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    French Court of Appeals confirms Heart of la Defense's right to seek and obtain creditor protection in France under safeguard proceedings
    2012-02-01

    On January 19, 2012, the Versailles' Court of Appeals confirmed that CMBS borrower, Heart of la Défense SAS (Hold), and its Luxembourg parent company, Dame Luxembourg Sarl (Dame), were entitled to Court protection in France under Safeguard Proceedings (sauvegarde).  Safeguard is a French pre-bankruptcy process that resembles the U.S.

    Filed under:
    France, Insolvency & Restructuring, Litigation, Real Estate, Securitization & Structured Finance, Gibson Dunn & Crutcher LLP, Lehman Brothers, Paris Court of Appeal, Court of Cassation (France)
    Authors:
    Gregory A. Campbell , Benoît Fleury , Wayne P.J. McArdle , Jean-Philippe Robé
    Location:
    France
    Firm:
    Gibson Dunn & Crutcher LLP
    French Court of Appeals adopts new safeguard plans for Heart of la Défense
    2013-03-07

    On February 28, 2013, the Versailles Court of Appeals adopted two new Safeguard Plans for CMBS borrower, Heart of la Défense SAS (HOLD), and its Luxembourg parent company, Dame Luxembourg SARL (Dame). By doing so, it confirmed that HOLD and Dame, even though they are holding companies or SPVs, can benefit from Safeguard Plans in order to restructure their indebtedness.

    Filed under:
    France, Insolvency & Restructuring, Litigation, Gibson Dunn & Crutcher LLP, Debtor, Credit rating, Lehman Brothers cases
    Authors:
    Benoît Fleury , Wayne P.J. McArdle , Jean-Philippe Robé
    Location:
    France
    Firm:
    Gibson Dunn & Crutcher LLP
    French Supreme Court releases landmark decision upholding right of Heart of la Défense to seek and obtain protection in France under Safeguard Proceedings
    2011-03-17

    On March 8, 2011, France's highest court, the Cour de cassation, confirmed that CMBS borrower, Heart of la Défense SAS (Hold), and its Luxembourg parent company, Dame Luxembourg Sarl (Dame), were entitled to Court protection in France under Safeguard Proceedings (sauvegarde). Safeguard is a French bankruptcy process that resembles the U.S. Chapter 11 debtor-in-possession procedures, used most recently (and notably) in connection with the bankruptcies of General Motors and Lehman Brothers.

    Filed under:
    France, Insolvency & Restructuring, Litigation, Gibson Dunn & Crutcher LLP, Debtor, Refinancing, Default (finance), Credit rating, Lehman Brothers cases, Lehman Brothers, Supreme Court of the United States, Paris Court of Appeal, Court of Cassation (France)
    Authors:
    Jean-Philippe Robé , Benoît Fleury , Wayne P.J. McArdle , Gregory A. Campbell
    Location:
    France
    Firm:
    Gibson Dunn & Crutcher LLP
    The French accelerated financial safeguard (the French "prepack")
    2010-10-14

    On October 11, 2010, the French Parliament adopted a significant amendment to the 2005 French Safeguard Procedure (procedure de sauvegarde), itself heavily inspired by the US Chapter 11 mechanisms. The new legislation introduces into French law summary safeguard proceedings -named "Accelerated Financial Safeguard" (sauvegarde financière accélérée). It grants legal basis to so-called "prepack" restructurings, i.e., out of court arrangements agreed to by a majority of creditors before the debtor files for a Court-driven restructuring.

    Filed under:
    France, Insolvency & Restructuring, Gibson Dunn & Crutcher LLP, Contractual term, Bond (finance), Confidentiality, Debtor, Debt, Supply chain, Voting
    Authors:
    Jean-Philippe Robé , Benoît Fleury , Fabiola Seibt
    Location:
    France
    Firm:
    Gibson Dunn & Crutcher LLP
    2012 year-end German law update
    2013-01-10

    In retrospect, 2012 likely will be remembered as another year of manifold challenges in the Eurozone and of slow consolidation rather than one of fundamental reform or renaissance. However, the policy of Mr. Draghi, the chairman of the European Central Bank, appears to have stabilized the markets and the Euro since last summer, Germany's economy is prospering and the stock markets are almost back to pre-2008 levels. Nonetheless, there are fundamental doubts that the measures taken have a lasting effect and will fundamentally reform the economies in the Eurozone.

