On Friday, Washington Mutual Inc. (WMI), the holding company that owned Washington Mutual Bank (WMB), filed a disclosure statement and amended reorganization plan with the U.S.
Today, HM Treasury announced the conclusion of discussions with Lloyds Banking Group (Lloyds) and Royal Bank of Scotland Plc (RBS), regarding their participation in the U.K.
Today, the FDIC announced the next steps in further developing the government's Legacy Loan Program (LLP), by testing the LLP program's funding mechanism through the sale of a portfolio of residential mortgage loan receivership assets to a limited liability company (LLC) in exchange for an ownership interest in the LLC.
Proposals issued October 2010
Confirmation given 31 January 2011
Policy statement issued May 2011
Draft guidance on the bespoke measurement of investment risk issued May 2011. Consultation ends on 24 June 2011
Consultation on the 2012/13 levy determination expected in autumn 2011
The PPF has confirmed its intention to implement a new levy framework from 2012/13. Key features of the framework confirmed in the policy statement include:
In Re EarthFirst Canada Inc., Justice Romaine had to consider establishing a “hardship fund” that would be used to allow EarthFirst Canada Inc. (“EarthFirst”) to pay pre-filing obligations owing to certain suppliers and contractors operating in a remote community where EarthFirst is developing a wind farm project.
Recent development
Seeking to ensure that the market has sufficient available liquidity following the recent political and economic developments in Turkey, the Central Bank of Turkey (the "Central Bank") reduced the Turkish banks' reserve requirements for Turkish lira liabilities on August 10, 2016. The changes will take effect on August 12, 2016.
New TRY reserve requirements
The Central Bank has reduced the reserve requirement ratios for banks' Turkish Lira ("TRY") liabilities by 50 basis points for each maturity bracket:
Maturity New Ratios Previous Ratios
New Law on "Amendments to the Law on Insolvency (Bankruptcy) and Articles 17 and 223 of the Arbitrage Procedural Code with respect to establishment of special rules for bankruptcy of developers attracting money from participants in construction" was adopted on July 12, 2011 (the "Amendments"). Most of the Amendments were introduced as a special chapter No. 7 named "Bankruptcy of Developers" into the Federal law on Insolvency (Bankruptcy) No. 127-FZ as of 26 October 2002 (as amended) (the "Bankruptcy Law").
The Hong Kong Government has recently released the conclusions to its public consultation on the proposed corporate rescue procedure and insolvent trading laws. The consistent theme throughout the conclusions paper is that the Government will propose practical compromises in order to overcome the contentious issues that have stalled previous efforts to introduce a statutory regime to facilitate corporate restructurings.
On June 28, 2011, the United States Court of Appeals for the Seventh Circuit became the latest circuit to weigh in on the hotly contested question of whether a debtor can deny a secured creditor the right to credit bid as part of a Chapter 11 plan providing for the sale of assets encumbered by the secured creditor’s liens. InIn re River Road Hotel Partners, LLC,1 the Seventh Circuit upheld the right of secured creditors to credit bid, a decision that runs directly contrary to recent opinions in the Third and Fifth Circuits.
In the biggest bank receivership in the history of the United States, the Office of Thrift Supervision seized Washington Mutual Bank on September 25 and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. While details are still emerging, it is at least clear that all deposits were transferred to JPMorgan, as were all loans and Qualified Financial Contracts, which include swaps, options, futures, forwards, repurchase agreements and any other Qualified Financial Contract as defined in 12 U.S.C. Section 1821(e)(8)(D).