Since online auctioneer Paddle 8 filed for bankruptcy protection in March, creditors of the company have begun filing their notices of claim in the bankruptcy case. One thing on which the creditors all seem to agree is that the current assets of Paddle 8 will be insufficient to cover its debts by a considerable margin. Paddle 8’s lenders and commercial landlord are by far the largest creditors, and standing out from the crowd will be difficult.
The novel coronavirus COVID-19 pandemic has the potential to impact the U.S. economy at a level which could ultimately rival or surpass the global financial crisis of 2009. Reports from commercial landlords suggest that a majority of retail and restaurant tenants, perhaps as many as 75%, failed to make payments of rent due on April 1st.
Early last week the online auctioneer Paddle 8 filed for Chapter 11 bankruptcy in the Southern District of New York, on the heels of a recent lawsuit demanding payment for works of art sold at a charitable auction last November.
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 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.
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.
In October 2019, syncreon Group Holdings B.V. and its subsidiaries (collectively, the syncreon Group) completed a landmark cross-border balance sheet restructuring of approximately US$1.1-billion of debt. The syncreon Group’s restructuring is believed to be the first time that English scheme of arrangement proceedings have been used to restructure debt issued by a U.S.-based multinational enterprise (Scheme Proceedings).
On November 1, 2019, certain amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) will come into force and have potentially far-reaching implications on the way in which restructuring and liquidation proceedings under those statutes are conducted.
As described in further detail below, the amendments:
On August 29, 2019, the Alberta Court of Appeal released its decision in Canada v. Canada North Group Inc. The majority – Justice P. Rowbotham and Justice F.
Article 55 of the Bank Recovery and Resolution Directive (BRRD) (2014/59/EU) requires Member States to ensure that a bail-in clause is included in agreements containing liabilities of a regulated Member State financial institution which are governed by the law of a third country.