A Primer for Issuer Tender Offers, Debt Exchange Offers, Repurchases and Other Liability Management Matters

This primer is a one-stop comprehensive guide for any issuer seeking to restructure its non-convertible debt securities outside of bankruptcy. This publication:

• summarizes the U.S. federal securities laws, rules and regulations that apply to debt restructurings;

• describes various types of debt restructurings; and

• discusses various practical considerations arising in debt restructurings.

The recent Spanish Peaks decision from the Ninth Circuit (covering Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon and Washington) deepens the split in case law on the ability to strip off leases in a landlord/borrower bankruptcy.

Affinity Credit Union 2013 v. Vortex Drilling Ltd. 2017 SKQB 228

On July 19, the U.S. Court of Appeals for the Third Circuit decided an important case involving oil and gas producers, intermediaries, and the ultimate purchasers of the oil and gas. The case, a bankruptcy matter, is In re: SemCrude, LP, et al.

On April 20, the U.S. Court of Appeals for the Second Circuit issued a unanimous ruling that may terminate much of the litigation triggered by the bankruptcy of Tronox Inc. The Court of Appeals dismissed the appeal for lack of jurisdiction. The case is In re Tronox Inc.

National Insolvency Review, February 2017

Most or all creditors who lend to farmers will be familiar with the Farm Debt Mediation Act, S.C. 1997, c. 21 (the “FDMA”) and the need to serve a notice under the FDMA before taking action against a farmer. However, there are some details of how the FDMA operates that may not be as well-known. This piece will highlight some of those details.

On January 3, the U.S. Court of Appeals for the Tenth Circuit issued a ruling reversing the district court’s decision that Asarco could not proceed with its claims for cost recovery at a Utah Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) mining site. The case is Asarco, LLC v. Noranda Mining, Inc.

Asarco declared bankruptcy in August 2005, and, as the Court of Appeals notes

Les délais sont d’une importance primordiale dans le cadre de procédures judiciaires. Le défaut de les respecter peut impliquer le rejet d’une action.

Dans l’affaire 9190-0753 Québec Inc. (Syndic de), 2016 QCCS 1983 (29-04-2016), le juge Stephen W. Hamilton a décidé de l’application de certains délais du Code de procédure civile (ou C.p.c.) en complément de la Loi sur la faillite et l’insolvabilité (ci-après « Loi ») et des Règles générales sur la faillite et l’insolvabilité (ci-après « Règles »).

Les faits

Les délais sont d’une importance primordiale dans le cadre de procédures juridiciaires. Le défaut de les respecter peut impliquer le rejet d’une action.

Dans l’affaire 9190-0753 Québec Inc. (Syndic de), 2016 QCCS 1983 (29-04-2016) le juge Stephen W. Hamilton décide de l’application de certains délais du Code de procédure civile (ou C.p.c.) en complément des Règles générales sur la faillite et l’insolvabilité (ci-après « Règles »).

Les faits

Like most companies that file for chapter 11 protection, many debtors in the health care industry may have outstanding liabilities that have not been finally adjudicated as of the petition date. This can include tort claims based on allegations of medical malpractice, elder abuse, patient dumping, violations of a patient’s bill of right or various other allegations of improper care. Bankruptcy courts can estimate the value of these claims to facilitate the speedy confirmation of a debtor’s plan without subjecting the debtor to a lengthy trial during its restructuring.