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Texas Bankruptcy Court Approves Serta Simmons “Uptier” Transaction
2023-06-08

The ruling, which held that the transaction did not violate the implied covenant of good faith and fair dealing, highlights the importance of carefully drafting lending documents.

On June 6, 2023, Judge David Jones of the United States Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) held that the 2020 Serta Simmons "uptier" transaction (the Transaction) was permitted under Serta's existing 2016 credit agreement (the Credit Agreement), a decision that could have broad implications for the permissibility of such transactions.1

Filed under:
USA, Texas, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, United States bankruptcy court
Authors:
George A. Davis
Location:
USA
Firm:
Latham & Watkins LLP
View Original Article
Hong Kong Court of Final Appeal Rules on Exclusive Jurisdiction Clauses in Insolvency
2023-05-18

A bankruptcy petition should not proceed if the debt is disputed and subject to an exclusive jurisdiction clause in favour of a foreign court.

Filed under:
Hong Kong, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Insolvency
Authors:
Howard K. H. Lam
Location:
Hong Kong
Firm:
Latham & Watkins LLP
View Original Article
Cross-Border Recognition: Hong Kong Schemes and the Compromise of Foreign Law-Governed Debt
2022-11-10

Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.

Filed under:
Global, Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Insolvency, UNCITRAL
Authors:
Adam J. Goldberg , Howard K. H. Lam
Location:
Global, Hong Kong
Firm:
Latham & Watkins LLP
View Original Article
StaRUG in Practice: German Scheme Expands Restructuring Options for Debtors
2022-11-10

The scheme offers a credible implementation alternative, but no “one size fits all” solution exists for German credits.

German credits in sectors such as real estate, automotive, and energy face a worsening macro backdrop. At the same time, the available toolkit for financial restructurings has expanded, offering multiple options without the need for recourse to insolvency proceedings.

Filed under:
European Union, Germany, United Kingdom, Insolvency & Restructuring, Public, Latham & Watkins LLP, Gaming, Coronavirus, Insolvency
Location:
European Union, Germany, United Kingdom
Firm:
Latham & Watkins LLP
View Original Article
National Security & Investment Act: Cold Comfort for Officeholders
2022-05-11

Insolvency officeholders may need clearance upon appointment to entity in an affected sector.

Filed under:
United Kingdom, Corporate Finance/M&A, Insolvency & Restructuring, Latham & Watkins LLP, Foreign direct investment, Committee on Foreign Investment in the United States
Location:
United Kingdom
Firm:
Latham & Watkins LLP
View Original Article
Directors’ Duties: Shining Light in the Tunnel?
2022-10-11

In a new ruling, the UK Supreme Court concluded that the rule applies only when a company is "insolvent or bordering on insolvency".

On 5 October 2022, the UK Supreme Court handed down judgment in BTI 2014 LLC v. Sequana SA and others (Sequana)1. The case required the court to reconcile differing judicial pronouncements of the "creditors' interest rule" (the Rule) and consider the following questions:

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Insolvency, UK Supreme Court
Authors:
Jessica Walker
Location:
United Kingdom
Firm:
Latham & Watkins LLP
View Original Article
Spain to Implement and Apply Directive (EU) 2019/1023 to the Spanish Insolvency Act
2019-07-19

Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in France, Hong Kong, Italy, Singapore, and the United Kingdom and as an affiliated partnership conducting the practice in Japan. Latham & Watkins operates in South Korea as a Foreign Legal Consultant Office. Latham & Watkins works in cooperation with the Law Office of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia.

Filed under:
European Union, Spain, Insolvency & Restructuring, Latham & Watkins LLP, Private equity, Title 11 of the US Code, European Commission
Location:
European Union, Spain
Firm:
Latham & Watkins LLP
View Original Article
Supreme Court’s Merit Management Ruling Highlights Potential Alternative Path to Safe Harbor
2018-04-12

Possible application of Section 101(22)(A) to safe harbor’s covered entity requirement raises important questions for future transferee defendants.

Key Points:

• Merit Management raises the possibility that customers of “financial institutions” may qualify for protection under Section 546(e) safe harbor even if they would not otherwise meet Section 546(e)’s covered entity requirement.

• Treating customers of “financial institutions” as covered entities could broaden the scope of safe harbor.

Filed under:
USA, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Safe harbor (law), SCOTUS
Authors:
Christopher Harris
Location:
USA
Firm:
Latham & Watkins LLP
View Original Article
La nuova disciplina del pegno non possessorio e del patto marciano. Alcune novità in relazione alle procedure esecutive e concorsuali.
2016-11-28

Il Decreto Legge n. 59/2016 (il cosiddetto “Decreto Banche”, di seguito il Decreto) è stato pubblicato in Gazzetta Ufficiale (e successivamente modificato e convertito in legge con la Legge n. 199/2016) ed è recentemente entrato in vigore ma è ancora per alcuni aspetti in attesa della normativa secondaria per la sua implementazione.

Filed under:
Italy, Insolvency & Restructuring, Latham & Watkins LLP
Location:
Italy
Firm:
Latham & Watkins LLP
View Original Article
FAQ: recent developments in US law affecting pension and OPEB claims in restructurings (2015)
2015-06-15

Latham & Watkins Benefits, Compensation & Employment Practice June 15, 2015 | Number 1844 FAQ: Recent Developments in US Law Affecting Pension and OPEB Claims in Restructurings (2015)1 From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope, or respond to a restructuring. This Client Alert answers some of the most frequently asked questions with respect to the treatment of pension-plan liabilities and other post-employment benefits (OPEB) obligations in US bankruptcies.

Filed under:
USA, Employee Benefits & Pensions, Insolvency & Restructuring, Latham & Watkins LLP, Pension Benefit Guaranty Corporation
Location:
USA
Firm:
Latham & Watkins LLP
View Original Article

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