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Term loan C in the spotlight
2023-08-24

Volatile credit markets and guarded banks have made securing term loan C (TLC) debt attractive for borrowers who heavily rely on letters of credit to trade but either have low credit ratings or otherwise have difficulty accessing large enough revolving facilities to support the high amount of letters of credit needed.

Filed under:
USA, Banking, Capital Markets, Insolvency & Restructuring, White & Case, Letter of credit, Collateral (finance)
Authors:
Justin Wagstaff
Location:
USA
Firm:
White & Case
View Original Article
The HMRC Restructuring Plan Challenges: Lessons Learned from GAS, Nasmyth and Prezzo
2023-07-13

Earlier this year, the English Court refused to sanction two Part 26A restructuring plans ("RPs") which sought to bind HMRC, the UK tax authority, into restructurings via "cross-class cram down".

Filed under:
United Kingdom, Insolvency & Restructuring, Tax, White & Case, Companies Act 2006 (UK), HM Revenue and Customs (UK)
Authors:
Will Stoner
Location:
United Kingdom
Firm:
White & Case
View Original Article
Restructuring reforms energize the Middle East
2023-06-05

Once perceived as a relatively moribund restructuring market, where stressed and distressed borrowers and lenders ended up stuck in interminable refinancing cycles faced with court proceedings that, at least in perception, prioritized local creditor interests, today’s landscape could not be more different.

Filed under:
Middle East, Insolvency & Restructuring, White & Case
Authors:
William Watson , Claire Matheson Kirton
Location:
Middle East
Firm:
White & Case
View Original Article
English High Court sanctions German real estate group’s ‘wind-down’ restructuring plan
2023-06-01

The English High Court has sanctioned a restructuring plan in respect of EUR 3.2 billion of bonds issued by the German real estate business, Adler Group. The main objective of the plan was to avoid Adler's imminent insolvency by facilitating access to EUR 937.5 million of new money funding and thereby providing a stable platform from which Adler Group can pursue a solvent wind-down by asset sales over time in recovered market conditions. This represents a novel use of the restructuring plan procedure, which has previously been seen exclusively as a corporate 'rescue' tool.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, White & Case, Companies Act 2006 (UK)
Authors:
Ben Davies , Charles Balmain , John Rogerson , Cecily Higham , Adhuv Prinja
Location:
United Kingdom
Firm:
White & Case
View Original Article
Crypto Restructuring: Singapore Court Recognises Administrative Convenience Class
2023-04-19

In Re Zipmex Pte Ltd and other matters [2023] SGHC 88, the Singapore High Court imported into the Singapore restructuring regime the US concept of an "administrative convenience class" in a scheme voting exercise. This concept allows debtors to obtain an approval from a large number of low value creditors without those creditors being involved in the voting exercise. This reduces the administrative burden on restructuring entities.

Filed under:
Singapore, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, White & Case, Cryptocurrency, Insolvency
Authors:
Alexander McMyn , Charles McConnell , Joann Ho
Location:
Singapore
Firm:
White & Case
View Original Article
Silicon Valley Bank UK Limited - UK Regulatory Considerations
2023-03-12

On Friday March 10, 2023, the Bank of England moved to put the UK arm of Silicon Valley Bank into insolvency after it applied for £1.8bn of liquidity as its parent company was collapsing. The situation remains fluid, and the following Q&A reflects our understanding as of Sunday, March 12.

UK resolution authority and powers

On March 10, 2023, the Bank of England published the following statement regarding Silicon Valley Bank UK Limited (SVB UK):

Filed under:
United Kingdom, Banking, Insolvency & Restructuring, White & Case, Insolvency, Financial Conduct Authority (UK), Bank of England
Location:
United Kingdom
Firm:
White & Case
View Original Article
European leveraged finance: Choosing the right path
2023-01-31

European leveraged finance markets paused for breath in 2022, due to rising interest rates, volatile geopolitics and a tightening of financial markets across the board—but what can we expect in 2023?

Filed under:
European Union, United Kingdom, USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Public, White & Case, Foreign direct investment, Private equity, Climate change, Supply chain, Carbon neutrality, Euribor, Bank of England
Location:
European Union, United Kingdom, USA
Firm:
White & Case
View Original Article
Embracing change: Spain reforms restructuring regime
2023-01-27

Overall leveraged finance activity in Spain declined in 2022, driven primarily by a severe drop in high yield bond issuance—as was the case in virtually all markets. Having weathered the worst of COVID-19, many companies had already taken steps to bring their debt under control. However, the new year brought with it new challenges, from rising inflation to events in Ukraine.

Filed under:
Spain, Banking, Insolvency & Restructuring, White & Case, Coronavirus
Authors:
Fernando Navarro
Location:
Spain
Firm:
White & Case
View Original Article
Insolvency 2022: Trends and Developments
2022-11-25

Insolvency in France – an Introduction

The French ecosystem is facing a major paradigm shift.

While companies and major businesses have benefited for several years from cheap debt due to an abundance of liquidity (fuelled by banks, alternative providers of funding and private debt) and an accommodating monetary policy characterised by extremely low interest rates, they are now facing a sharp liquidity rarefication.

Filed under:
France, Insolvency & Restructuring, White & Case, Insolvency
Authors:
Alexis A Hojabr , Amandine Grima , Saam Golshani
Location:
France
Firm:
White & Case
View Original Article
Insolvency 2022: Law and Practice
2022-11-25

1. State of the Restructuring Market

1.1 Market Trends and Changes

Filed under:
European Union, France, Global, Banking, Insolvency & Restructuring, Insurance, White & Case, Supply chain, Due diligence, Coronavirus, Cross-border insolvency, Insolvency, Solvency II Directive (2009/138/EU), European Central Bank
Authors:
Alexis A Hojabr , Saam Golshani , Alice Leonard , Amandine Grima
Location:
European Union, France, Global
Firm:
White & Case
View Original Article

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