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    Second Circuit Holds That So-Called “Flip” Clause Payments Are Protected by Section 560 of the Bankruptcy Code
    2020-09-08

    The Bottom Line

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Kramer Levin Naftalis & Frankel LLP, Collateralized debt obligation, Credit default swap, Title 11 of the US Code, Trustee, Second Circuit
    Authors:
    Fabien Carruzzo , David E. Blabey, Jr , Hunter Blain
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    The impact of CDS on restructurings
    2011-02-24

    Restructuring companies in respect of which there exists a significant credit default swaps (CDS) market adds an additional level of complexity which the debtor and all stakeholders should consider and assess early on in the process, as it could determine the success or failure of a restructuring plan.

    Filed under:
    European Union, Global, USA, Derivatives, Insolvency & Restructuring, Latham & Watkins LLP, Bond (finance), Bankruptcy, Credit (finance), Debtor, Interest, Swap (finance), Credit risk, Maturity (finance), Balance sheet, Credit default swap
    Authors:
    John Houghton , Vladimir Maly , Holly Neavill
    Location:
    European Union, Global, USA
    Firm:
    Latham & Watkins LLP
    Novo Banco and CDS - A Post-Mortem
    2016-04-21

    In 2014, the International Swaps and Derivatives Association, Inc. (“ISDA”), published the 2014 ISDA Credit Derivatives Definitions (the “Definitions”), which updated the 2003 ISDA Credit Derivatives Definitions.[1]

    Filed under:
    Portugal, Banking, Derivatives, Insolvency & Restructuring, Orrick, Herrington & Sutcliffe LLP, Swap (finance), Credit default swap, International Swaps and Derivatives Association
    Authors:
    Nikiforos Mathews , Jonas Robison
    Location:
    Portugal
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Controversial releases acceptable in asset backed commercial paper CCAA Plan of Arrangement
    2008-09-30

    The Ontario Court of Appeal has confirmed the asset backed commercial paper CCAA Plan of Arrangement (2008 CaswellOnt 4811 (C.A.)). The reasoning of the Ontario Superior Court approving the Plan of Arrangement was reviewed in previous editions of this Newsletter.

    Filed under:
    Canada, Ontario, Capital Markets, Insolvency & Restructuring, Litigation, Dentons, Debtor, Security (finance), Fraud, Market liquidity, Swap (finance), Margin (finance), Liability (financial accounting), Maturity (finance), Liquidation, Default (finance), Credit default swap, Commercial paper, Court of Appeal for Ontario, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Dentons
    Substantial amendments to Ontario’s PPSA legislation
    2007-05-01

    Ontario has introduced a series of significant amendments to the Personal Property Security Act (Ontario) (the PPSA). The last major amendments to the PPSA occurred in 1989. This Osler Update highlights amendments to the PPSA that are of particular interest to court officers of insolvent enterprises and others taking or enforcing security.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Osler Hoskin & Harcourt LLP, Debtor, Collateral (finance), Security (finance), Breach of contract, Interest, Personal property, Common law, Default (finance), Secured creditor, Credit default swap, Uniform Commercial Code (USA), Personal Property Security Act 1990 (Canada)
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    ISDA pleased with Lehman settlement
    2008-10-31

    ISDA is pleased at how the industry infrastructure for CDS worked in the context of the Lehman default and settlement. It also pointed out the misperceptions about the role of CDS in the financial crisis.

    Filed under:
    Global, Derivatives, Insolvency & Restructuring, Dentons, Default (finance), Credit default swap, International Swaps and Derivatives Association, Lehman Brothers
    Location:
    Global
    Firm:
    Dentons
    ISDA will publish auction protocol for the settlement of credit derivatives referencing Smurfit-Stone Consolidated Enterprises, Inc.
    2009-01-27

    On Monday, the International Swaps and Derivatives Association, Inc. (ISDA) announced that it will issue a CDS auction protocol regarding the settlement of credit derivatives that reference Smurfit-Stone Consolidated Enterprise Inc. The protocol is a response to Smurfit-Stone’s recent filing for reorganization under Chapter 11 in the US Bankruptcy Court in Wilmington, Delaware.  

    Filed under:
    Global, Derivatives, Insolvency & Restructuring, Alston & Bird LLP, Voting, Communications protocol, Credit derivative, Credit default swap, International Swaps and Derivatives Association
    Location:
    Global
    Firm:
    Alston & Bird LLP
    Sovereign CDS: lessons from the Greek debt crisis
    2012-03-16

    Greece is proceeding with the largest sovereign debt restructuring in history after its bondholders accepted a significant debt reduction in the face of mounting evidence that a Greek default was inevitable without such relief. In a related market development garnering only slightly less attention than the debt restructuring itself, the International Swaps and Derivatives Association, Inc.

    Filed under:
    Greece, Banking, Derivatives, Insolvency & Restructuring, Richards Kibbe & Orbe LLP, Debt, Debt restructuring, Credit default swap, International Swaps and Derivatives Association
    Authors:
    Jennifer Grady , Richard J. Lee
    Location:
    Greece
    Firm:
    Richards Kibbe & Orbe LLP
    Limited time for holders of Lehman Brothers credit default swaps to participate in ISDA settlement protocol
    2008-10-05

    Clients who desire to participate in the International Swaps and Derivatives Association, Inc. (“ISDA”) 2008 Lehman Brothers Holdings Inc. (“Lehman”) Credit Default Swap (“CDS”) Settlement Protocol (the “Settlement Protocol”) must do so by Wednesday, October 8, 2008 at 5:00 p.m. (New York time). The period to join the Settlement Protocol opens on Monday, October 6, 2008; accordingly, there is a relatively narrow window for clients to elect to participate.

    Filed under:
    Global, Derivatives, Insolvency & Restructuring, Lowenstein Sandler LLP, Bond (finance), Swap (finance), Debt, Communications protocol, Credit default swap, Subordinated debt, International Swaps and Derivatives Association, Lehman Brothers
    Location:
    Global
    Firm:
    Lowenstein Sandler LLP
    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, Supreme Court of the United States, UK Supreme Court
    Authors:
    Robert Spedding
    Location:
    United Kingdom
    Firm:
    Dentons

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