Lehman seeks to establish expedited procedures for assumption, assignment and termination of derivative contracts

On November 13, 2008, Lehman Brothers Holdings Inc. and its U.S. affiliates in bankruptcy, including Lehman Brothers Special Financing and Lehman Brothers Commercial Paper (collectively, “Lehman”) filed a motion asking that certain expedited procedures be put in place to allow Lehman to assume, assign or terminate the thousands of executory derivative contracts to which they are a party.

Filed under:
USA, Insolvency & Restructuring, Litigation, Katten Muchin Rosenman LLP, Bankruptcy, Collateral (finance), Interest, Consent, Dispute resolution, Default (finance), International Swaps and Derivatives Association, Lehman Brothers, United States bankruptcy court
Location:
USA
Firm:
Katten Muchin Rosenman LLP
Courts, Cooperation, and More: A Review of Cross-Border Insolvency Protocols

In Short

The Situation: For cross-border insolvency matters, parties increasingly depend on court-approved protocols to assist in the management of complex insolvencies involving a debtor or debtors whose assets, liabilities, or operations span international borders.

The Action: Courts in Bermuda, the British Virgin Islands, Singapore, the United Kingdom, and some U.S. bankruptcy districts have implemented Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency Matters.

Filed under:
Singapore, USA, Arbitration & ADR, Insolvency & Restructuring, Jones Day, Personal jurisdiction, Dispute resolution
Authors:
Kevyn D. Orr , Dan T. Moss , Anna M. Wetzel
Location:
Bermuda, British Virgin Islands, Singapore, USA
Firm:
Jones Day