Yes, says the Delaware Bankruptcy Court in the case of CII Parent, Inc., cementing the advice routinely given by bankruptcy counsel to borrowers in default. We always counsel borrower clients in default of the risk associated with lenders taking unilateral actions pre-filing, stripping debtors of valuable options and assets. Thus, we normally recommend to always obtain a forbearance and undertake the preparations required to file a bankruptcy petition immediately upon forbearance termination, although whether or not to file depends on variety of factors that should be considered.

In Re Zipmex Pte Ltd and other matters [2023] SGHC 88, the Singapore High Court imported into the Singapore restructuring regime the US concept of an "administrative convenience class" in a scheme voting exercise. This concept allows debtors to obtain an approval from a large number of low value creditors without those creditors being involved in the voting exercise. This reduces the administrative burden on restructuring entities.

Overview/Executive Summary

In response to the recent collapse of several prominent banking institutions, Morrison Foerster conducted a brief poll to gauge how companies and their employees are faring in the wake of these historic events. Our goal is to understand how this situation has impacted these organizations, including delving into which issues and challenges, if any, will be top of mind for business leaders and their respective organizations in the weeks and months ahead.

Methodology

We are increasingly seeing requests from borrowers to carve-out assets from the scope of a lender's otherwise all asset English security package. Whilst there may be commercially sensible reasons for this request, lenders should be aware of the potential impact on their enforcement rights before agreeing to this.

BVI UPDATES 1. Changes to FSC fees The Financial Services (Fees) (Amendment) Regulations, 2023 came into force on 1 April 2023, with the exception of fees relating to the virtual asset services provider regime which came into force on 1 February 2023.

A mortgage loan repurchase facility (more casually referred to as a "repo") is a financing structure commonly utilized to finance mortgage loans. These facilities are utilized by both residential and commercial mortgage loan originators and aggregators to finance mortgage loans that they originate or acquire. The structure is favored by liquidity providers in the mortgage loan finance arena due to its preferential "safe harbor" treatment under the United States Bankruptcy Code (the "Bankruptcy Code"), as further described below.

On 27 March 2023, the European Commission concluded that an Italian loan of EUR 400 million granted in 2019 in favour of Alitalia constituted illegal and incompatible aid that has to be reimbursed.

Alitalia has benefitted from numerous public support measures over the years. The airline found itself in a financial pickle and was declared bankrupt in May 2017. To ensure the continuity of its operations, the Italian State provided the airline with two loans, one of EUR 900 million granted in 2017 and the second of EUR 400 million in 2019.

Although it’s inaccurate to say that the Chinese character for “crisis” combines the characters for danger and opportunity, the thought has resonated since President Kennedy repeatedly used this trope in his presidential campaign speeches.

Queensland tourism icon “The Big Pineapple” recently tasted sweet success in the Queensland Supreme Court with judgment setting aside a creditor’s statutory demand issued against it as part of an ongoing multi-million dollar dispute amongst investors.

The so-called crypto-winter and associated high profile insolvencies of major players such as FTX, Three Arrows Capital and Genesis may have dampened enthusiasm for this new asset class in some quarters. However, while volatility is likely to be an ongoing characteristic in the short and medium term, it is probably better to view recent events as a period of market correction rather than the "beginning of the end" of crypto assets.

The future for a new class of digital assets