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    Fourth Circuit Distinguishes LLC Membership Interests from Economic Interests in a Security Agreement Conveyance
    2020-04-04

    In Wells Fargo Bank, N.A., f/b/o Jerome Guyant, IRA v. Highland Construction Management Services, L.P. et al., Nos. 18-2450-52 (4th Cir. March 17, 2020), the Fourth Circuit Court of Appeals recently upheld that a borrower’s indirect economic interests in a limited liability company (LLC) were not assigned to a lender under a conveyance in a security agreement assigning mere membership interests, pursuant to Virginia state law.

    Facts

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, FisherBroyles LLP, Fourth Circuit
    Authors:
    H. Joseph Acosta
    Location:
    USA
    Firm:
    FisherBroyles LLP
    Minnesota Governor Restricts Debt Collectors from Working in the Office
    2020-04-01

    On March 27, Minnesota Gov. Tim Walz clarified that Executive Order 20-20, which directed Minnesota residents to stay at home, applies to debt collection professionals. Due to ongoing coronavirus (“COVID-19”) concerns, Executive Order 20-20, which will remain in effect until April 10, 2020, orders all persons living in the State of Minnesota to stay at home except to engage in exempted activities and critical sector work.

    Filed under:
    USA, Banking, Capital Markets, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Troutman Pepper, Cybersecurity, Coronavirus
    Authors:
    Jessica Lohr , Ethan G. Ostroff
    Location:
    USA
    Firm:
    Troutman Pepper
    Navigating Discounted Debt Repurchases
    2020-04-03

    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

    Filed under:
    USA, Banking, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Corporate governance, Private equity, Coronavirus
    Authors:
    Lee T. Barnum , Neil Caddy , Kathryn Cecil , Ryan L. Conley , Joseph E. Fox , Jons F Lehmann , Meredith L. Mackey , Hana Nah , J. Christian Nahr , Alexander J. Panisch , Carole J. Rosenberg , Ezra Schneck , Eli Weiss
    Location:
    USA
    Firm:
    Fried Frank Harris Shriver & Jacobson LLP
    Congress Passes $2.2 Trillion COVID-19 Stimulus Bill
    2020-03-27

    On Friday, March 27, 2020, the U.S. House of Representatives voted to approve the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) submitted by the Senate and President Trump just signed the bill. The bill provides for $2.2 trillion in emergency aid to ease the financial impact of the COVID-19 crisis.

    Filed under:
    USA, Aviation, Banking, Energy & Natural Resources, Healthcare & Life Sciences, Insolvency & Restructuring, Leisure & Tourism, Private Client & Offshore Services, Public, Tax, White & Case, Private equity, Donald Trump, Coronavirus, US Senate, US House of Representatives, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Tax Cuts and Jobs Act 2017 (USA), CARES Act 2020 (USA)
    Authors:
    J. Mark Gidley , Armando Rivera Jacobo , Elena Millerman , Binoy Dharia , Heather Waters Borthwick , David Thatch , Edward So , Colin J. Diamond , Rupa Briggs
    Location:
    USA
    Firm:
    White & Case
    COVID-19 Update: SBA Paycheck Protection Loan Program and Additional Financial Assistance Programs
    2020-03-27

    On March 27, the president signed into law Phase 3 of the federal stimulus program, called the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. Title I of the act, titled the Keeping American Workers Paid and Employed Act (KAWPEA), directs, among other amounts, $349 billion to small businesses as part of an expansion of the U.S. Small Business Administration’s (SBA) Section 7(a) loan program under a new paycheck protection loan program (PPP) as well as $10 billion through an expansion to the SBA’s Section 7(b) economic injury disaster loan (EIDL) program.

