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restructuring

Should Companies Announce Reviews of Strategic Alternatives?

By Jenny Zha Giedt May 13, 2024 by renholding

A company’s announcement that it is undertaking a “review of strategic alternatives” is Wall Street code for exploring a potential sale or merger. Though no transaction may occur, the announcement signals that the company is due for a shake up, …

How Alliance Politics Skews Corporate Debt Restructurings

By Diane Lourdes Dick March 21, 2024 by renholding

Traditionally, senior lenders have wielded all the control in bankruptcy and out-of-court restructurings. They usually hold liens on all or substantially all the debtor’s assets and enjoy payment priority over virtually all other claimants. Meanwhile, modern debt instruments often contain …

How the Automated Restructuring of Tokenized Securities Can Lower the Cost of Capital

By Michael Schillig, Christoph Kletzer and Andrei Balcau February 8, 2024 by renholding

In a recent paper, we make the case for a smart contract-based automated restructuring framework that can be used by any firm that issues equity and debt securities in tokenized form. The paper is the basis for an actual smart-contract …

The Mass Tort Claimants’ Bargain

By Daniel J. Bussel January 2, 2024 by renholding

The bankruptcy system has long been the last, best hope for firms seeking to resolve overwhelming mass-tort liabilities.  The seminal case, Manville, resolved legacy asbestos liabilities through debtor and third-party funding of a claimant trust and an order channeling all …

Beyond the Twilight Zone: The Restructuring and Resurrection of Zombie Firms

By Christine Liu August 23, 2022 by renholding

Responses to financial crises can have the unfortunate effect of creating “zombie” firms, companies whose operating profits are insufficient to cover their debt service. These companies would probably have gone bankrupt without the forbearance of banks or regulators or other …

How Holdouts Put Restructuring at Risk

By Stephen J. Lubben November 23, 2021 by renholding

Corporate creditors, perhaps like Americans generally, like to think of themselves as rugged individuals who also work within a communal system.  The fundamental tension is clearest at the point of default: Too much individuality, and a small minority of creditors …

O’Melveny & Myers Discusses Predatory Priming

By Evan Jones, Jeff Norton, Sung Pak, John Rapisardi and Adam Longenbach September 23, 2020 by snehapandya

Priming transactions have been increasing in frequency during the current pandemic restructuring cycle.  Priming usually involves the debtor shifting collateral and assets away from their core lending group to support new tranches of debt that are structurally or directly senior …

Skadden Discusses UK Covid-19 Bill to Aid Business, Restructuring

By Dominic McCahill, Peter Newman and James D. Falconer May 29, 2020 by renholding

On 20 May 2020, the U.K. government published the Corporate Insolvency and Governance Bill (the bill), which includes measures designed to help businesses through the COVID-19 pandemic and features important substantive reforms to U.K. restructuring law, whose introduction has been …

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 …

Latham & Watkins Discusses Venezuelan Debt Dilemma

By Les Carnegie, Adam Goldberg, John Houghton, Luis Torres and Sandeep Savla November 27, 2017 by renholding

On November 2, 2017, President Maduro of the Bolivarian Republic of Venezuela announced the creation of a presidential commission, headed by Vice President El Aissami, for the “refinancing and restructuring” of Venezuela’s external debt, estimated at between US$100-150 billion.1…

Wachtell Lipton Discusses Corporate Bankruptcy and Restructuring for 2016 and 2017

By Harold S. Novikoff, Amy R. Wolf, Richard G. Mason, Eric M. Rosof and Emil A. Kleinhaus January 20, 2017 by renholding

Last year was an active but uneven one in the world of corporate bankruptcy and restructuring. On the one hand, default rates in the U.S. remained at relatively muted levels, with the continuation of low interest rates and strong (if …

Sullivan & Cromwell Discusses Sovereign Debt Litigation

By Joseph E. Neuhaus and Yuliya Neverova January 6, 2017 by renholding

In a December 22, 2016, decision in the long-running Argentine debt litigation, the United States District Court for the Southern District of New York spelled out significant limitations on prior rulings it had issued that were based on the pari …

A New Take on Solvency and Adequate Capitalization in Bankruptcy

By Michael Simkovic September 7, 2016 by renholding

Valuation, solvency, and adequate capitalization analyses play a crucial role in the process of reorganizing U.S. companies in bankruptcy.  They are central to allowance of claims, adequate protection, avoidance actions such as fraudulent transfer and preference, rejection …

Clifford Chance discusses How to Leave the EU: The Key Article 50 Issues and UK Constitutional Questions

By Kate Gibbons, Jessica Gladstone, Simon James, Dan Neidle and Phillip Souta July 12, 2016 by ilyabeylin

Much has been written and spoken in the immediate aftermath of the UK’s EU referendum about what the UK must do to leave the EU. We look at the key questions in this area, such as whether the UK has …

1 Comment  

The Fed’s TLAC Proposal Would Impose the Costs of Resolving Failed Megabanks on Ordinary Investors and Taxpayers

By Arthur E. Wilmarth, Jr. December 16, 2015 by ilyabeylin

In two previous posts,[1] I described the financial industry’s “single point of entry” (SPOE) strategy for resolving failed megabanks. The SPOE approach – which has been endorsed by the Federal Reserve Board (Fed) and other regulators – could be …

Taxes and Ability to Pay in Municipal Bankruptcy

By John P. Hunt December 1, 2015 by ilyabeylin

After languishing relatively disused for nearly eighty years, municipal bankruptcy is part of the new normal. The eyes of the nation were riveted on Detroit, and smaller filings across the country have proliferated in recent years. As Warren Buffett has …

The Financial Industry’s Bankruptcy Plan for Resolving Failed Megabanks Would Give Unwarranted Benefits to Their Executives and Wall Street Creditors

By Arthur E. Wilmarth, Jr. November 3, 2015 by ilyabeylin

In a recent post,[1] I summarized my forthcoming article critiquing the financial industry’s plan for resolving failed megabanks under Title II of the Dodd-Frank Act.[2] My article describes the industry’s “single point of entry” (SPOE) strategy for recapitalizing …

Wachtell Lipton discusses Treasury Department Seeking to Curb “Cash-Rich” and REIT Spin-Offs

By Jodi J. Schwartz, Joshua M. Holmes and David B. Sturgeon September 16, 2015 by ilyabeylin

The Treasury Department and the Internal Revenue Service have announced (in Notice 2015-59) that they are studying issues related to the qualification of certain corporate distributions as tax-free under Section 355 of the Internal Revenue Code in situations involving …

Governor Lael Brainard on Dodd-Frank at Five: Assessing Progress on Too Big to Fail

By Governor Lael Brainard July 20, 2015 by ilyabeylin

If there is one simple lesson from the crisis that we all can embrace, it is that no financial institution in America should be so big or complex that its failure would put the financial system at risk.1 Congress …

Gibson Dunn discusses MPM Silicones, LLC – The Dawn of a New Golden Age for Debtors?

By Michael A. Rosenthal, Jeffrey C. Krause and Alan Moskowitz June 23, 2015 by AJ

On May 4, 2015, the District Court for the Southern District of New York affirmed Bankruptcy Judge Robert D. Drain’s ruling confirming the chapter 11 plan of MPM Silicones, LLC. The holdings of the District Court and the Bankruptcy Court …

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