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Covid-19 and Bankruptcy: A Case For “Light-Touch” Reorganizations

By Kumar Kartikeya Sharma May 28, 2020 by renholding

Different countries have adopted various strategies to prevent or delay initiation of insolvency proceedings and protect businesses in the wake of the Covid-19 crisis. Global response has broadly been along the lines of providing direct financial aid (by way of …

Cleary Gottlieb Discusses European Merger Control During the Pandemic

By Nicholas Levy, Richard Pepper, Anita Ng and Géraldine Babin May 21, 2020 by renholding

As the COVID-19 pandemic causes commercial and financial difficulties, many businesses will be considering M&A to address strategic issues, take advantage of market opportunities, and, in some cases, ensure their survival. This memorandum considers the merger control implications of the …

Executive Override of Central Banks in the United States and the United Kingdom

By Michael Salib and Christina Skinner May 14, 2020 by renholding

What makes a central bank “independent?” As most central bank scholars and policy-makers would likely answer that question, “it depends” – it depends on the bank, the function it is performing, and the political-economy of the times. Still, as complicated …

The Case for Creditor Cooperation Duties in Corporate Workouts

By Horst Eidenmüller and Kristin van Zwieten May 13, 2020 by renholding

The COVID-19 pandemic is causing financial distress to economically viable firms on an unprecedented scale. In this post, we introduce the novel idea of creditor cooperation duties to stabilize corporate workouts.

The prospect of widespread defaults by viable firms triggered …

Cleary Gottlieb Discusses Europe’s Easing of State-Aid Rules for Pandemic-Related Recapitalizations

By François-Charles Laprévote and Giulio Cesare Rizza May 12, 2020 by renholding

On May 8, 2020, the Commission published an important new communication aimed at relaxing State aid rules for COVID‑19‑related equity injections by States into non‑financial companies.^[1] While previous initiatives aimed at relaxing State aid rules (in particular the so‑called …

Skadden Discusses How Covid-19 Prompts EU Nations to Protect Against Foreign M&A

By John Adebiyi, Bill Batchelor and Scott C. Hopkins April 28, 2020 by renholding

The coronavirus pandemic has weakened European economies and companies. EU and national governments have expressed concern that foreign investors may opportunistically take advantage of the crisis to acquire domestic companies regarded as strategic.

Acquirers should anticipate the risk that governments …

Wachtell Lipton Discusses UK and EU Regulators’ Latest Moves on ESG

By David M. Silk, David A. Katz, Sabastian V. Niles, Carmen X. W. Lu and Ram Sachs April 16, 2020 by renholding

Amid the ongoing push for standardized, comparable and decision-useful ESG disclosures, regulators in the United Kingdom and the European Union have proposed additional disclosures and benchmarks to promote sustainable economic activity. The United Kingdom’s Financial Conduct Authority (FCA) has published …

Paul Weiss Discusses the Scheduled End of LIBOR

By Susanna M. Buergel, Jessica S. Carey, Manuel S. Frey, Brad S. Karp, and Jane O'Brien April 13, 2020 by renholding

Notwithstanding numerous COVID-19-related challenges faced by market participants, UK regulators have affirmed that—at least for now—the anticipated cessation of the London Interbank Offered Rate (“LIBOR”) at the end of calendar year 2021 remains unchanged. Complying with regulators’ and working groups’ …

ISS Surveys Regulatory Landscape of Annual Meetings and Covid-19

By Michael Laff April 8, 2020 by renholding

In response to the COVID-19 pandemic, securities regulators in several countries have published guidance that affords publicly listed companies greater flexibility regarding the type of annual general meeting (AGM) they can hold as well as when it can be held.…

Artificial Intelligence and Technology in Corporate Governance

By Natania Locke and Helen Bird April 6, 2020 by renholding

The modern boardroom is beset by huge volumes of data that directors must digest to perform their governance functions, data that are only increasing as industries rapidly change and respond to technological disruption. At the same time, corporate scandals as …

