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    Second Circuit Holds That Certain Private Student Loans May Be Dischargeable Under Section 523(a)(8)(A)(ii)
    2021-08-25

    The Situation: In Homaidan v. Sallie Mae, Inc., et al., the U.S. Court of Appeals for the Second Circuit recently affirmed that certain types of private student loans are not "obligation[s] to repay funds received as an educational benefit, scholarship, or stipend" that are exempt from discharge in bankruptcy absent an undue hardship.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Public, Jones Day, Coronavirus, Supreme Court of the United States, Second Circuit
    Authors:
    Matthew A. Martel , Dan T. Moss , Mahesh V. Parlikad , Albert J. Rota , Joseph B. Sconyers
    Location:
    USA
    Firm:
    Jones Day
    New York Court’s Ruling Could Have Broader Implications for No-Action Clauses
    2021-08-26

    Priming transactions have grown in frequency during the pandemic, and with them, new ways to test the limits of credit agreement provisions. In a recent example, lenders to struggling restaurant-supplier TriMark entered into a transaction whereby they provided new money to TriMark, primed non-participating existing lenders, and then amended the existing credit agreement to broaden the contract’s “no-action clause” to make it difficult for non-participating lenders to bring suit under the credit agreement. It didn’t work.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, O'Melveny & Myers LLP, Private equity
    Authors:
    Daniel S. Shamah , Sung Pak , Lauren M. Wagner
    Location:
    USA
    Firm:
    O'Melveny & Myers LLP
    Tenth Circuit Opinion Reinforces Utility of Loan Modifications and Forbearance Agreements
    2021-08-11

    For lenders dealing with troubled loans, a forbearance agreement or loan modification is often a great solution. An agreement may give borrowers breathing room to get back on the path to compliance or set the stage for a palatable exit strategy. A recent decision from the U.S.

    Filed under:
    USA, Maryland, Banking, Insolvency & Restructuring, Litigation, Gordon Feinblatt LLC, Bankruptcy, Tenth Circuit
    Authors:
    Bryan M. Mull
    Location:
    USA
    Firm:
    Gordon Feinblatt LLC
    Ergo analysing developments impacting business: Interest free term loan is a “Financial Debt” as per the Insolvency and Bankruptcy Code, 2016
    2021-08-12

    The Supreme Court of India (SC) in Orator Marketing Private Limited v Samtex Desinz Private Limited, Civil Appeal No. 2231 of 2021, judgment dated 26th July 2021 has held that an interest free term loan constitutes a financial debt under the Insolvency and Bankruptcy Code, 2016 (IBC).

    The IBC provides that a financial debt is “a debt along with interest, if any, which is disbursed against the consideration for the time value of money” furthered by an inclusive list of examples that may be considered as a financial debt.

    Filed under:
    India, Banking, Insolvency & Restructuring, Litigation, Khaitan & Co, Supreme Court of India
    Authors:
    Thriyambak J. Kannan , Oviya Nila Muralidharan
    Location:
    India
    Firm:
    Khaitan & Co
    Key Differences between Scottish and English Security - Part 4
    2021-08-11

    The terms "ranking agreement" and "intercreditor agreement" are used interchangeably but generally refer to the same types of agreement - being those which regulate the priority of repayment of indebtedness owed to the creditors of an obligor. Strictly speaking, a ranking agreement is the Scottish equivalent to the English law deed of priorities and is typically used for shorter form ranking arrangements. As is the case in England, a Scottish intercreditor agreement is typically reserved for more complex arrangements and usually ranks both securities and liabilities in point of priority.

    Filed under:
    United Kingdom, Scotland, Banking, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts
    Authors:
    Lauren Hart
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Key Differences between Scottish and English Security - Part 3
    2021-08-11

    In our first and second summaries on the key differences in taking security between Scotland and England, I summarised the positions on the Scots law of assignation and share security respectively.  This is the third summary in that five part series and considers the position on floating charges in Scotland.

    Filed under:
    United Kingdom, Scotland, Banking, Insolvency & Restructuring, Litigation, Morton Fraser MacRoberts, Employee Retirement Income Security Act 1974 (USA)
    Authors:
    Lauren Hart
    Location:
    United Kingdom
    Firm:
    Morton Fraser MacRoberts
    Distressed companies open the liability toolbox to avoid full-blown bankruptcies
    2021-08-05

    HEADLINES

    Filed under:
    USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, White & Case, Bankruptcy, Private equity, Coronavirus
    Authors:
    Rob Bennett , Harrison Denman , Jonathan Michels , Rafael Roberti , Justin Wagstaff
    Location:
    USA
    Firm:
    White & Case
    Future NPL portfolio sales in Bulgaria could attract international investors
    2021-08-04

    The sale of portfolios of non-performing loans (NPLs) in Bulgaria is once again a hot topic. Lenders expect the percentage of work-out exposures to increase as the government's various stimulus packages come to an end. However, following a multitude of successful portfolio NPL sales in the years prior to COVID-19, more and more international investors are expressing interest in the local market.

    What does this mean for NPL portfolio sales in Bulgaria?

    There are several factors that will play a major role in the future of NPL portfolio sales in Bulgaria:

    Filed under:
    Bulgaria, European Union, Banking, Insolvency & Restructuring, Litigation, CMS Legal, Coronavirus, Non-performing loans, Privatisations
    Authors:
    Ivan Gergov , Berdzh Draganov
    Location:
    Bulgaria, European Union
    Firm:
    CMS Legal
    BNM issues Policy Document on Recovery Planning
    2021-07-30

    On 28 July 2021, Bank Negara Malaysia (“BNM”) issued the Policy Document on Recovery Planning (“Policy Document”) which came into effect immediately.

    The Policy Document applies to the following institutions under the Financial Services Act 2013 or the Islamic Financial Services Act 2013:

    Filed under:
    Malaysia, Banking, Insolvency & Restructuring, SKRINE
    Authors:
    Kok Chee Kheong
    Location:
    Malaysia
    Firm:
    SKRINE
    Latest Milestone in LIBOR Replacement Passed
    2021-07-28

    This past Monday, July 26, marked passage of the most recent major milestone in the replacement of LIBOR as the benchmark USD interest rate. Following the recommendation of the CFTC’s Market Risk Advisory Committee (MRAC) Interest Rate Benchmark Reform Subcommittee, on July 26, 2021 interdealer brokers replaced trading in LIBOR linear swaps with SOFR linear swaps. This switch is a precursor to the recommendation of SOFR term rates. The switch does not apply to trades between dealers and their non-dealer customers.

    Filed under:
    USA, Banking, Derivatives, Insolvency & Restructuring, Sheppard Mullin Richter & Hampton LLP, Libor, Financial Conduct Authority (UK), Commodity Futures Trading Commission (USA)
    Authors:
    Michael O'Brien , Aaron Levy
    Location:
    USA
    Firm:
    Sheppard Mullin Richter & Hampton LLP

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