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    Brexit: Keep Calm and Carry On
    2016-07-01

    As the country recovers from the shock outcome of last Thursday’s Referendum, the question which Restructuring professionals must now consider is “what does Brexit mean for me?”. The truth is that nobody really knows. The Referendum decision is not legally binding on the UK Government and the process of the UK leaving the EU will only start once the UK has served formal notice on the EU pursuant to Article 50 of the Treaty on the European Union. This will start a two year negotiation period to effect Brexit.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Public, Squire Patton Boggs, Lobbying, Brexit, Breach of contract, Climate change mitigation, Supply chain, Internal market, Tariff, Force majeure, Trade barrier, Tax efficiency, Constitutional amendment
    Authors:
    John Alderton , Caroline Castle
    Location:
    European Union, United Kingdom
    Firm:
    Squire Patton Boggs
    Advisory Committee on Bankruptcy rules recommends sweeping revisions to Bankruptcy Rule 2019
    2010-08-10

    Bankruptcy headlines in 2007 were awash with tidings of controversial developments in the chapter 11 cases of Northwest Airlines and its affiliates that sent shock waves through the "distressed" investment community. A New York bankruptcy court ruled that an unofficial, or "ad hoc," committee consisting of hedge funds and other distressed investment entities holding Northwest stock and claims was obligated under a formerly obscure provision in the Federal Rules of Bankruptcy Procedure—Rule 2019—to disclose the details of its members' trading positions, including the acquisition prices.

    Filed under:
    USA, Insolvency & Restructuring, Jones Day, Lobbying, Bankruptcy, Security (finance), Interest, Hedge funds, Stakeholder (corporate), Leverage (finance), Distressed securities, Securities Industry and Financial Markets Association, US House Committee on Rules, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Earmark reform
    2010-11-03

    Some in Congress would like to see earmarking eliminated completely, but the most you're likely to see are additional reforms to the earmarking process. Both sides of the debate have strong champions who have no interest in giving in to their opponents. At the same time, a coalition of lobbyists and public interest advocates are promoting additional earmark reforms that deserve serious consideration.

    Filed under:
    USA, Insolvency & Restructuring, Venable LLP, Lobbying, Consideration, Advocacy, US Congress
    Authors:
    Gregory M. Gill
    Location:
    USA
    Firm:
    Venable LLP
    California’s AB 506 process: what creditors can expect in the wake of California municipal bankruptcies
    2012-09-18

    California’s AB 506 process was intended to help a municipality in restructuring its debt obligations and avoid bankruptcy. However, the lessons of the bankruptcies of the City of Stockton, the Town of Mammoth Lakes and the City of San Bernardino support the reality that a meaningful restructure requires material involvement by the major stakeholders. California’s recent wave of municipal bankruptcies tend to show that the AB 506 process has not changed this reality, but rather made a difficult process longer and more arduous.

    Filed under:
    USA, California, Insolvency & Restructuring, Public, Katten Muchin Rosenman LLP, Lobbying, Bankruptcy, Debtor, Debt, Title 11 of the US Code
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    California restricts access of municipalities to Chapter 9 of the Bankruptcy Code
    2011-10-26

    Numerous municipalities in California and elsewhere are struggling financially. Indeed, Harrisburg, Pennsylvania and Central Falls, Rhode Island have both recently filed for Chapter 9 protection. State governments may have neither the economic reserves nor the political will to bail out troubled cities and counties. These circumstances have raised the focus on Chapter 9 as a tool for reorganizing municipality debt obligations and has deepened the debate between states and their municipalities about the best strategies for addressing a fiscal crisis.

