As the economic headwinds indicate that borrowers will continue to face financial pressures in 2023 and beyond, lenders are seeking ways to exercise more leverage as “covenant-lite” facilities prevail. Material adverse change clauses in finance documents UK and US perspective By Olga Galazoula, Jacques McChesney and Charlotte Harvey 4 FUNDS INSIDER FUNDS INSIDER 5 The event relied upon by the lender to enforce this clause was the making of an arbitration award that could potentially result in significant damages being awarded against the borrower.
European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?
COVID-19
Government Intervention Schemes
Current as of 21 May 2021
Government Intervention Schemes
COVID-19 Government Intervention Schemes 2
Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. This guide provides a summary of key government interventions around the globe in relation to: EU State Aid Approvals (for EMEA region), foreign investment restrictions, debt, equity and taxation.
European Real Estate Finance: Market Update – Q1 2021 March 2021 Authors: Jeffrey Rubinoff, Dr. Thomas Flatten, Thierry Bosly, Hadrien Servais, Carl Hugo Parment, Fernando Navarro, Christophe Goossens, Julio Peralta, Angel Calleja, Aurélie Terlinden, Alexandra Stolt, Amitaben Patel & Brendon Vyas Further information on the response to COVID-19 can be found here, and we also have a German-language article, available here, looking at the impact on commercial leases. LIBOR Discontinuation Much has happened in the world of LIBOR Discontinuation since our last update.
January 2021
BUSINESS REORGANIZATION & RESTRUCTURING YEAR IN REVIEW
In this publication, we take a look back at some notable restructuring transactions of 2020 and identify key legal issues and trends that will be relevant in 2021 and beyond.
Contents
3 UNITED KINGDOM
Recapitalisation of the Lecta Group
5 UNITED STATES
Debt Restructuring of Ligado Networks
7 UNITED STATES
Pre-Packaged Restructuring of Northwest Hardwoods Inc.
8 FRANCE
Air France-KLM Group's 7 Billion Aid
10 ITALY
Introduction
The eurozone crisis and the fallout taking place in Greece are keeping Europe on edge. An increasing number of analysts anticipate a new recession. Perhaps you, too, are wondering how the situation will affect your business, especially your international contracts. Below is a short outline of potential issues that we think are relevant. We have approached these issues from the perspective of doing business, or planning to do business, with foreign parties that run a higher than average risk of being "hit" by the current economic situation.
Potential issues
Late last week, the Governing Committee of the Fund for Orderly Bank Restructuring (FROB) met to discuss the restructuring of Caja de Ahorros y Monte de Piedad de Cordoba (CajaSur).
As the economic headwinds indicate that borrowers will continue to face financial pressures in 2023 and beyond, lenders are seeking ways to exercise more leverage as “covenant-lite” facilities prevail. Material adverse change clauses in finance documents UK and US perspective By Olga Galazoula, Jacques McChesney and Charlotte Harvey 4 FUNDS INSIDER FUNDS INSIDER 5 The event relied upon by the lender to enforce this clause was the making of an arbitration award that could potentially result in significant damages being awarded against the borrower.
European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?
European Real Estate Finance: Market Update – Q1 2021 March 2021 Authors: Jeffrey Rubinoff, Dr. Thomas Flatten, Thierry Bosly, Hadrien Servais, Carl Hugo Parment, Fernando Navarro, Christophe Goossens, Julio Peralta, Angel Calleja, Aurélie Terlinden, Alexandra Stolt, Amitaben Patel & Brendon Vyas Further information on the response to COVID-19 can be found here, and we also have a German-language article, available here, looking at the impact on commercial leases. LIBOR Discontinuation Much has happened in the world of LIBOR Discontinuation since our last update.