    Filed under:
    USA, Banking, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, General contractor, Private equity, Coronavirus, Small Business Administration (USA), Families First Coronavirus Response Act 2020 (USA), CARES Act 2020 (USA)
    Authors:
    David S. Berg , Adam C. Rogoff , Seth R. Merl , Nathaniel Allard , Max Tierman , Alexis Wanzenberg
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    CARES Act: Implications for Businesses
    2020-03-28

    The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a roughly $2 trillion coronavirus response bill signed into law yesterday, is intended to provide widespread emergency relief for Americans and the country’s economy. In addition to its benefits for individuals, the bill provides aid for small businesses, large corporations, hospitals and public health agencies, and state and local governments.

    Filed under:
    USA, Banking, Company & Commercial, Employee Benefits & Pensions, Employment & Labor, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Non-profit Organizations, Shipping & Transport, Tax, Trade & Customs, Thompson Hine LLP, General contractor, Coronavirus, Tax Cuts and Jobs Act 2017 (USA), SECURE Act 2019 (USA), Families First Coronavirus Response Act 2020 (USA), CARES Act 2020 (USA)
    Authors:
    Frank D. Chaiken , Patrick Abell , Jeffrey R. Appelbaum , Katherine D. Brandt , Mark A. Conway , Riccardo M. DeBari , Tarnetta Jones , Alexis J Kim , Michelle Li , Francis E. Purcell, Jr. , Curtis L. Tuggle , Jason D. Tutrone , David Whaley , M. Scott Young
    Location:
    USA
    Firm:
    Thompson Hine LLP
    CARES Act | Senate HR 748, 116, 2d., Section 1113 (the “CARES Act”)
    2020-03-26

    Please note: The below information may require updating, including additional clarification, as the COVID-19 pandemic continues to develop. Please monitor our main COVID-19 Task Force page and/or your email for updates.

    Section 1113 – Bankruptcy

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kilpatrick Townsend & Stockton LLP, Coronavirus, US Senate, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    Todd C. Meyers , Paul Rosenblatt
    Location:
    USA
    Firm:
    Kilpatrick Townsend & Stockton LLP
    CARES Act | Important CARES Act Provisions for Financial Institutions
    2020-03-27

    The CARES Act includes actions specifically designed to provide various levels of temporary regulatory relief to financial institutions and to support the financial services industry as a whole. Following are the key areas in which the CARES Act provides relief to the financial services industry:

    Up to $500 Billion in Emergency Liquidity for Eligible Businesses

    Filed under:
    USA, Banking, Insolvency & Restructuring, Kilpatrick Townsend & Stockton LLP, Coronavirus, Federal Deposit Insurance Corporation (USA), US GAAP, CARES Act 2020 (USA), US Secretary of the Treasury
    Authors:
    Gary R. Bronstein , Christina M. Gattuso , Edward G. Olifer , Stephen F. Donahoe , Dongyu Eddie Wang
    Location:
    USA
    Firm:
    Kilpatrick Townsend & Stockton LLP
    Restructuring Considerations: Making the Most of Stimulus Relief
    2020-03-27

    On March 26, 2020, the Senate approved a roughly $2 trillion stimulus package—the biggest economic stimulus in recent U.S. history—in response to the COVID-19 pandemic. This economic relief provides expanded protections for American families, workers, and businesses affected by the public health and economic crisis.

    The key measures included in the package are:

    Filed under:
    USA, Banking, Insolvency & Restructuring, Squire Patton Boggs, Donald Trump, Coronavirus, US Securities and Exchange Commission, US Senate
    Authors:
    Karol K. Denniston , Peter R. Morrison
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Bankruptcy Courts: Open for Business
    2020-03-27

    During challenging economic times, Bankruptcy Courts serve an essential governmental and financial function. The COVID-19 outbreak has forced closures of businesses and governmental entities throughout the country, resulting in a cascade of financial distress across virtually every economic sector. The nation’s courts have not been immune from disruptions. Nearly all State Courts and Federal District Courts in major metropolitan areas have suspended non-emergency civil proceedings.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Seyfarth Shaw LLP, Coronavirus
    Authors:
    James B. Sowka
    Location:
    USA
    Firm:
    Seyfarth Shaw LLP

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