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    National gas distributors case broadens swap safe harbor, or does it?
    2009-03-13

    On Feb. 11, 2009, the United States Court of Appeals for the Fourth Circuit issued its opinion in Hutson v. E.I. Dupont de Nemours and Co. (In re National Gas Distributors), attempting, in a matter of first impression, to define "commodity forward agreement" for purposes of eligibility for protection under the safe harbor provisions of the Bankruptcy Code. At first blush, this decision appears to provide the additional certainty that participants in the commodities markets require.

    Filed under:
    USA, Derivatives, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Fraud, Natural gas, Safe harbor (law), Swap (finance), Commodity, Remand (court procedure), Commodity market, Prima facie, US Code, United States bankruptcy court, Fourth Circuit
    Authors:
    Hugh M. McDonald
    Location:
    USA
    Firm:
    Dentons
    Avianca’s Future Flow Financing - Not Quite Déjà Vu
    2021-04-15

    The Colombian airline Aerovias Nacionales de Colombia S.A. – Avianca (“Avianca”) has made a habit of accessing the structured credit markets by monetizing its expected stream of credit card receivables, filing for U.S. Chapter 11 protection when in distress, and then challenging the structured credit agreements to which it had committed. Recently, Avianca reached a settlement with the lenders to its existing future flow receivables transaction, entered into in December 2017, which will result in a restructured loan facility.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Mayer Brown, Coronavirus
    Authors:
    Douglas A. Doetsch
    Location:
    USA
    Firm:
    Mayer Brown
    Are Power Purchase and Similar Agreements Excluded from the Automatic Stay under the Safe Harbor for Forward Contracts? Recent US Utility Bankruptcies Raise This and Other Important Questions
    2019-02-27

    Both the First Energy Solutions and PG&E bankruptcies have seen proceedings regarding power purchase and similar agreements (PPAs) that raise this question.

    Background

    Contracts often contain provisions that enable a party to terminate or modify the contract based on the other party's bankruptcy filing, insolvency or deteriorating financial condition. In general, the Bankruptcy Code renders these types of provisions (sometimes referred to as "ipso facto" clauses) ineffective. Specifically, under section 365(e)(1) of the Bankruptcy Code (emphasis added):

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Mayer Brown, Title 11 of the US Code, United States bankruptcy court
    Authors:
    J. Paul Forrester , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Vietnam loosens foreign ownership limit in public companies and provides guidance on debt for equity swaps
    2015-07-02

    On 26 June 2015, Vietnam loosened foreign ownership limits (FOL) in public companies by the adoption of Decree 60/2015 (Decree 60).

    Filed under:
    Vietnam, Corporate Finance/M&A, Derivatives, Insolvency & Restructuring, Mayer Brown, Public company, Market liquidity, Swap (finance), Debt
    Location:
    Vietnam
    Firm:
    Mayer Brown JSM
    Lehman Bankruptcy Court addresses scope of the Bankruptcy Code's safe harbor for liquidation, termination and acceleration of swap agreements
    2014-01-09

    In Michigan State Housing Development Authority v. Lehman Brothers Derivatives Products, Inc., et al. (In re Lehman Brothers Holdings Inc., et al.) (Michigan State Housing), 1 the US Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) recently held that a provision in a swap agreement that shifted the methodology for calculating termination amounts upon the debtor counterparty’s bankruptcy was enforceable under the Bankruptcy Code’s safe harbor for liquidating, terminating and accelerating swap agreements.