    Filed under:
    USA, California, Insolvency & Restructuring, Public, Pillsbury Winthrop Shaw Pittman LLP, Bond (finance), Lobbying, Debtor, Trade union, Debt, State-owned enterprise, Good faith, Collective bargaining agreements, California State Assembly, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Craig A. Barbarosh , Karen B. Dine , Brandon R. Johnson
    Location:
    USA
    Firm:
    Pillsbury Winthrop Shaw Pittman LLP
    Were the Energy Future Holdings and Caesars Chapter 11 Cases Just Saved by K Street Lobbyists?
    2015-12-29

    Bankruptcy and restructuring professionals usually do not need to be political junkies. Amendments to the Bankruptcy Code, and the accompanying machinations of the Congressional legislative process, typically occur at a glacial pace, and such changes nearly always affect future rather than current chapter 11 cases.  However, the 

    Filed under:
    USA, Insolvency & Restructuring, Real Estate, Tax, Kelley Drye & Warren LLP, Lobbying, Real estate investment trust
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Brexit: Keep Calm and Carry On
    2016-07-01

    As the country recovers from the shock outcome of last Thursday’s Referendum, the question which Restructuring professionals must now consider is “what does Brexit mean for me?”. The truth is that nobody really knows. The Referendum decision is not legally binding on the UK Government and the process of the UK leaving the EU will only start once the UK has served formal notice on the EU pursuant to Article 50 of the Treaty on the European Union. This will start a two year negotiation period to effect Brexit.

    Filed under:
    European Union, United Kingdom, Insolvency & Restructuring, Public, Squire Patton Boggs, Lobbying, Brexit, Breach of contract, Climate change mitigation, Supply chain, Internal market, Tariff, Force majeure, Trade barrier, Tax efficiency, Constitutional amendment
    Authors:
    John Alderton , Caroline Castle
    Location:
    European Union, United Kingdom
    Firm:
    Squire Patton Boggs
    Advisory Committee on Bankruptcy rules recommends sweeping revisions to Bankruptcy Rule 2019
    2010-08-10

    Bankruptcy headlines in 2007 were awash with tidings of controversial developments in the chapter 11 cases of Northwest Airlines and its affiliates that sent shock waves through the "distressed" investment community. A New York bankruptcy court ruled that an unofficial, or "ad hoc," committee consisting of hedge funds and other distressed investment entities holding Northwest stock and claims was obligated under a formerly obscure provision in the Federal Rules of Bankruptcy Procedure—Rule 2019—to disclose the details of its members' trading positions, including the acquisition prices.

    Filed under:
    USA, Insolvency & Restructuring, Jones Day, Lobbying, Bankruptcy, Security (finance), Interest, Hedge funds, Stakeholder (corporate), Leverage (finance), Distressed securities, Title 11 of the US Code, Securities Industry and Financial Markets Association, US House Committee on Rules, United States bankruptcy court
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Were the Energy Future Holdings and Caesars Chapter 11 Cases Just Saved by K Street Lobbyists?
    2015-12-29

    Bankruptcy and restructuring professionals usually do not need to be political junkies. Amendments to the Bankruptcy Code, and the accompanying machinations of the Congressional legislative process, typically occur at a glacial pace, and such changes nearly always affect future rather than current chapter 11 cases.  However, the 

    Filed under:
    USA, Insolvency & Restructuring, Real Estate, Tax, Kelley Drye & Warren LLP, Lobbying, Real estate investment trust
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    California’s AB 506 process: what creditors can expect in the wake of California municipal bankruptcies
    2012-09-18

    California’s AB 506 process was intended to help a municipality in restructuring its debt obligations and avoid bankruptcy. However, the lessons of the bankruptcies of the City of Stockton, the Town of Mammoth Lakes and the City of San Bernardino support the reality that a meaningful restructure requires material involvement by the major stakeholders. California’s recent wave of municipal bankruptcies tend to show that the AB 506 process has not changed this reality, but rather made a difficult process longer and more arduous.

    Filed under:
    USA, California, Insolvency & Restructuring, Public, Katten Muchin Rosenman LLP, Lobbying, Bankruptcy, Debtor, Debt, Title 11 of the US Code
    Authors:
    Craig A. Barbarosh , Karen B. Dine
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
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