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    Chrysler bankruptcy judge approves GMAC as preferred lender for dealers
    2009-05-13

    Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Retail, Collateral (finance), Limited liability company, Consent, Preferred stock, Ally Financial, Chrysler
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bankruptcy court approves $4.1 billion DIP facility for Chrysler
    2009-05-05

    Yesterday, in a bankruptcy court hearing held for Chrysler LLC (and 24 of its wholly owned subsidiaries), which filed for Chapter 11 bankruptcy protection last Thursday, U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Debtor, Collateral (finance), Budget, Investment funds, Subsidiary, Troubled Asset Relief Program, Secured loan, HM Treasury (UK), Chrysler, United States bankruptcy court
    Authors:
    Anjali Desai
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Federal responses to the financial crisis during the week of September 14
    2008-09-19

    Over the past two weeks, the federal government has relied on nearly every legal authority available to address the unfolding crisis in financial institutions with large mortgage-related holdings — direct and indirect financial assistance, government takeovers and even a decision to let the bankruptcy process run its course have all come into play. Today, several new actions have been announced, together with proposals that would require Congressional action.

    Filed under:
    USA, Banking, Capital Markets, Insolvency & Restructuring, Alston & Bird LLP, Collateral (finance), Security (finance), Market liquidity, Bailout, Federal Reserve Board, Liquidation, Mortgage-backed security, Commercial paper, US Securities and Exchange Commission, US Department of the Treasury, American International Group, Federal Reserve System, Bank of America, Merrill Lynch, Lehman Brothers
    Location:
    USA
    Firm:
    Alston & Bird LLP
    ABI Commission proposes changes that would change bankruptcy for secured creditors
    2014-12-19

    Changes may be coming to the Bankruptcy Code that may affect secured creditors.[1] In 2012, the American Bankruptcy Institute established a Commission to Study the Reform of Chapter 11 (the “ABI Commission”). The ABI Commission is composed of many well-respected restructuring practitioners, including two of the original drafters of the Bankruptcy Code, whose advice holds great weight in the restructuring community.

    Filed under:
    USA, Insolvency & Restructuring, Alston & Bird LLP, Debtor, Collateral (finance), Debt, Foreclosure, Secured creditor, Title 11 of the US Code
    Authors:
    Lorraine Sarles
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Intercreditor agreements in bankruptcy
    2014-10-20

    In In re MPM Silicones, LLC, Case No. 14-22503 (RDD) (Bankr. S.D.N.Y. Sept. 30, 2014) (Momentive), the court dismissed a senior lien creditors’ suit alleging that the junior lien creditors breached an intercreditor agreement (ICA) with respect to shared collateral by taking and supporting certain actions adverse to the senior lien creditors.

    BACKGROUND

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Collateral (finance)
    Authors:
    Lorraine Sarles
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Security over financial collateral - the CJEU considers the "possession or control" test
    2016-12-06

    The Court of Justice of the European Union (CJEU) has given a preliminary ruling on when a security holder has "possession or…control" of financial collateral for the purposes of Directive 2002/47 on financial collateral arrangements. From an English law perspective, this is particularly relevant for anyone considering whether a floating charge over financial collateral qualifies as a security financial collateral arrangement (or SFCA).

    Background – UK implementation and interpretation

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Dentons, Collateral (finance), Security (finance), Financial Conduct Authority (UK), Court of Justice of the European Union
    Authors:
    Adam Pierce
    Location:
    European Union, United Kingdom
    Firm:
    Dentons
    A primer on intercreditor agreements
    2014-02-20

    When structuring a complex debt financing, financiers need to consider whether unsecured and structurally subordinated “mezzanine” debt ought to be replaced in the capital hierarchy with secured second lien credit. The relatively lower financing cost for second lien credit is based on the assumption that the second lien lenders might obtain some equity value from the liens on the residual collateral which would not otherwise be available with such “mezzanine” debt.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Dentons, Debtor, Unsecured debt, Collateral (finance), Debt, Line of credit
    Location:
    USA
    Firm:
    Dentons
    Re Hartford Computer Hardware Inc. - a restrictive approach to public policy exceptions in cross-border insolvencies
    2012-07-06

    In the recent decision of the Ontario Superior Court of Justice (the “Ontario Court”) inRe Hartford Computer Hardware Inc.1 (“Re Hartford”), the Ontario Court held that the public policy exemption in foreign recognition proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) should be interpreted narrowly.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Debtor, Collateral (finance)
    Location:
    Canada
    Firm:
    Dentons
    Anti-deprivation: still worth worrying about?
    2011-11-15

    The Supreme Court recently considered the scope of the anti-deprivation principle, in Belmont Park Investments PTY Limited (respondent) v. BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc (appellant) [2011] UKSC 38 (Belmont). Understanding the scope of this principle is important for anyone entering a contract where the parties’ rights and obligations change if one of them enters an insolvency procedure. Robert Spedding explains how the courts applied the principle in Belmont and makes some practical suggestions for avoiding problems.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Dentons, Contractual term, Collateral (finance), Landlord, Interest, Swap (finance), Good faith, Common law, Default (finance), Credit default swap, Lehman Brothers, SCOTUS, UK Supreme Court
    Location:
    United Kingdom
    Firm:
    Dentons
    When trade finance meets insolvency
    2011-03-04

    There has been an upturn in the frequency of trade finance workouts, restructurings and formal insolvencies. Susan Moore and Luci Mitchell-Fry look at some key issues that banks face when trade finance lending passes to "bad bank".

    The bank's decisions at every stage of a trade finance transaction are critical: at origination; when following a workout/restructuring; and once a formal insolvency process becomes a reality.

    Origination

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Dentons, Debtor, Collateral (finance), Credit risk, Liquidation, Payment protection insurance
    Authors:
    Susan Moore , Luci Mitchell-Fry
    Location:
    United Kingdom
    Firm:
    Dentons

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