On August 11, 2009, in a long-anticipated ruling in the Chapter 11 case of General Growth Properties, Inc. (GGP), the court denied the motions to dismiss that had been brought on behalf of several of the property-level lenders.1 Few, if any, observers expected that the court would grant these motions and actually dismiss any of the individual SPE borrowers from the larger GGP bankruptcy, as doing so would have likely opened the door for the other secured lenders to seek dismissal.
As the federal government and private markets make progress to quell economic recession and stimulate the engines of financial growth, recent headlines from the commercial real estate industry have focused on certain developments, such as the proposed changes in rating agency methodologies and the repeated false starts with the government’s TALF and PPIP programs.
Our note provides a high-level guide to securitisation transactions under English law. Written in partnership with Chambers and Partners, it forms the UK-focused section of the Chambers and Partners Global Practice Guide: Securitisation 2020.
This general guide discusses a broad range of topics to provide a helpful overview to those that are looking at a first time securitisation. It also provides guidance on a number of more detailed points to assist with those more experienced in securitisations, including recently regulatory development.
Publicaciones de Hogan Lovells | 01 abril 2020
Algunas cuestiones de interés en relación con el impacto del COVID-19 en las financiaciones estructuradas
El impacto del virus COVID-19 está siendo significativo en todo tipo de industrias y lugares del mundo y, por consiguiente, surgen también muchas cuestiones que analizar en el ámbito de las financiaciones estructuradas.
Actions taken to seize control of a securitisation structure and the underlying loan portfolio declared void and of no effect.
Two recent High Court cases, Business Mortgage Finance 6 Plc v Greencoat Investments Limited and others [2019] EWHC 2128 (Ch) (the Greencoat Case) and Business Mortgage Finance 6 Plc v Roundstone Technologies Ltd [2019] EWHC 2917 (Ch) (the Roundstone Case) (together, the Business Mortgage Cases), have affirmed a number of principles relating to securities held through the clearing systems and the powersof receivers, including the following:
EBITDA first rose to prominence in the US leveraged buy-out craze of the 1980s and has since formed the key metric of leveraged finance transactions across the world. In this article, we focus on its evolution in the European loans market, and explore how financial covenant and certain other protections in loan documentation have been eroded in recent years as a result of those changes.
This article first appeared in the November edition of Butterworths Journal of International Banking and Financial Law.
Brexit
The potential impact of Brexit on securitization transactions
Impact of the referendum
Following the vote in the UK referendum on 23 June 2016 to leave the EU, there is some uncertainty as to how this will impact transactions.
Receivables financiers, lenders taking security assignments over contractual rights, participants in the secondary loan market and others have an interest in:
FSA has announced a range of measures to help investors who got unsuitable advice or misleading materials relating to Lehman-backed structured products. It has found significant failings and the actions it is taking will apply to all structured products in future:
On June 5 2008 the Ontario Superior Court of Justice approved a plan concerning failed assetbacked commercial paper (ABCP). The restructuring called for in the plan can therefore proceed immediately, subject to any appeals from the court approval. This update is a brief survey of the key developments in the efforts to rescue the affected Canadian market for ABCP, which broke down in August 2007.
Breakdown of Market and the Montreal Accord