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    Bankruptcy court rules that “flip clauses” violate Bankruptcy Code
    2010-02-05

    On January 25, Judge Peck of the U.S. Bankruptcy Court for the Southern District of New York entered a declaratory judgment in favor of Lehman Brothers Special Financing Inc. (LBSF) in a case examining a collateralized debt obligation (CDO) transaction and concerning the effect of event of default provisions on the payment priorities of LBSF as swap counterparty under certain swap agreements and the holders of certain credit-linked synthetic portfolio notes. The payment waterfalls (Priority Provisions) of most CDO transactions give priority to swap counterparties over noteholders.

    Filed under:
    USA, Derivatives, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Bankruptcy, Swap (finance), Default (finance), Collateralized debt obligation, Lehman Brothers, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    GGP opinion leaves unanswered questions
    2009-08-28

    On August 11, the Honorable Allan L. Gropper issued an opinion of the U.S. Bankruptcy Court for the Southern District of New York denying five motions to dismiss certain Chapter 11 bankruptcy cases of several property-specific special purpose subsidiaries (SPE Debtors), including a number of issuers of commercial mortgage-backed securities (CMBS), that are owned by mall operator General Growth Properties, Inc.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Public company, Bankruptcy, Debtor, Mortgage loan, Real estate investment trust, Maturity (finance), Bad faith, Cashflow, Default (finance), Subsidiary, Commercial mortgage-backed security, Mortgage-backed security, Secured loan, United States bankruptcy court
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    U.S. bankruptcy court denies motions to dismiss GGP bankruptcy cases
    2009-08-14

    On August 11, the U.S. Bankruptcy Court for the Southern District of New York denied five motions to dismiss certain Chapter 11 bankruptcy cases filed by debtors, including a number of issuers of commercial mortgage-backed securities (CMBS), that are owned by mall operator General Growth Properties, Inc. (GGP). The movants, including special servicers of the CMBS issued by GGP, based their dismissal motions primarily on a claim that the debtor’s cases were filed in bad faith.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Bankruptcy, Debtor, Liability (financial accounting), Involuntary dismissal, Bad faith, Commercial mortgage-backed security, Mortgage-backed security, United States bankruptcy court
    Authors:
    Jeffrey M. Werthan , Christina J. Grigorian
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Fannie Mae and Freddie Mac placed in conservatorship by U.S. Treasury and FHFA
    2008-09-12

    On September 7, the U.S. Treasury Department and the Federal Housing Finance Authority (FHFA) placed Fannie Mae and Freddie Mac into conservatorship, and announced (i) Treasury’s entry into a Senior Preferred Stock Purchase Agreement with each Government Sponsored Entity (GSE), (ii) the creation of a Government Sponsored Entity Credit Facility (GSECF), and (iii) the adoption of a GSE Mortgage Backed Securities (MBS) Purchase Program.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Katten Muchin Rosenman LLP, Credit (finance), Security (finance), Dividends, Asset management, Mortgage loan, Liability (financial accounting), Preferred stock, Mortgage-backed security, American Recovery and Reinvestment Act 2009 (USA), HM Treasury (UK), US Department of the Treasury
    Location:
    USA
    Firm:
    Katten Muchin Rosenman LLP
    Creativity in the courts: use of the CCAA to address asset-backed commercial paper crisis
    2008-10-31

    The Ontario Court of Appeal has approved a creative use of the Companies’ Creditors Arrangement Act (CCAA) designed to unfreeze the $32-billion Canadian market for asset-backed commercial paper (ABCP).

    As has been widely publicized, the Canadian ABCP market froze in August 2007 as a result of concerns in world credit markets arising from the US subprime mortgage crisis. After the market froze, a Pan-Canadian Investors Committee was formed to attempt to restructure it.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, McCarthy Tétrault LLP, Bond market, Secured loan, Companies' Creditors Arrangement Act 1933 (Canada), Royal Bank of Canada, Supreme Court of Canada, Court of Appeal for Ontario, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Securitization in Italy: New Market-Friendly Rules Enacted
    2017-06-23

    In Short

    The Situation: The Italian Parliament recently approved the Conversion Law of Decree no. 50, dealing with, among others, securitization regulations.

    The Result: The Conversion Law expands the scope of the "Law 130 Vehicle" for the sale of certain securitized assets due to an insolvency or restructuring.

    Looking Ahead: The new provisions should attract new investment and make it easier for banks and other financial intermediaries to dispose of nonperforming leases and other claims.

    Filed under:
    Italy, Insolvency & Restructuring, Securitization & Structured Finance, Jones Day
    Authors:
    Marco Lombardi , Francesco Squerzoni , Vinicio Trombetti
    Location:
    Italy
    Firm:
    Jones Day
    EuroResource—Deals and Debt - April 2016
    2016-04-21

    Recent Developments

    Filed under:
    France, Italy, USA, New York, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Tax, Jones Day, Debt, Second Circuit
    Authors:
    Corinne Ball , Veerle Roovers
    Location:
    France, Italy, USA
    Firm:
    Jones Day

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