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    District Court Holds That Receipt of Reorganized Stock Did Not Violate Turnover and Standstill Provisions in Intercreditor Agreement
    2018-12-21

    On November 30, 2018, Judge Nelson S. Román of the United States District Court for the Southern District of New York issued a decision affirming the dismissal of certain claims brought by senior secured creditors against junior secured creditors concerning the alleged breach of standstill and turnover provisions in an intercreditor agreement that governed the creditors’ relationship as creditors with recourse to common collateral. SeeIn re MPM Silicones, LLC, No. 15-CV-2280 (NSR), 2018 WL 6324842 (S.D.N.Y. Nov. 30, 2018) (“Momentive”).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Secured creditor, United States bankruptcy court
    Authors:
    Michele C. Maman , Thomas Curtin , Anthony De Leo
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    The Banking Act 2009: counterparty rights and insolvent banks
    2009-03-10

    Historically, the United Kingdom has not had a specialised bankruptcy regime for dealing with the failures of financial institutions. Rather, these were handled under the same rules that applied to ordinary corporations.

    Filed under:
    United Kingdom, USA, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Share (finance), Security (finance), Liability (financial accounting), Liquidation, Broker-dealer, Subsidiary, Commodity Exchange Act 1936 (USA), Banking Act 2009 (UK), Federal Deposit Insurance Act 1950 (USA), HM Treasury (UK), Lehman Brothers, FSA, Bank of England
    Location:
    United Kingdom, USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Trade Alert - December 2016, Issue 36
    2016-12-20

    ITALY

    BANCA MONTE DEI PASCHI DI SIENA SpA

    Monte dei Paschi di Siena (“Monte Paschi”) founded in 1472 and said to be the oldest bank in the world is, at the time of publication, in a race against the clock to raise EUR 5 billion in capital by the end of December to avoid either a state bail-out or potentially being wound down by the European Central Bank (“ECB”).

    Filed under:
    European Union, Italy, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Balance sheet
    Location:
    European Union, Italy
    Firm:
    Cadwalader Wickersham & Taft LLP
    Lehman court orders outline rights of counterparties to safe harbored financial contracts
    2008-09-21

    September 21, 2008 Following a week of unprecedented market upheaval, players in financial contracts got some reassurance from the bankruptcy judge presiding over the liquidation of broker/dealer Lehman Brothers Inc. (“LBI”) and the sale of a portion of its assets to Barclays Capital Inc. (“BCI”).

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Collateral (finance), Security (finance), Swap (finance), Commodity, Foreclosure, Liquidation, Broker-dealer, Lehman Brothers, Securities Investor Protection Corporation, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Trade Alert - January 2017, Issue 37
    2016-12-01

    On 1 December 2016, the current president and Socialist leader, Francois Hollande, decided not to seek a second term as President of France. Mr. Hollande is the first French President to decide not to run for a second term.

    Filed under:
    France, Banking, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP
    Location:
    France
    Firm:
    Cadwalader Wickersham & Taft LLP
    American Home court expands scope of repo safe harbor
    2008-05-29

    In a May 23, 2008 decision, the United States Bankruptcy Court for the District of Delaware ruled that BBB-rated mortgage-backed notes are eligible for the Bankruptcy Code's repurchase agreement safe harbor as “interests in mortgage loans”. The court also held that a repurchase agreement constituted a sale, as opposed to a financing governed by UCC Article 9 -- the first decision on this topic since the financial contract safe harbors were expanded under the 2005 amendments to the Bankruptcy Code.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Breach of contract, Safe harbor (law), Market liquidity, Margin (finance), Mortgage loan, Foreclosure, Broker-dealer, Mortgage-backed security, Commercial paper, Title 11 of the US Code, Uniform Commercial Code (USA), Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Puerto Rico’s Plan of Adjustment ‘Goes Effecfive’
    2022-03-25

    On March 15, 2022, the Financial Oversight and Management Board for Puerto Rico announced that the Plan of Adjustment for the Commonwealth of Puerto Rico became effecfive, more than four years aher Puerto Rico commenced restructuring proceedings under Title III of the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”). PROMESA is a bespoke piece of federal legislafion enacted in 2016 to address Puerto Rico’s debt crisis, and incorporates most of chapter 9 of the Bankruptcy Code.

    Filed under:
    Puerto Rico, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, US Congress
    Location:
    Puerto Rico
    Firm:
    Cadwalader Wickersham & Taft LLP
    What’s So Special about Special Purpose Entities?
    2021-04-29

    Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities file for bankruptcy. In addition, since most real estate financing is non-recourse, lenders require that the borrower is a separate, special purpose entity so that no other property or business will impact the property which is the subject of the underlying loan.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    NCUA Temporarily Modifies Regulatory Requirements Due to COVID-19 Pandemic
    2020-04-23

    Pursuant to the Federal Credit Union Act, the National Credit Union Administration issued a temporary final rule on April 21, easing regulatory requirements to assist federal credit unions (“FCUs”) and federally insured credit unions (“FICUs”) during the coronavirus (“COVID-19”) pandemic. The rule makes the following key changes that will be effective through December 31, 2020:

    Filed under:
    USA, Banking, Insolvency & Restructuring, Troutman Pepper, Coronavirus
    Location:
    USA
    Firm:
    Troutman Pepper
    Year in Review: Summary of Noteworthy Items Impacting Commercial Lending Practices in 2018
    2019-02-05

    Below are summaries of the noteworthy decisions, laws and requirements impacting the commercial lending industry which occurred or took effect in 2018. Please feel free to contact us for additional information or details on any of the items listed below and/or to discuss whether updates to your loan documents may be needed to address the same.

    1. New, Improved Rules for High Volatility Real Estate Loans

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Troutman Pepper, Limited liability company, US Securities and Exchange Commission, Financial Crimes Enforcement Network (USA), United States bankruptcy court
    Location:
    USA
    Firm:
    Troutman Pepper

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