Recent
court decisions by the District Court of Frankfurt am Main and the Court
of Appeals of Frankfurt am Main are forcing market participants to adjust
their expectations regarding the applicability of the German Bondholder
Act of 2009 to restructurings of German law-governed
bonds issued prior to August 5, 2009.
The
attached memorandum summarizes the implications of the Courts' decisions.
If you have any questions in this regard, please feel free to contact
Werner Meier, Michael Kern, Christoph Schauenburg or any of your other
regular contacts at Cleary Gottlieb.
