Key Takeaways:
Our private credit clients are preparing for the next restructuring cycle and have called us about ultrafast bankruptcy cases. These chapter 11 cases have grabbed headlines because they lasted less than a day. Specifically, FullBeauty Brands and Sungard Availability Services emerged from bankruptcy in 24 hours and 19 hours, respectively. Is this a trend and which companies are best suited to zip through chapter 11?
A. Prepacks, Pre-Negotiated Cases, and Free-Falls
From July 21, the reform of rules on prospectuses, intended to establish a common rulebook across the EU to encourage financing through capital markets, will directly apply in Spain.
The perspective of a ahot summer arriving is an excellent opportunity to take a look at the most relevant events that occured on the second quarter of 2019.
On an international level, and in contrast with the previous quarters, few events are worth mentioning.
On May 20, 2019, in Mission Product Holdings, Inc. v. Tempnology, LLC, 587 U.S. ___ (2019), the Supreme Court resolved an area of ongoing concern for parties to trademark licenses. The court addressed a circuit split on whether a trademark licensee may continue to use a trademark for the term of the license, after the license has been rejected in bankruptcy.
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2017 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and
Other Private Funds
2017 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity
Funds and Other Private Funds
The following annual review and outlook (Annual Review) is a summary of some of the significant changes and developments that occurred in the past year and certain recommended practices that investment advisers to hedge funds, private equity funds and other private funds (collectively, private funds) should consider when preparing for 2018.
CHANGES TO THE INSOLVENCY AND RESTRUCTURING COMPANIES CODE
The changes to the Insolvency and Restructuring Companies Code, as established in Decree-Law No. 79/2017 of June 30, entered into force on July 1 2017.
Noteworthy changes
A. Special revitalization proceeding (Processo Especial de Revitalizao "PER")
1. This proceeding is now only available to companies.
2. Requirements for this proceeding were revised.
a. For every company:
Financing and Restructuring July 2017 Cases and transactions Dual financing to build waste management center FLUIDRA: Issuance of promissory notes on MARF Agile process to sell production unit in insolvency proceedings Legislation New rules on prospectuses Regulation coming into force on insolvency proceedings and forms Case law Indirect shareholding and subordination of credit Pledging of VAT credits resistant to insolvency proceedings Concept of group in insolvency proceedings Individual legal standing in syndicated loans Insolvency categorization of loans secured with pledge of credit ri