Debevoise & Plimpton Discusses Impact of Coronavirus on Foreign Investment in China

By William Y. Chua, Gareth Hughes, Edwin Northover, Philip Rohlik and Tingting Wu April 2, 2020 by renholding

On March 11, 2020, the Chinese government announced that the novel coronavirus epidemic had peaked within the country, with the number of new cases falling significantly. By March 16, for the first time since the coronavirus was first identified last …

Stealth Takeovers: How Hidden Shareholders Are Buying Companies

By Pietro Bonetti, Miguel Duro and Gaizka Ormazabal April 1, 2020 by renholding

In 2014, luxury firms LVMH Moët Hennessy, Louis Vuitton, and Hermès signed a truce, ending a long and arduous battle popularly known as the “handbag war.” The melee erupted in October 2010, when the fashion giant controlled by Bernard Arnault …

COVID-19: A Global Moratorium for Corporate Bonds

By Horst Eidenmüller, Luca Enriques and Kristin van Zwieten March 27, 2020 by renholding

The alarming prospect of widespread defaults by viable firms caused by the COVID-19 pandemic has prompted various proposals for financial assistance from states. But firms might face financial distress before these measures become effective. Smaller firms with concentrated debt may …

Gibson Dunn Discusses the Coronavirus, Private Equity, and Portfolio Company Finances

By Michael Nicklin and Jamie Thomas March 24, 2020 by hdh2120

With confirmed cases of COVID-19 now in more than 50 countries and the death toll rising almost daily, experts are predicting that the situation will get significantly worse before it gets better. Concerns over the impact of the virus have …

Should We Ban Short Sales in a Stock Market Crash?

By Marco Pagano March 17, 2020 by renholding

Few things are more predictable than loud demands for regulatory interventions to stop speculation when stock market prices plunge: In these days, as in any recent stock market crash, we hear politicians and commentators inviting regulators to enact interventions spanning

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Why Stock Markets Are Essential at the Time of Coronavirus

By Luca Enriques March 13, 2020 by renholding

If stocks were still traded in pits, stock exchanges would have been shut down in China, Korea, Italy and possibly elsewhere a while ago. A bunch of men shouting and feverishly passing each other sheets of papers would have …

Cleary Gottlieb Discusses UK Merger Control Enforcement Ahead of Brexit

By Nicholas Levy, Maurits Dolmans, Paul Gilbert and Ricardo Zimbron March 11, 2020 by hdh2120

The UK’s Competition and Markets Authority (CMA) is strengthening its approach to merger control as it prepares for its new status as a global enforcer with expanded jurisdiction.

Following the UK’s departure from the EU on 31 January 2020, the …

Cleary Gottlieb Discusses the Coronavirus – Force Majeure or Frustration?

By Jonathan Kelly, Jeffrey A. Rosenthal and Delphine Michot March 2, 2020 by renholding

The recent outbreak of novel coronavirus (also known as COVID-19) has had devastating effects since the first cases were reported in the city of Wuhan in China on 23 January 2020. As of 19 February there have been 75,285 reported …

Cleary Gottlieb Discusses Upcoming LIBOR Transition

By Jim Ho, Ferdisha Snagg and Jonathan Griggs February 24, 2020 by Avesh Krishna

On 16 January 2020, the Bank of England (the “BoE”), the UK Financial Conduct Authority (the “FCA”) and the Working Group on Sterling Risk-Free Reference Rates (“RFRWG”) published a set of documents outlining priorities and milestones for 2020 on LIBOR …

Financial Regulators Warn Over Chinese Audit Quality Amid Coronavirus Outbreak

By Jay Clayton, Bill Hinman, Sagar Teotia and William D. Duhnke III February 20, 2020 by renholding

In November 2019, we met with senior representatives of the four largest U.S. audit firms, including certain of their network representatives, to discuss audit quality across their global networks and certain of the challenges faced in auditing public companies with

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