    Filed under:
    Germany, Company & Commercial, Competition & Antitrust, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, IT & Data Protection, Real Estate, Tax, Gibson Dunn & Crutcher LLP, Insider trading, ECB
    Authors:
    Peter Decker , Stefan Dietsche , Robin Eyben , Birgit Friedl , Daniel Gebauer , Marcus Geiss
    Location:
    Germany
    Firm:
    Gibson Dunn & Crutcher LLP
    2011 year-end German law update
    2012-01-10

    While the members of the Eurozone are still struggling to find an adequate answer to the sovereign debt crisis and the stock markets are on a roller-coaster ride, the German economy is still doing remarkably well and continues to attract foreign investors from all over the world, notably China.

    Filed under:
    Germany, Banking, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Tax, White Collar Crime, Gibson Dunn & Crutcher LLP
    Location:
    Germany
    Firm:
    Gibson Dunn & Crutcher LLP
    The German draft law on restructuring insolvent companies - a German version of Chapter 11?
    2010-08-17

    Last month, the German Ministry for Justice and Legal Affairs (Bundesjustizministerium) published a draft law proposal aimed at further "facilitating the restructuring of businesses".

    Filed under:
    Germany, Insolvency & Restructuring, Gibson Dunn & Crutcher LLP, Bankruptcy, Shareholder, Debtor, Interest, Debt, Liquidation
    Authors:
    Markus Nauheim , Birgit Friedl , Marcus Geiss
    Location:
    Germany
    Firm:
    Gibson Dunn & Crutcher LLP
    U.S. SEC agrees to fifty percent reduction in jury award against former CEO of Kmart
    2010-12-09

    In our June 4, 2009 Client Update, we reported on the jury verdict the Securities and Exchange Commission ("SEC") obtained against Charles Conaway, the former CEO of Kmart Corp for misleading investors about inventory and liquidity levels as the company was approaching its January 2002 Chapter 11 bankruptcy filing.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Gibson Dunn & Crutcher LLP, Public company, Bankruptcy, Fraud, Market liquidity, Testimony, Involuntary dismissal, Jury trial, Form 10-Q, Internal Revenue Service (USA), US Securities and Exchange Commission, US Department of Justice, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Chief executive officer, Chief financial officer, US Attorney General, Sixth Circuit
    Authors:
    Timothy K. Roake
    Location:
    USA
    Firm:
    Gibson Dunn & Crutcher LLP
    FDIC and Federal Reserve issue joint notice of proposed rulemaking under the Dodd-Frank Act: resolution plans and credit exposure reports
    2011-04-06

    On March 29, 2011, the Federal Deposit Insurance Corporation (the “FDIC”) and the Board of Governors of the Federal Reserve System (the “Fed”) jointly released a notice of proposed rulemaking (“NPR”) proposing rules relating to the resolution plan (also known as the “living will”) and credit exposure report requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “DFA”).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Gibson Dunn & Crutcher LLP, Credit (finance), Consumer protection, Advance healthcare directive, Federal Deposit Insurance Corporation (USA), Federal Reserve (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
    Location:
    USA
    Firm:
    Gibson Dunn & Crutcher LLP
    United States Court of Appeals for the Second Circuit clarifies limits on the standing of a SIPA (or bankruptcy) trustee to bring common law claims against third parties
    2013-06-21

    On June 20, 2013, a three-member panel of the United States Court of Appeals for the Second Circuit issued an important decision that significantly curtails the authority of Irving Picard, as Trustee for the liquidation of Bernard L.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Gibson Dunn & Crutcher LLP, Standing (law), Securities Investor Protection Corporation, Trustee, Second Circuit
    Authors:
    Gabriel Herrmann , Marshall R. King , Keith R. Martorana
    Location:
    USA
    Firm:
    Gibson Dunn & Crutcher LLP

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