Sky Blog
Creditors are generally familiar with various forms of subordination, such as contractual, structural, statutory, and equitable subordination. Yet, they may be less familiar with a dynamic that has become increasingly prominent in recent high-profile distress/restructuring situations in which government policy …
On June 30, 2026, the SEC’s Division of Corporation Finance published an exemptive order (the “Debt Order”) permitting tender offers for non-convertible debt securities with a minimum offering period of five business days (a “Five Business Day Tender Offer”) if …
Financial reporting is, at its core, an exercise in summarization. For example, the income statement condenses millions of transactions into only a handful of line items. This act is not merely convenient but necessary, since preparing and disclosing every underlying …
The SEC and CFTC (the “Commissions”) have jointly requested public comment on how to draw clearer regulatory boundaries for classifying, within statutory bounds, innovative derivatives and related products that implicate the jurisdiction of the Commissions and whether there are opportunities …
On June 11, 2026, the U.S. Supreme Court issued its ruling in FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd., holding that Section 47(b) of the Investment Company Act (the ICA) does not provide an implied private …
More than two years after the SEC adopted final climate disclosure rules, the SEC has now proposed not to modify, improve, or trim them, but to rescind them entirely. This proposed action is at odds with the fact that more …
First, let me begin by expressing what a profound privilege it is to speak to the Economic Club of New York. Of course, this occasion is rendered especially meaningful—and even, serendipitously, a greater honor—by its timing, as we stand mere …