"). In light of the rapidly developing situation and government response, the March 30 Memorandum has been updated to include the latest guidance provided by the UK Government, in particular as to employment retention initiatives and loan schemes, and is current as of April 15, 2020.

With the significant strain placed on market participants as a result of the combined impacts of the global COVID-19 pandemic, the oil price war and the ensuing liquidity and credit crunches, we expect that a number of enterprises in the United Arab Emirates ("UAE") will either be forced to carry out restructurings or otherwise undergo formal court-supervised insolvency processes.

In Germany, as in many other countries, a number of laws have been passed in order to respond to the economic challenges in connection with the Covid-19 crisis. This memorandum provides a brief summary and overview focusing on the most relevant changes to the legal landscape.

I. Financial Support

As markets react to the Coronavirus Disease 2019 (COVID-19) pandemic, the trading prices of loans and notes have declined. In light of these developments, borrowers and their affiliates, including private equity sponsors, are considering whether to buy back outstanding debt at a discount. In analyzing the potential benefits and drawbacks of pursuing debt repurchases, borrowers and private equity sponsors should consider the following:

Outstanding Debt Documents

To Our Clients and Friends Memorandum March 30, 2020 Copyright © 2020 Fried, Frank, Harris, Shriver & Jacobson LLP A Delaware Limited Liability Partnership 1 COVID-19 Pandemic: Key UK Government and Bank of England Initiatives to Support Businesses * In light of the rapidly developing situation and government response, this memorandum is current as of March 29, 2020. The rapid transmission of COVID-19 around the world has had a transformative impact on economies, politics and societies. Europe and the United States, in particular, have now emerged as epicentres of the pandemic.