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    The Chevron opinion: the end of triangular setoff as we know it?
    2009-02-04

    Setoff is a doctrine based as much on practical considerations as on equitable ones.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Debtor, Safe harbor (law), Debt, Chevron Corporation, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    White & Case LLP
    Apcoa Parking: availability of UK scheme of arrangement to foreign corporates extended
    2014-05-02

    One of the recent hot topics in the European restructuring market has been whether the UK Courts would sanction a scheme of arrangement in relation to a foreign company, with no previous connection to the UK whatsoever, where the sole basis for establishing jurisdiction to undertake the scheme would be amending the governing law and jurisdiction clauses of the company’s principal finance documents to English law.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, White & Case LLP, Debt, Insolvency Act 1986 (UK), High Court of Justice
    Authors:
    Christian Pilkington , Laura Prater , David Plch
    Location:
    United Kingdom
    Firm:
    White & Case LLP
    Hitting the brakes on legislative interference with the property rights of automakers’ secured creditors
    2009-01-30

    The recent financial crisis has resulted in events that once seemed impossible. Recently, in the federal government’s attempts to bail out the auto industry, an event unprecedented in American history almost occurred: the forced subordination of existing secured debt to new loans issued by the federal government. If the government were to revive this concept in future bailouts and attempt to subordinate the liens of secured creditors, a suit challenging the constitutionality of such action would have a good chance of success.

    The Potential For Forced Subordination

    Filed under:
    USA, Insolvency & Restructuring, White & Case LLP, Bankruptcy, Debtor, Market liquidity, Debt, Bailout, Liquidation, Troubled Asset Relief Program, Secured loan, US Federal Government, US House of Representatives
    Location:
    USA
    Firm:
    White & Case LLP
    Accrual and payment of interest on Creditors’ Claims in Insolvency: the Plenary Session of the Russian Supreme Commercial Court made the clarifications
    2014-04-17

    This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment of Interest on Creditors’ Claims in Insolvency” (the “Resolution”)1. The Resolution resolves a number of important practical issues and creates new regulations governing, in particular:

    Filed under:
    Russia, Insolvency & Restructuring, Litigation, White & Case LLP, Debtor, Interest, Debt
    Authors:
    Pavel Boulatov
    Location:
    Russia
    Firm:
    White & Case LLP
    An amendment to the German insolvency grounds could give over-indebted businesses breathing space for restructurings
    2008-10-30

    In the wake of the recent turmoil in the financial markets the German government has agreed on a package of measures to stabilise the financial markets and to avoid adverse effects on the real economy. The draft bill as introduced on 15 October 2008 has been passed already and comes into force as from 18 October 2008.

    Filed under:
    Germany, Insolvency & Restructuring, White & Case LLP, Share (finance), Shareholder, Debt, Liability (financial accounting), Economy, Liquidation, Balance sheet, Refinancing, Default (finance), Valuation (finance), Constitutional amendment, Chief executive officer
    Location:
    Germany
    Firm:
    White & Case LLP
    Mitigating the Vitro effect: Mexican lawmakers approved the most ambitious bankruptcy law reform since its enactment back in 2000, aiming to ensure creditors' rights
    2014-01-31

    On January 10, 2014, the Federal Executive Branch of México published in the Official Gazette the legal amendments to México’s Commercial Bankruptcy Law (Ley de Concursos Mercantiles, or LCM), effecting the most comprehensive set of changes to the LCM since its enactment over 13 years ago, and establishing new rules for bankruptcy proceedings in México with the intent to improve the position of creditors dealing with the insolvency of local companies.

    Filed under:
    Mexico, Insolvency & Restructuring, White & Case LLP, Bankruptcy, Shareholder, Debtor, Debt, Holding company
    Location:
    Mexico
    Firm:
    White & Case LLP
    Second Circuit: new Parmalat liable for old Parmalat "Frankenstein" suits
    2008-09-03

    On July 22, 2008, the US Court of Appeals for the Second Circuit affirmed denial of the motion of Parmalat S.p.A. ("New Parmalat") to extend an injunction provided to its predecessor, Parmalat Finanziaria, S.p.A., under Bankruptcy Code section 304, against securities fraud actions.1 Although the appeal addressed the issue of injunction in the context of superseded Bankruptcy Code section 304, this decision and the underlying lower court opinion signify other issues of broader import, including the need for careful plan drafting and the complexities inherent in cross-border cases.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, White & Case LLP, Bankruptcy, Unsecured debt, Injunction, Fraud, Class action, Debt, Liquidation, Comity, Joint-stock company, Securities fraud, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP
    Protecting investors and shareholders; bankruptcy proceedings
    2013-06-12

    Fundamental restructuring of insolvent companies—in any sector— is a fight for survival.

    Given the global nature of the industry, it is perhaps no surprise that shipping companies and their advisors have sought appropriate court protection to alleviate creditor pressure and a possible break-up of the business where a consensual restructuring is not possible.

    Filed under:
    USA, Insolvency & Restructuring, Shipping & Transport, White & Case LLP, Bankruptcy, Debtor, Debt
    Authors:
    Thomas E Lauria , Christopher P. Frampton , David Manson
    Location:
    USA
    Firm:
    White & Case LLP
    Fifth Circuit emphasizes harm to other creditors as requirement for equitable subordination
    2008-07-14

    In a recent case,1 the Fifth Circuit emphasized its rule that a creditor's claim may be equitably subordinated to the claims of other creditors only to the extent necessary to offset the harm that the other creditors have suffered, based on specific findings and conclusions.

    Background

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White & Case LLP, Shareholder, Debtor, Unsecured debt, Collateral (finance), Debt, Intangible asset, Default (finance), Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    White & Case LLP
    Court provides senior creditors with an additional mechanism for obtaining the right to vote a junior creditor's claim in a bank
    2011-04-25

    A senior creditor can obtain significant leverage over a chapter 11 debtor if it is able to vote not only its claim but the claims of junior creditors in connection with the solicitation of a plan of reorganization. Obtaining such leverage, however, has proven problematic in the past. Among other things, courts have been reluctant to enforce pre-bankruptcy assignments or waivers of voting rights contained in intercreditor agreements, holding that such assignments or waivers may violate the Bankruptcy Code and rules. In Avondale Gateway Center Entitlement, LLC v.

    Filed under:
    USA, Arizona, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, White & Case LLP, Surety, Debtor, Waiver, Limited liability company, Debt, Leverage (finance), United States bankruptcy court
    Authors:
    Roberto J. Kampfner
    Location:
    USA
    Firm:
    White & Case LLP

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