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Recession or Not, 2023 Will See Elevated Restructuring Activity — but Maybe Not a Boom
2023-01-23

We can’t recall another new year beginning with such negative sentiment and low expectations for the domestic economy as 2023, with the lone exception of 2009 during the global financial crisis. A mild U.S. recession beginning later in 2023 is now the consensus expectation while inflation remains well above the Fed’s target despite seven rate hikes to date and the highest interest rates in 15 years.1

Filed under:
Global, USA, Banking, Insolvency & Restructuring, FTI Consulting Inc, Libor, Coronavirus
Location:
Global, USA
Firm:
FTI Consulting Inc
View Original Article
Lyondell Chemical Company – the impact of tight credit markets on debtor-in-possession financings
2009-08-26

In the fourth quarter of 2008, global credit markets were virtually frozen, leading many distressed businesses and their constituents to take measures to avoid bankruptcy filings at almost all costs. Without access to debtor-in-possession (DIP) financing, bankruptcy most often results in liquidation – and with lenders reluctant to provide new money, even in exchange for superpriority and/or priming liens, total collapse became an increasingly common result.

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bond market, Bankruptcy, Libor, Credit (finance), Debtor, Unsecured debt, Collateral (finance), Debt, Economy, Liquidation, Secured loan, United States bankruptcy court, US District Court for SDNY
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Have UK Insolvency Practitioners Lost the Protection of Release Clauses?
2020-12-21

In the third (and final) of our blog series on recent CVA cases, in Rhino Enterprises Properties Ltd & Anor [2020] EWHC 2370 (Ch), the High Court gave permission for misfeasance proceedings to be brought against two former joint administrators. This was despite an approved Company Voluntary Arrangement (“CVA”) containing a clause releasing the joint administrators from liability.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Libor, Financial Conduct Authority (UK), Barclays
Authors:
Devinder Singh
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
2nd Cir. Upholds Dismissal of Supposed ‘LIBOR Fraud’ Claims
2017-06-19

The U.S. Court of Appeals for the Second Circuit recently affirmed the dismissal of LIBOR-manipulation fraud claims brought by a group of hotel-related entities and their investor against a bank and two of its subsidiaries.

In so ruling, the Second Circuit held that:

(a) the borrower and related entities lacked standing to sue because they failed to list their potential claims in their bankruptcy case and the claims were barred by the doctrine of judicial estoppel; and

(b) the claims of the investor and guarantors were untimely and barred by the law of the case.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Maurice Wutscher LLP, Libor, Second Circuit
Authors:
Hector E. Lora
Location:
USA
Firm:
Maurice Wutscher LLP
View Original Article
European Real Estate Finance: Market Update - Q1 2021
2021-03-25

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.

Filed under:
Belgium, European Union, Germany, Luxembourg, Spain, Sweden, United Kingdom, Banking, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, Public, Real Estate, Tax, White & Case LLP, Brexit, Libor, Private equity, Euribor, Force majeure, Coronavirus, Commercial tenant, EU-UK Trade and Cooperation Agreement, HM Revenue and Customs (UK)
Location:
Belgium, European Union, Germany, Luxembourg, Spain, Sweden, United Kingdom
Firm:
White & Case LLP
View Original Article
US Bankruptcy Court denies counterparty contractual right to withhold payments under Section 2(a)(iii) of the ISDA Master Agreement
2009-10-02

On September 15, 2009, the United States Bankruptcy Court of the Southern District of New York ordered Metavante Corporation (“Metavante”) to make payments to Lehman Brothers Special Financing Inc. (“LBSF”) under a prepetition interest rate swap agreement guaranteed by Lehman Brothers Holdings Inc. (“LBHI” and, together with LBSF, “Lehman”) after Metavante had suspended ordinary course settlement payments under the swap.1 Metavante claimed a contractual right to withhold payment under Section 2(a)(iii) of the 1992 ISDA Master Agreement as a result of Lehman’s bankruptcy.

Filed under:
USA, Derivatives, Insolvency & Restructuring, Litigation, White & Case LLP, Bankruptcy, Condition precedent, Libor, Debtor, Safe harbor (law), Interest, Swap (finance), Concession (contract), Default (finance), Title 11 of the US Code, Lehman Brothers, United States bankruptcy court
Authors:
Ian Cuillerier , Abraham Zylberberg
Location:
USA
Firm:
White & Case LLP
View Original Article
Banking and financial services litigation: 2021 in review
2022-01-27

A number of key decisions from the English courts in 2021 illustrate the litigation trends that are likely to have implications for the financial services industry in 2022 and beyond (see below “Cases to watch in 2022”).

Market misconduct and mis-selling

In the first of a series of claims issued by ECU Group Plc in relation to alleged wrongdoing in the foreign exchange markets by a number of banks, the High Court held that:

Filed under:
European Union, United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, White Collar Crime, Freshfields Bruckhaus Deringer LLP, Libor, Personal data, Coronavirus, GDPR, Financial Services and Markets Act 2000 (UK), Financial Conduct Authority (UK), Barclays, Google, Serious Fraud Office (UK), House of Lords, HSBC, Carillion, Court of Justice of the European Union, UK Supreme Court
Location:
European Union, United Kingdom
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Litigation challenges counterparty right to withhold payments under Section 2(a)(iii) of ISDA Master Agreement as violation of automatic stay provisions of US Bankruptcy Code
2009-08-11

In a recently filed motion in the United States Bankruptcy Court Southern District of New York (the “Motion”), Lehman Brothers Holdings Inc. (“LBHI”) is seeking to compel Metavante Corporation (“Metavante”) to perform its obligations under a swap agreement between Metavante and Lehman Brothers Special Financing Inc.

Filed under:
USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Condition precedent, Libor, Debtor, Safe harbor (law), Interest, Swap (finance), Liquidation, Default (finance), Lehman Brothers, United States bankruptcy court
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP
View Original Article
Insolvent lenders and market disruption
2008-10-21

In the current economic climate, there are a number of key issues facing borrowers in the event of lender insolvency or default.

Committed facilities/term loans

Provided they are fully drawn and the borrower is not in breach itself, the impact in the short term may not be too severe.

Filed under:
United Kingdom, Banking, Insolvency & Restructuring, Gowling WLG, Libor, Debtor, Breach of contract, Accounts receivable, Market liquidity, Swap (finance), Debt, Cashflow, Default (finance), International Swaps and Derivatives Association
Location:
United Kingdom
Firm:
Gowling WLG
View Original Article
AIG posts $4.35 billion first quarter loss
2009-05-11

On Thursday, AIG announced a $4.35 billion loss for the first quarter of 2009, as compared to a net loss of $7.81 billion in the first quarter of 2008 and a net loss of $61.7 billion in the fourth quarter of 2008.

Filed under:
USA, Insolvency & Restructuring, Insurance, Alston & Bird LLP, Libor, Market liquidity, Retirement, Life insurance, Line of credit, Preferred stock, US Securities and Exchange Commission, US Department of the Treasury, American International Group, Bank of New York Mellon
Authors:
Ian Grant
Location:
USA
Firm:
Alston & Bird LLP
View Original Article

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