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    Curing Substantive Ambiguities in Debt Documentation (and More)
    2016-07-19

    Virtually all public indentures contain provisions allowing the issuer to cure ambiguities and make other technical changes to the debt documentation without debtholder consent. When the purported ambiguities have substantive consequences, however, issuers may not be able to get away with an amendment that lacks debtholder approval. InGSO Coastline Credit Partners L.P. v. Global A&T Electronics Ltd. (NY App. Div. 1st Dept. May 3, 2016), a New York lower court bought into a “cure of ambiguity” argument and on that basis granted a motion to dismiss.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Shareholder, Credit (finance), Collateral (finance), Covenant (law), Debt, Line of credit, Secured loan
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    New decision clarifies rules regarding derivative standing for creditors in Delaware Court of Chancery
    2015-05-21

    On May 4, 2015, the Delaware Court of Chancery issued an important decision regarding creditor standing to  maintain a derivative action on behalf of an insolvent corporation. In Quadrant Structured Products Company v. Vertin et al., C.A. No.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Shareholder, Fiduciary, Credit default swap, Derivative suit, Delaware Court of Chancery
    Authors:
    Gregory A. Horowitz , David E. Blabey, Jr , Tuvia Peretz
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Post-confirmation litigation – the devil is in the disclosure statement
    2011-08-03

    The Bottom Line:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Shareholder, Debtor, Dividends, Interest, Federal Reporter, Limited liability company, Discovery, Standing (law), Liquidation, Common law, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Bankruptcy judge in Southern District of NY compels members of ad hoc committee to disclose pricing and other information related to their positions
    2007-03-19

    Over the last several weeks, Judge Allan L. Gropper of the United States Bankruptcy Court for the Southern District of New York has issued two rulings in the Northwest Airlines case that threaten to alter significantly the consequences to distressed investors of serving on ad hoc committees in bankruptcy cases.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Confidentiality, Bankruptcy, Shareholder, Debtor, Interest, Discovery, Debt, United States bankruptcy court
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP
    Who is ‘connected’ or ‘associated’?
    2009-01-21

    Pensions and insolvency legislation uses the test in the Insolvency Act 1986 for assessing whether a person is ‘connected’ or ‘associated’ with another. This test is important because various statutory provisions use it, especially in limiting the persons whom the Pensions Regulator can make responsible for pension scheme deficits under the ‘moral hazard’ powers in the Pensions Act 2004. This briefing gives an outline of the statutory provisions and points to some difficult areas.  

    Why is this relevant?  

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Share (finance), Shareholder, Beneficiary, Limited liability partnership, Subsidiary, Actuary, Transfer of Undertakings (Protection of Employment) Regulations 2006 (UK), Insolvency Act 1986 (UK), Pension Protection Fund, Pensions Act 2004 (UK), The Pensions Regulator, Trustee
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    French restructuring reforms: what about the veto right given to “in the money” shareholders?
    2021-10-06

    Before 1st October 2021, French law did not provide for the possibility to cram down shareholders, other than under Article L. 631-19-2 of the French Commercial Code, which sets conditions which are so stringent that it is not used in practice.

    Directive 2019/2023 has let EU member states decide whether shareholders should be a class of “affected parties” subject to cross-class cram down or whether other measures should be implemented to avoid shareholders preventing, or making it difficult, in an unreasonable manner, the approval of a restructuring plan.

    Filed under:
    European Union, France, Company & Commercial, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Shareholder
    Location:
    European Union, France
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Schemes of arrangement - the end of the numerosity test?
    2017-02-09

    The High Court yesterday held that a Chairperson of a shareholder scheme meeting may reject votes cast against a scheme of arrangement in circumstances where the shares were acquired through an artificial share-splitting exercise designed to frustrate the scheme. It is the first English case to consider this issue and while it arose in the context of a shareholder scheme, the impact is also significant for debt restructurings implemented by way of a creditor scheme of arrangement.

    Background

    Filed under:
    United Kingdom, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Share (finance), Shareholder
    Authors:
    Catherine Balmond , Craig Montgomery , Priyanka Usmani , Katharina Crinson
    Location:
    United Kingdom
    Firm:
    Freshfields Bruckhaus Deringer LLP
    French restructuring – court enforced debt-for-equity swaps now possible: The Révolution continues!
    2015-09-11

    Summary

    A new law which came into force on 8 August 2015 now permits a French court to enforce debt-for-equity swaps. Where the debtor company is in judicial reorganisation proceedings (redressement judiciaire) and if certain conditions are met, the court can either:

    Filed under:
    France, Company & Commercial, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Shareholder, Swap (finance)
    Authors:
    Adam Gallagher , Emma Gateaud
    Location:
    France
    Firm:
    Freshfields Bruckhaus Deringer LLP
    Lehman Brothers bar date order
    2009-07-20

    Summary

    This briefing summarizes the recent U.S. Bankruptcy Court order establishing bar dates for creditors filing claims in relation to debts owed to them by Lehman Brothers entities in Chapter 11 bankruptcy proceedings. Specifically, this briefing discusses who must file a proof of claim, how to file the proof of claim, and the special requirements for claims in respect of derivative contracts, guarantees and Lehman program securities.

    Filed under:
    USA, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Bond (finance), Bankruptcy, Shareholder, Debtor, Security (finance), Option (finance), Debt, Liability (financial accounting), Warrant (finance), Title 11 of the US Code, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Freshfields Bruckhaus Deringer LLP
    French insolvency law reform
    2014-03-31

    (Ordonnance no. 2014-326) was published in the French official journal on 14 March 2014. The new rules apply to all proceedings that open on or after 1 July 2014 but will have an influence on current loan negotiations.  It redresses the checks and balances in place by creating a double-edged sword over the heads of shareholders by reallocating rights to lenders and by enhancing lender led restructurings.

    Filed under:
    France, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP, Bond (finance), Shareholder
    Authors:
    Tawnee Ebbs
    Location:
    France
    Firm:
    Cadwalader Wickersham & Taft LLP

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