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    Distress in big business - a sign of the times?
    2023-04-17

    Recent economic challenges have triggered significant developments for household name companies in 2023.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stewarts, Coronavirus, Insolvency, Credit Suisse, Swiss Financial Market Supervisory Authority, Royal Mail
    Authors:
    Alex Jay , Tim Symes
    Location:
    United Kingdom
    Firm:
    Stewarts
    Acquisition of Credit Suisse by UBS
    2023-03-21

    On March 19, 2023, it was announced that UBS plans to acquire Credit Suisse in an allshares transaction, valuing Credit Suisse at CHF 0.76 per share / CHF 3 billion. The Swiss Federal Council, the Swiss Financial Market Supervisory Authority FINMA and the Swiss National Bank expressed their support for the transaction. The transaction is expected to close in Q2/23 following approvals by relevant authorities. AT1 capital instruments issued by Credit Suisse of appr. CHF 16 billion in aggregate have been written-down in full.

    Introduction

    Filed under:
    Switzerland, Banking, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Lenz & Staehelin, Credit Suisse
    Authors:
    François Rayroux , Olivier Stahler , Laurence Vogt Scholler , Patrick Schleiffer , Patrick Hünerwadel , Patrick Schärli , Christian Grahlmann
    Location:
    Switzerland
    Firm:
    Lenz & Staehelin
    The Canadian EETC Trilogy
    2016-06-01

    The Blakes Aviation group, representing the underwriters led by Morgan Stanley and Credit Suisse, is pleased to have assisted in the closing of the third Air Canada enhanced equipment trust certificate (EETC) transaction.

    In April 2013, we assisted in the structuring and closing of Air Canada EETC 2013-1 for five new Boeing 777 300ERs, which was a historic transaction, including the following  features:

    Filed under:
    Canada, Aviation, Insolvency & Restructuring, Blake, Cassels & Graydon LLP, Market liquidity, Underwriting, Credit Suisse, Morgan Stanley
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP
    Interest accrued during a suspension of payments does count in bankruptcy
    2017-12-19

    On 24 November 2017, the Dutch Supreme Court ruled that in the event a suspension of payments is converted into a bankruptcy, interest that accrues after the suspension of payments was granted, but before the debtor was declared bankrupt, can be presented to the bankruptcy trustee for verification (HR 24 November 2017, ECLI:NL:HR:2017:2991).

    Filed under:
    Netherlands, Insolvency & Restructuring, Stibbe, Bankruptcy, Interest, Credit Suisse, Supreme Court of the Netherlands
    Authors:
    Marleen Jonckers
    Location:
    Netherlands
    Firm:
    Stibbe
    Supreme Court Resolves Circuit Split Over Application of Section 546(e) to Transactions Involving Conduits
    2018-05-31

    The Supreme Court’s recent decision in Merit Management Group, LP v. FTI Consulting, Inc., 138 S.Ct. 883 (2018), held that transfers made by or to entities that are not “financial institutions” or other covered entities fall outside the scope of 11 U.S.C. § 546(e)’s “safe harbor” from a trustee’s avoidance powers under the Bankruptcy Code, even if those transfers are made through financial institutions or other covered entities.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, BakerHostetler, Bankruptcy, Credit Suisse, Supreme Court of the United States
    Authors:
    Eric R. Goodman , Adam L. Fletcher
    Location:
    USA
    Firm:
    BakerHostetler
    “Clearing & Settlement” Exception to Trustee’s Avoiding Powers Saves Only Payments “To” (not “Through”) Market Intermediaries
    2018-03-05

    Last week, the unanimous Supreme Court clarified that the “clearing and settlement” exception to a bankruptcy trustee’s avoiding powers covers only payments “to,” not merely through, financial market participants.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Burr & Forman LLP, Credit Suisse, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Supreme Court of the United States
    Authors:
    Thomas K. Potter, III
    Location:
    USA
    Firm:
    Burr & Forman LLP
    Supreme Court Adopts Restrictive Minority View of Section 546(e) Safe Harbor Regarding Certain Securities Payments
    2018-02-28

    On February 27, 2018, a unanimous Supreme Court held in Merit Management Group, LP v. FTI Consulting, Inc. (link here) that an otherwise-avoidable transfer is not subject to the safe harbor in Section 546(e) (which provides, in relevant part, a trustee may not avoid a transfer that is a “settlement payment . . . made by or to (or for the benefit of) a . . . financial institution” or that “is a transfer made by or to (or for the benefit of) a . . .

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Spencer Fane LLP, Safe harbor (law), Credit Suisse, Supreme Court of the United States
    Authors:
    Ryan C. Hardy
    Location:
    USA
    Firm:
    Spencer Fane LLP
    Not So Safe Anymore: SCOTUS Narrowly Construes Safe Harbor for Avoidable Transfers
    2018-02-27

    The Circuit Courts of Appeal have split on whether a prepetition transfer made by a debtor is avoidable if the transfer was made through a financial intermediary that was a mere conduit. Today, the Supreme Court unanimously resolved the split by deciding that transfers through “mere conduits” are not protected. This is a major (and adverse) decision for lenders, bondholders and noteholders who receive payments through an intermediary such as a disbursing agent.

    Filed under:
    USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Bracewell LLP, Safe harbor (law), Credit Suisse, Supreme Court of the United States
    Authors:
    Jason G. Cohen
    Location:
    USA
    Firm:
    Bracewell LLP
    Bankruptcy court (mostly) dismisses complaint against pre-petition lenders based on alleged inequitable conduct
    2010-12-01

    Official Committee of Unsecured Creditors v Credit Suisse (In re Champion Enterprises, Inc.), 2010 WL 3522132 (Bankr. D. Del. 2010)

    CASE SNAPSHOT

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Contractual term, Bankruptcy, Credit (finance), Unsecured debt, Breach of contract, Debt, Estoppel, Unjust enrichment, Default (finance), Line of credit, Credit Suisse, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Aaron B. Chapin
    Location:
    USA
    Firm:
    Reed Smith LLP
    Champion Enterprises Bankruptcy Court dismisses equitable subordination and fraudulent transfer claims
    2011-02-10

    The United States Bankruptcy Court for the District of Delaware recently dismissed equitable subordination and fraudulent transfer claims filed by the Official Committee of Unsecured Creditors of Champion Enterprises, Inc. ("Champion") against more than 100 prepetition lenders to Champion (collectively, the "Defendants")1.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Credit (finance), Unsecured debt, Breach of contract, Consideration, Debt, Default (finance), Secured loan, Credit Suisse, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    Kathryn M. Borgeson
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP

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