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    Trade alert - April 2015, issue 16 - Denmark
    2015-05-01

    Following huge trading losses and the discovery of alleged fraud in a Singaporean subsidiary, O.W. Bunker & Trading A.S. filed for bankruptcy on 7 November 2014in the Danish court, just seven months after the company floated on the stock market.  Since then, a number of other O.W. Bunker Danish and overseas entities have also filed for bankruptcy.

    Filed under:
    Denmark, Iceland, Banking, Capital Markets, Energy & Natural Resources, Insolvency & Restructuring, Tax, White Collar Crime, Cadwalader Wickersham & Taft LLP, Power of attorney
    Authors:
    Louisa Watt
    Location:
    Denmark, Iceland
    Firm:
    Cadwalader Wickersham & Taft LLP
    American Home court excludes servicing from safe harbors
    2008-01-08

    January 8, 2008 A Delaware bankruptcy court decided on Friday that mortgage servicing rights could be severed from a mortgage loan repurchase agreement that fell within applicable safe harbors of the Bankruptcy Code, at least where the loans were transferred “servicing retained.” The decision isCalyon New York Branch v. American Home Mortgage Corp., et al. (In re American Home Mortgage Corp.), Bankr. Case No. 07-51704 (CSS) (Bankr. D. Del. Jan. 4, 2008).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Debtor, Security (finance), Safe harbor (law), Market liquidity, Mortgage loan, US Code, Delaware Supreme Court, United States bankruptcy court
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Trade alert - Australia
    2014-12-01

    Australia is a member of both the Basel Committee and the G20 and in November, Brisbane was host to the G20 Leaders' Summit.

    The agenda focussed on increasing global growth, jobs and economic stability.  Despite the positive G20 intentions, David Cameron was quoted as saying "red warning lights are once again flashing on the dashboard of the global economy".

    Filed under:
    Australia, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Tax, Cadwalader Wickersham & Taft LLP, Stamp duty
    Authors:
    Louisa Watt
    Location:
    Australia
    Firm:
    Cadwalader Wickersham & Taft LLP
    Trade alert - Turkey
    2014-10-31

    Turkish corporates have increasingly utilised international debt markets in the last decade, particularly in the infrastructure and energy sectors. These corporates are now under pressure due to recent political instability and depreciation of the Turkish lira. Restructuring candidates in 2014 have included Yuksel, the construction company which was last in discussions with bondholders and local lenders mid-year. Below we take a look at key legal issues for loan traders in Turkey.

    Filed under:
    Turkey, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Tax, Cadwalader Wickersham & Taft LLP
    Authors:
    Louisa Watt
    Location:
    Turkey
    Firm:
    Cadwalader Wickersham & Taft LLP
    IRS issues new regulations defining “publicly traded property” for purposes of determining the issue price of debt instruments that are significantly modified in a restructuring or issued for property
    2012-09-26

    I. Summary

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Tax, Cadwalader Wickersham & Taft LLP, Public company, Debt, Securities Exchange Act 1934 (USA)
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Delaware’s not so safe harbors: Third Circuit Bankruptcy Court declines to rule that a payment on a letter of credit is an avoidance-proof “settlement payment”
    2012-04-17

    On March 26, 2012, Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware refused to rule that, as a matter of law, payments made to satisfy a debtor’s obligations under a letter of credit constitute “settlement payments” protected from avoidance under section 546(e) of the Bankruptcy Code. EPLG I, LLC v. Citibank, National Association et al. (In re Qimonda Richmond, LLC, et al.), No. 09-10589, 2012 Bankr. LEXIS 1264 (Bankr.

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bond (finance), Letter of credit, Debtor, Credit rating, Citibank, United States bankruptcy court, Third Circuit
    Authors:
    Mark C. Ellenberg , Peter M. Friedman , Michele C. Maman , Casey Servais
    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
    California DFPI Requests Public Comment on Crypto Asset-Related Financial Products and Services Under California Consumer Financial Protection Law
    2022-06-03

    On June 1, the California Department of Financial Protection and Innovation (DFPI) released an invitation for comment on the DFPI’s regulatory approach to crypto asset-related financial products and services, as well as the potential regulation of such products and services under the California Consumer Financial Protection Law (CCFPL).

    Filed under:
    USA, California, Banking, Insolvency & Restructuring, Blockchain
    Location:
    USA
    Fourth Circuit Overrules Witt v. United Cos. Lending Corp. (In re Witt)
    2019-06-18

    In Witt v. United Cos. Lending Corp. (“In re Witt”), 113 F.3d 508 (4th Cir. 1997), the Fourth Circuit held that Chapter 13 debtors are not permitted to bifurcate undersecured home mortgage loans into separate secured and unsecured claims. In re Witt, 113 F.3d at 509. Recently, the Court overruled this twenty-two-year-old decision in an en banc opinion, Hurlburt v. Black, No. 17-2449, 2019 WL 2237966 (4th Cir. 2019).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Title 11 of the US Code, Federal Reserve System
    Location:
    USA
    Firm:
    Troutman Pepper

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