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    Spain’s new refinancing arrangements
    2014-11-05

    Over the last few years Spain has amended its insolvency laws to promote
    out of court refinancing arrangements as a much needed alternative
    to formal insolvency proceedings. The outcome of these changes,
    aimed at putting Spain on a par with other EU jurisdictions, is yet to be
    seen. However, what is clear is that the latest round of amendments
    has substantially improved the possibility of reaching an out of court
    refinancing settlement in Spain.
    Historically, in relation to syndicated facilities, out of court refinancing

    Filed under:
    Africa, Global, Spain, Turkey, Banking, Insolvency & Restructuring, Projects & Procurement, Baker McKenzie, Refinancing
    Location:
    Africa, Global, Spain, Turkey
    Firm:
    Baker McKenzie
    Surviving the downturn
    2009-02-02

    Survival  

    Debt maturity profile Companies should ensure that they have a very clear understanding of the timing of their cash needs and in particular of the maturity profile of their debt – when does debt fall due and when will refinancing be required?  

    Filed under:
    Asia-Pacific, Insolvency & Restructuring, Freshfields Bruckhaus Deringer, Bond (finance), Market liquidity, Covenant (law), Consideration, Hedge funds, Debt, Insider trading, Stock exchange, Joint venture, Maturity (finance), Refinancing, Tender offer, Secured loan
    Location:
    Asia-Pacific
    Firm:
    Freshfields Bruckhaus Deringer
    The National Insolvent Trading Program Report
    2010-11-30

    On 13 October 2010 ASIC released the National Insolvent Trading Program (NITP) Report, which sets out key messages, promoting greater director responsibility by encouraging directors to remain properly and fully informed about a company’s financial affairs, and to be aware of the implications of insolvent trading; and to seek (timely) professional advice from accountants, lawyers and insolvency practitioners.

    After consulting over 1500 companies displaying solvency concerns, ASIC has identified several possible insolvency indicators including:

    Filed under:
    Australia, Insolvency & Restructuring, Piper Alderman, Regulatory compliance, Audit, Option (finance), Debt, Refinancing, Cashflow
    Authors:
    Malcolm Quirey
    Location:
    Australia
    Firm:
    Piper Alderman
    Corporate restructuring and creditors' participation
    2011-03-01

    While in other jurisdictions creditors of an insolvent company may swap their debts into equity, creditors in Austria are still confronted with a “take it or leave it” approach as to the proposed quota payment to unsecured creditors. The recent insolvencies of large Austrian companies show the inadequacy of Austrian insolvency law in that respect.

    Financial crisis just arrives

    Filed under:
    Austria, Insolvency & Restructuring, Schoenherr, Bond (finance), Shareholder, Debtor, Unsecured debt, Waiver, Market liquidity, Option (finance), Swap (finance), Debt, Refinancing, Corporate bond, Leverage (finance), Lehman Brothers
    Authors:
    Barbara Steger
    Location:
    Austria
    Firm:
    Schoenherr
    Leveraged landscape for 2011
    2011-02-09

    The signs for the leveraged finance market in 2011 are mixed. Questions remain as to whether this year will see a fresh spate of restructurings and/or continued growth in primary issuance. Whilst data compiled by Fitch Ratings has shown that European PE backed company default rates slowed in 2010 (and premier league spending during the January transfer window topped £225 million compared with £30 million last year), the primary leveraged finance market has started slowly this year.

    Filed under:
    European Union, Corporate Finance/M&A, Insolvency & Restructuring, Mayer Brown, Bond (finance), Bond market, Market liquidity, Debt, Economy, Maturity (finance), Refinancing, Leveraged buyout, Default (finance), Leverage (finance), Inflation, Basel III
    Authors:
    Neil Caddy
    Location:
    European Union
    Firm:
    Mayer Brown
    What is next for high yield bonds?
    2008-01-31

    This article was published in slightly different format in the January 2008 issue of Credit Magazine.

    Filed under:
    European Union, United Kingdom, Banking, Insolvency & Restructuring, White & Case, Bond (finance), Shareholder, Interest, Market liquidity, Debt, Refinancing, Default (finance), Credit rating, Distressed securities, Write-off, Bank of England, Title 11 of the US Code
    Location:
    European Union, United Kingdom
    Firm:
    White & Case
    Favourable adjustment of the thin capitalization measure for "sociétés civiles de construction-vente" and refinancing linked to bankruptcy proceedings
    2012-01-25

    Since the adoption of the 2011 Finance Act, the scope of application for thin capitalization rules, provided for in article 212 of the French Tax Code, was extended to all loans, including bank loans, backed by security interest or a guarantee, granted by a company belonging to the borrower's group or by a company with a guaranteed undertaking secured by a company related to the borrower.

    Filed under:
    France, Banking, Insolvency & Restructuring, Tax, Baker McKenzie, Bankruptcy, Interest, Refinancing, Finance Acts (UK)
    Authors:
    Olivier Mesmin
    Location:
    France
    Firm:
    Baker McKenzie
    French Supreme Court releases landmark decision upholding right of Heart of la Défense to seek and obtain protection in France under Safeguard Proceedings
    2011-03-17

    On March 8, 2011, France's highest court, the Cour de cassation, confirmed that CMBS borrower, Heart of la Défense SAS (Hold), and its Luxembourg parent company, Dame Luxembourg Sarl (Dame), were entitled to Court protection in France under Safeguard Proceedings (sauvegarde). Safeguard is a French bankruptcy process that resembles the U.S. Chapter 11 debtor-in-possession procedures, used most recently (and notably) in connection with the bankruptcies of General Motors and Lehman Brothers.

    Filed under:
    France, Insolvency & Restructuring, Litigation, Gibson Dunn & Crutcher LLP, Debtor, Refinancing, Default (finance), Credit rating, Lehman Brothers cases, Lehman Brothers, Supreme Court of the United States, Paris Court of Appeal, Court of Cassation (France)
    Authors:
    Jean-Philippe Robé , Benoît Fleury , Wayne P.J. McArdle , Gregory A. Campbell
    Location:
    France
    Firm:
    Gibson Dunn & Crutcher LLP
    Homologación de acuerdos de refinanciación de deudas financieras de la masa del concurso
    2019-01-04

    Se explora la posibilidad de que los acreedores financieros de la masa del concurso puedan solicitar una homologación judicial de un acuerdo de refinanciación de sus créditos contra la empresa ya consursada.

    Filed under:
    Spain, Company & Commercial, Insolvency & Restructuring, Litigation, Gomez-Acebo & Pombo Abogados, Bankruptcy, Refinancing
    Authors:
    Ángel Carrasco Perera
    Location:
    Spain
    Firm:
    Gomez-Acebo & Pombo Abogados
    Limited partnerships and the CCAA
    2009-07-27

    In theMatter of Forest and Marine Financial Corporation (2009) BCCA 319, the British Columbia Court of Appeal was called upon to consider whether a limited partnership qualifies for protection under the Companies Creditors’ Arrangement Act (“CCAA”). The Court also considered whether, in the circumstances of the case, a stay of proceedings should have been issued with respect to the limited partnership.

    Filed under:
    Canada, British Columbia, Company & Commercial, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor, Debt, Limited partnership, Refinancing, Secured creditor, Court of Appeal of England & Wales
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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