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    Beware of creditors bearing gifts: the Second Circuit’s recent decision in In re: DBSD North America, Inc. casts significant doubt on “gift” plans
    2011-02-28

    On February 7, 2011 the United States Court of Appeals for the Second Circuit issued its eagerly awaited opinion in the consolidated appealIn re: DBSD North America, Inc., Docket Nos. 10-1175, 10-1201, 10-1352, 2010 U.S. App. LEXIS 27007.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Share (finance), Bankruptcy, Debtor, Unsecured debt, Dividends, Federal Reporter, Liquidation, Secured creditor, Second Circuit, United States bankruptcy court, First Circuit
    Authors:
    Mark A. Broude , Jason B. Sanjana
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Spanish Insolvency Act amendment offers comfort to parties in Sareb transactions
    2013-12-17

    Market participants welcome a clarification extending equitable subordination exemptions granted Sareb to those subsequently purchasing debt from Sareb.

    On November 30, 2013, the Spanish legislator approved a recent amendment to Spanish insolvency law, introduced in March 2013, to clarify that a claim transferred to Spanish “bad bank” Sareb, and subsequently sold by Sareb to a third party, will also be exempt from equitable subordination risk.

    Background

    Filed under:
    Spain, Insolvency & Restructuring, Latham & Watkins LLP, Tax exemption, Credit (finance), Debtor, Debt
    Authors:
    Ignacio Pallarés , John Houghton , Javier López Antón , Fernando Colomina Nebreda
    Location:
    Spain
    Firm:
    Latham & Watkins LLP
    Decree Law No. 78 of 31 May 2010 as converted by Law No. 122 of 30 July 2010: additional changes to Italian bankruptcy law
    2011-02-28

    Italian bankruptcy law — Royal Decree No. 267 of 16 March 1942 — (the Bankruptcy Law) underwent a substantial reform between 2005 and 20091, mainly aimed at introducing (i) a more efficient regulation of the pre-bankruptcy agreement procedure (concordato preventivo)2 and (ii) new pre-bankruptcy schemes of arrangements, in the form of the out-of-court debt restructuring plan (piano attestato di risanamento)3 and the debt restructuring agreement (accordo di ristrutturazione dei debiti)4.

    Filed under:
    Italy, USA, Insolvency & Restructuring, Latham & Watkins LLP, Bankruptcy, Shareholder, Debtor, Debt, Debt restructuring, Bridge loan, Credit crunch
    Authors:
    Andrea Novarese , Maria Cristina Storchi
    Location:
    Italy, USA
    Firm:
    Latham & Watkins LLP
    Quebecor decision: capital markets transactions protected in bankruptcy safe harbor
    2013-07-18

    Second Circuit’s Quebecor bankruptcy decision offers comfort to capital markets participants that certain transactions will qualify for the Section 546(e) safe harbor.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Bankruptcy, Debtor, Security (finance), Commercial paper, Enron, Second Circuit
    Location:
    USA
    Firm:
    Latham & Watkins 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
    Location:
    European Union, Global, USA
    Firm:
    Latham & Watkins LLP
    Second Circuit rules on timing of “Center of Main Interests” inquiry
    2013-05-28

    Chapter 15 of the Bankruptcy Code is designed to provide an effective mechanism to aid insolvency proceedings in foreign countries that involve a foreign debtor with assets, creditors and other parties in interest located in the foreign country as well as in United States. A foreign representative that is authorized to administer the foreign reorganization or liquidation or act as a representative of the foreign proceeding is the party who applies to the US bankruptcy court for recognition of the foreign proceeding.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Debtor, Liquidation, Title 11 of the US Code, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Latham & Watkins LLP
    Spanish debt restructurings: new binding accounting criteria policies
    2013-05-23

    New criteria set out by the Bank of Spain will have a binding nature for supervised financial entities

    Introduction

    On 30 April 2013 the supervisory body of the Bank of Spain sent a formal communication to the financial entities subject to its supervision containing the criteria to be used with regard to the definition, documentation, follow-up and review of credit refinancing and restructuring transactions (the Communication).

    Filed under:
    Spain, Insolvency & Restructuring, Latham & Watkins LLP, Debtor, Security (finance), Debt, Refinancing
    Location:
    Spain
    Firm:
    Latham & Watkins LLP
    Seventh Circuit: Section 546(e) Safe Harbor Does Not Shield From Avoidance Transfers Made Through Financial Institution Conduits
    2016-08-02

    In FTI Consulting, Inc. v. Merit Management Group, LP,1 the Seventh Circuit recently held that transfers are not protected under the safe harbor of section 546(e) of the U.S.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Dechert LLP, Bankruptcy, Debtor, Safe harbor (law), Seventh Circuit
    Location:
    USA
    Firm:
    Dechert LLP
    US Special Purpose Vehicles’ Independent Directors and the Need for Fiduciary Duties
    2016-06-01

    Essentially all securitization structures utilize a bankruptcy remote entity, a/k/a special purpose entity (“SPE”), to reduce the lenders’ or investors’ exposure to a bankruptcy of the sponsor. A standard feature of SPEs is the appointment of an independent person (director, member, manager) to the body managing the SPEs. That independent person’s consent is required for “major decisions,” one of which is the filing of, or consenting to a bankruptcy of the SPE (hence the court’s reference to them as “blocking directors”).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Dechert LLP, Bankruptcy, Debtor, Fiduciary, Secured loan
    Location:
    USA
    Firm:
    Dechert LLP
    Clear contractual terms prevail over equitable principles in bankruptcy cases (again)
    2015-10-06

    Bankruptcy courts in the U.S. are widely viewed as favorable fora for debtors, trustees and creditors’ committees to pursue creative and difficult causes of actions against deep-pockets lenders and others in an attempt to augment the resources available for distributions to creditors. In yet another case, however, the District Court for the Southern District of New York (after withdrawing the litigation from the bankruptcy court), recently dismissed many of the claims asserted by the Lehman debtors against J.P. Morgan Chase Bank, N.A.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Dechert LLP, Bankruptcy, Debtor
    Location:
    USA
    Firm:
    Dechert LLP

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