Friday, the Illinois Department of Financial and Professional Regulation, Division of Banking closed Lincoln Park Savings Bank, headquartered in Chicago, Illinois, and the FDIC was appointed receiver.
Today, Washington Mutual, Inc. (WMI) announced a Global Settlement Agreement with J.P. Morgan Chase and the FDIC. Under the agreement, J.P. Morgan Chase will give WMI over $4 billion in WMI deposits in its former failed bank subsidiaries in exchange for over $6 billion in other assets. Also, the three parties will split two potential tax refunds worth a total of $5.6 billion.
On Friday, the Washington Department of Financial Institutions closed American Marine Bank, headquartered in Bainbridge Island, Washington, and the FDIC was named receiver.
Yesterday, Treasury released its most recent completed transactions report for the period ending December 10, 2009.
CIT Group Inc.
On Friday, the OTS closed Bradford Bank, headquartered in Baltimore, Maryland, and named the FDIC as receiver.
On Friday, the new General Motors (GM) began operations with a new corporate structure, and is now primarily owned by the governments of the U.S., Canada and Ontario, along with the UAW Retiree Medical Benefits Trust. The result of an asset sale approved by the bankruptcy court on July 5, the new GM will narrow its focus to four core brands (Chevrolet, Cadillac, Buick and GMC). Also, the number of U.S.
Today, the House Financial Services Committee, chaired by Representative Barney Frank (D-MA), held a hearing on the effects of the Lehman Brothers bankruptcy on state and local governments and other publicly-funded entities.
Testifying at the hearing were the following witnesses:
Panel One:
Yesterday, the Big Three U.S. auto chief executives submitted restructuring plans to the Senate Banking Committee and the House Financial Services Committee, in response to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid’s November 21st request calling on the auto executives to “submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments” by December 2nd.
Hogan Lovells Publications | 20 April 2020
An outlook: the rise of distressed infra M&A
The current economic downturn is expected to bring about a growing niche of investment opportunities in distressed infrastructure and energy assets and businesses.