On 26 March 2021, Mr Justice Zacaroli of the English High Court sanctioned a restructuring plan (the Plan) proposed by gategroup Guarantee Limited (Gategroup), following approval at two creditors' meetings convened pursuant to a judgment handed down by Mr Justice Zacaroli on 17 February 2021.
In a March 2021 decision in the jointly administered bankruptcy cases of Fencepost Productions, Inc. and certain of its affiliates, Judge Dale L.
As the focus on ESG issues intensifies in the financial markets, we have seen institutional investors demand more in these areas, in terms of both disclosures and concrete targets, from banks and funds. Meanwhile, emerging regulations, and reforms designed to help meet climate change targets and to enhance corporate governance, sustainability and environmental and social responsibility are underway. How will refinancings and restructurings of the significant amount of corporate debt coming out of COVID be affected by such winds of change?
In its recent opinion arising out of the Orexigen Therapeutics Inc.
The Colombian airline Aerovias Nacionales de Colombia S.A. – Avianca (“Avianca”) has made a habit of accessing the structured credit markets by monetizing its expected stream of credit card receivables, filing for U.S. Chapter 11 protection when in distress, and then challenging the structured credit agreements to which it had committed. Recently, Avianca reached a settlement with the lenders to its existing future flow receivables transaction, entered into in December 2017, which will result in a restructured loan facility.
On Friday, March 19, 2021, Congressional lawmakers introduced a bill that would amend the U.S. Bankruptcy Code to prohibit bankruptcy judges from permanently enjoining or releasing legal claims of states, tribes, municipalities or the U.S. government against non-debtors.
On March 17, 2021, the National Congress rejected 12 of the 14 vetoes by President Jair Bolsonaro (veto nº 57/2020) on Law nº 14,112/2020, which amended the Brazilian Bankruptcy Code (Law nº 11,101/2005 - “LREF”).
Following review and proposal by the UK Government to develop stricter scrutiny of pre-pack administration sales to connected parties, the Government laid the draft Regulations in Parliament on 24 February 2021. These are due to come into force on 30 April 2021. Our previous article summarising the Government’s proposal can be found here.
In its recent decision in Matter of First River Energy, LLC,1 the Fifth Circuit resolved a priority dispute between lienholders regarding their competing claims to cash held by the debtor, First River Energ