Global restructuring & insolvency

March 2015  |  SPECIAL REPORT: GLOBAL RESTRUCTURING & INSOLVENCY

Financier Worldwide Magazine

While many firms failed to emerge from the wreckage of the global recession fully intact, if at all, many of those that did survive only did so due to the refinancings and out-of-court restructurings instigated by lenders. Although there has been a marked reduction in large filings and restructurings, the market has enjoyed a period of high level liquidity, meaning the story remains very much the same for restructuring and insolvency lawyers in terms of dealing with the continued fallout from the global economic meltdown. Recent regulatory shakeups, such as Basel III compliance requirements, have added a further layer of complexity to the system however, as firms are increasingly tasked with staying up-to-date with new rules and regulations.

FORUM: Managing cross-border restructurings and bankruptcies

FW moderates a discussion on managing cross-border restructurings and bankruptcies between Joanna Gasowski at K&L Gates Jamka sp.k., Grigory Marinichev at Morgan, Lewis & Bockius LLP, Richard C. Pedone at Nixon Peabody LLP, Van C. Durrer II at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, and L.P. Harrison 3rd at Curtis Mallet-Prevost Colt & Mosle LLP.

Global trends in restructuring and insolvency for 2015

INSOL Restructuring and insolvency activity worldwide generally remains low as companies enjoy easy and affordable access to capital. Interest rates are low and capital markets in the US, and around the world, remain relatively open, apart from...

Sectors showing structural weakness in 2015

Wachtell, Lipton, Rosen & Katz Against a backdrop of historically low interest rates, 2014 was generally a slow year for bankruptcies and restructurings in the United States. There were a few large cases, such as the Chapter 11 filing of Energy Future Holdings (EFH), the Texas...

Never waste a good crisis: critical success factors for the chief restructuring officer

PwC The Chief Restructuring Officer (CRO) is increasingly seen as an important position in companies faced with the need to implement processes of change, especially those of an urgent nature. The CRO concept that started in America has moved to...

What’s so special about German corporate bankruptcy cases three years after ESUG reform?

Kirkland & Ellis International LLP March 2012 was the beginning of the end of the dark ages for German in-court restructuring. No more equity hold-outs, no more commandeering of the process by bankruptcy administrators, enhanced creditor involvement, an opportunity...

Settlement with creditors in Hungarian bankruptcy proceedings

CMS Cameron McKenna The Hungarian financial market, like a number of other Central and Eastern European markets, still faces the legal challenge of how its non-performing loans can be restructured. Given that the economic downturn does not appear to be over...

Trading while insolvent liability and forbearance and restructuring agreements in Australia

Bracewell & Giuliani While there are certainly defensible policy reasons for holding directors liable for trading while insolvent, such liability presents an additional complexity to a successful restructuring. This is particularly true when a company has accessed the US...

Emerging markets Asian restructurings – more international yet more local?

Ashurst LLP The combined effect of developments in domestic bankruptcy regimes in certain key Asian countries, an increased willingness in Asia to adopt ‘international restructuring tourism’ and the continued offshore structuring of debt instruments in Asia have...

The changing landscape of solvency assessment management for South African insurers

Bowman Gilfillan Incorporated For the past four years, the National Treasury (NT) and the Financial Services Board (FSB) have been working on a framework for the implementation of solvency assessment management in South Africa (SAM). SAM is a new risk based solvency...

CONTRIBUTORS

Ashurst LLP

Bowman Gilfillan Incorporated

Bracewell & Giuliani

CMS Cameron McKenna

Curtis Mallet-Prevost Colt & Mosle LLP.

INSOL

K&L Gates Jamka sp.k.

Kirkland & Ellis International LLP

Morgan, Lewis & Bockius LLP

Nixon Peabody LLP

PwC

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates

Wachtell, Lipton, Rosen & Katz