The Wall Street Journal reports that Russia has taken another step closer to defaulting on its sovereign debts after an industry watchdog overseeing the credit-default swaps market ruled Wednesday that Russia failed to meet its obligations to foreign bondholders when it paid them in rubles earlier this month.

Partially walking back her prior pronouncements suggesting that she would rule to the contrary (which we previously wrote about here), on October 13, 2021, District Court Judge Colleen McMahon denied the U.S. Trustee’s request for an emergency stay pending appeal of the Purdue Pharma confirmation order.

The UK Government has published a Consultation¹ which sets out its proposals for targeted (but significant) amendments to certain aspects of the existing UK insolvency arrangements for insurers.

Introduction

In January 2021, Law 14.112/20 introduced a new section into the Brazilian Bankruptcy Law (the "BBL") regulating financing for companies which are the subject of a court-supervised reorganisation.

Timeline for Government’s extended measures 

Almost 12 years after the commencement of the Lehman Brothers bankruptcy case, we now know the answer to one of that case’s most interesting questions—namely, whether so-called “flip clauses” are protected settlement payments or void as ipso facto bankruptcy provisions.

The current market environment, created by the global COVID-19 pandemic, has few parallels. During periods of economic uncertainty, many issuers and borrowers face significant and difficult issues in managing their capital structure. The purpose of this guide is to provide issuers and borrowers with practical guidance to proactively manage these issues and control their capital structure. In particular, this guide:

Last summer, my colleague C.J. Summers and I posted a report about Saccameno v. U.S. Bank National Association, a Seventh Circuit case in which we had filed an amicus brief on behalf of the Chamber of Commerce of the United States.

Introduction The UK Government has announced that it will be introducing legislation under which the UK tax authorities1 will move up the creditor hierarchy in English insolvency proceedings2 in respect of certain taxes paid by

Mission Product Holdings Inc. v. Tempnology, LLC, No. 17-1657

Section 365 of the Bankruptcy Code provides that a bankruptcy trustee may “assume or reject any executory contract” of the debtor and that “the rejection of an executory contract … constitutes a breach of such contract.” The Supreme Court today granted certiorari to decide whether the decision of a bankruptcy trustee to terminate a debtor’s agreement to license intellectual property thereby terminates the rights of the licensee to use the intellectual property.