On February 8, 2016 we reported on the decision of Judge Walrath of the United States Bankruptcy Court for the District of Delaware in
Bond restructurings Implementation mechanisms: schemes vs. exchange offers December 2015 ■ a principal haircut; ■ extended maturity; and / or ■ a change in coupon (rate and/or whether the coupon is cash-pay or PIK). Exchange offers are based entirely on voluntary participation. They can only succeed if a critical mass of bondholders agrees to participate. A “carrot and stick” approach is used to incentivise participation and penalise holdouts. For background on the use of schemes of arrangement as restructuring tools, see here.
A recent decision by the United States Bankruptcy Court for the Southern District of New York may make it easier for debtors to obtain some relief from preferential payments to a foreign entity, even if the recipient of the transfer has no address in the United States.
Whether an insurer can refuse to provide coverage on the grounds that the bankrupt insured has not paid a self-insured retention (SIR) is often litigated during a bankruptcy case. Recently, in Sturgill v.
In American Federated Title Corp. v. GFI Management Services, Inc., the United States District Court for the Southern District of New York
How many ages hence / Shall this our lofty scene be acted o’er, / In states unborn, and accents yet unknown!
– William Shakespeare, Julius Caesar
“It’s not that I’m afraid to die, I just don’t want to be there when it happens.” — Woody Allen
One of the primary business restructuring goals is the adjustment of a company’s burdensome obligations. If a business is going to be reorganized, matching a company’s obligations to its value is key to the rehabilitation and “fresh start” concepts that underpin the Bankruptcy Code.
Introduction
On Tuesday 10 June 2014 in the Australian Capital Territory Industrial Magistrates Court, an early mention in the Kenoss Contractors case was heard. This case includes a prosecution of both an organisation for allegedly failing to meet the primary health and safety duty and an officer for allegedly failing to exercise due diligence under the Work Health and Safety Act 2011 (ACT) which commenced on 1 January 2012. This case is ostensibly the first prosecution of an officer under the new harmonised WHS laws.