Global restructuring & insolvency
March 2014 | SPECIAL REPORT: GLOBAL RESTRUCTURING & INSOLVENCY
Financier Worldwide Magazine
March 2014 Issue
The worst global recession in generations failed to produce the amount of insolvency work predicted, with lenders are still inclined to maintain their more valuable clients through re-financings and out of court restructurings. Restructuring and insolvency lawyers, however, are still dealing with the fallout of the financial crisis. While there has been a reduction in large filings and restructurings, and the market is enjoying increasing liquidity, firms are now tasked with staying up to date with the raft of laws and regulations implemented in the past few years – in particular the extra layer of complexity added by Basel’s proposed rules on systemically important financial institutions.
FORUM: Pre-insolvency reorganisation and restructuring
FW moderates a discussion on pre-insolvency reorganisation and restructuring between Simon Granger at FTI Consulting, Elaine Nolan at Kirkland & Ellis, and Van Durrer at Skadden, Arps, Slate, Meagher & Flom.
US bankruptcy courts may advance the global scope of cross-border insolvency proceedings
Jones Day With the increasing global nature of insolvency proceedings, an important criterion of a successful cross-border reorganisation is whether the company’s plan of reorganisation and orders obtained under one country’s insolvency laws will be recognised internationally and...
Comity and drama: current trends in cross-border insolvencies
Davis Polk & Wardwell LLP In November 1991, Robert Maxwell – the larger-than-life publishing magnate – mysteriously drowned alongside his yacht. Within months of Maxwell’s death, his media empire had collapsed after it became clear that the enterprise was insolvent. But the company faced a...
Better watch your assets in bankruptcy sales
O’Melveny & Myers LLP Over the past several years, many companies have restructured in bankruptcy proceedings through ‘free and clear’ asset sales. Free and clear asset sales under the Bankruptcy Code give a buyer the opportunity to acquire a seller’s assets – and often...
Open auction v. sealed tender distressed sales processes: which is better and when?
Davies Ward Phillips & Vineberg LLP In an insolvency, the main goal of any sales process ought to be the maximisation of the net realisable value of the assets over some relatively reasonable period of time. In North America, such sales processes have historically been predominantly sealed tender in Canada while the...
Schemes of Arrangement: flexible, global and here to stay
Willkie Farr & Gallagher (UK) LLP Over some 150 years of use, the English scheme of arrangement has become a well established restructuring mechanism used in a variety of contexts, notably to write off debt in a broadly tax neutral manner, and to effect debt for equity swaps and debt instrument exchanges. But the...
Shareholder loans under German insolvency law
Hogan Lovells The statutory provisions of German insolvency law concerning the subordination of shareholder loans were subject to a fundamental reform in 2008. Following the reform, a number of questions concerning the scope and range of the new provisions became controversial and have been subject to...
Cram down in Australia – does it work?
Ashurst The emergence in recent times of a flourishing secondary debt market in Australia has brought with it sophisticated offshore distressed investors with experience in the more established markets of Europe and North America. In both the UK and US there are mechanisms available for...
IN ASSOCIATION WITH
Davis Polk & Wardwell LLP
FTI Consulting
Hogan Lovells
Kirkland & Ellis
O’Melveny & Myers LLP
Skadden, Arps, Slate, Meagher & Flom LLP