    Filed under:
    USA, Michigan, Derivatives, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Swap (finance), Liquidation, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Mayer Brown
    Lehman bankruptcy court denies contractual right to three-party setoff in bankruptcy
    2011-10-05

    The Bankruptcy Court for the Southern District of New York has held that a cross-affiliate netting provision in an ISDA swap agreement is unenforceable in bankruptcy. In the SIPA proceedings of Lehman Brothers Inc. (LBI), UBS AG (UBS) sought to offset UBS’s obligation to return excess collateral to LBI against claims purportedly owed by LBI to UBS subsidiaries, UBS Securities and UBS Financial Services.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Collateral (finance), Foreign exchange market, Swap (finance), Common law, Subsidiary, Title 11 of the US Code, UBS, International Swaps and Derivatives Association, Lehman Brothers, Delaware Supreme Court, United States bankruptcy court, US District Court for SDNY
    Authors:
    Howard S. Beltzer , Brian Trust
    Location:
    USA
    Firm:
    Mayer Brown
    Treatment of swap agreements under insurance insolvencies – state developments
    2010-11-29

    The treatment of derivatives, or “qualified financial contracts”, under state insurance insolvency laws has received increased attention since the financial crisis. Four states passed laws in 2010 that allow for the exercise of certain netting collateral and termination provisions in an insurance insolvency without regard to the automatic stay mechanism and similar laws are anticipated in other states in 2011. Federal laws provide a level of certainty with respect to the treatment of certain swap agreement provisions in a general corporate bankruptcy. The U.S.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Insurance, Mayer Brown, Bankruptcy, Collateral (finance), Swap (finance), Title 11 of the US Code
    Authors:
    David W. Alberts , John C. Drnek
    Location:
    USA
    Firm:
    Mayer Brown
    Singapore High Court determines proprietary interests of customers of insolvent brokerage firm, MF Global Singapore Pte Ltd
    2015-07-10

    Dispute Resolution Singapore Client Alert July 2015 Singapore High Court determines proprietary interests of customers of insolvent brokerage firm, MF Global Singapore Pte Ltd In the latest instalment arising out of the insolvency of MF Global, the Singapore High Court had to decide whether certain customers of the insolvent brokerage firm had any proprietary interests in the assets of the firm, and whether these assets were held on trust for these customers.

    Filed under:
    Singapore, Capital Markets, Derivatives, Insolvency & Restructuring, Litigation, Baker McKenzie, Dispute resolution, Brokerage firm, Singapore High Court
    Location:
    Singapore
    Firm:
    Baker McKenzie
    Doing Business in Russia - 2017
    2017-04-24

    DBI 2017 - A5 With Bleed.indd 3 20.02.2017 8:22:56 Doing Business in Russia 2017 Baker & McKenzie - CIS, Limited Moscow Office White Gardens, 10th Floor 9 Lesnaya Street Moscow 125047, Russia Telephone: +7 495 787 27 00 Fax: +7 495 787 27 01 [email protected] St. Petersburg Office BolloevCenter, 2nd Floor 4A Grivtsova Lane St.

    Filed under:
    Russia, Banking, Capital Markets, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Derivatives, Employment & Labor, Energy & Natural Resources, Environment & Climate Change, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Intellectual Property, Internet & Social Media, IT & Data Protection, Public, Real Estate, Tax, Telecoms, Trade & Customs, White Collar Crime, Baker McKenzie, Foreign direct investment
    Location:
    Russia
    Firm:
    Baker McKenzie
    Netting Law allows settlement of qualified financial contracts
    2018-11-19

    The UAE has issued by Decree Federal Law No. (10) of 2018 on Netting (theUAE Netting Law), with the aim of strengthening the regulatory framework for the settlement of obligations arising from qualified financial contracts. Parties to a contract previously relied on Article 183 of Federal Law No. (9) of 2016 on Bankruptcy (the Bankruptcy Law) to settle debts agreed to under a contract, provided that it is within the context of insolvency and that such contract does not fall within the claw-back provisions (Article 168 of the Bankruptcy Law).

    Filed under:
    United Arab Emirates, Derivatives, Insolvency & Restructuring, Baker McKenzie, Bankruptcy, Debt, Financial regulation, International Swaps and Derivatives Association
    Authors:
    Mazen Boustany
    Location:
    United Arab Emirates
    Firm:
    Baker McKenzie

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