MAGAZINE
October 2020 Issue
Financier Worldwide Magazine
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COVER STORY
Cleaning up: tackling bribery and corruption in a changing world
Bribery and corruption are endemic across the globe, a statement borne out by reams of irrefutable data, as well as persuasive anecdotal evidence. Sadly, and probably inevitably, during extraordinary events, such as natural disasters, wars and pandemics, such behaviours can spike…
FEATURES
Assessing the impact of the UK’s new insolvency law
Marking the largest change to the UK’s corporate insolvency regime in more than 20 years, the Corporate Insolvency and Governance Act (CIGA) came into force on 26 June 2020. It introduces new corporate restructuring tools and temporary easements to give distressed…
In recent years the attitudes of the general public, many companies and governments have shifted regarding climate change, with urgent calls for action to address the growing crisis. Much of the discussion surrounding climate science is focused on global warming…
A vision of finance: the rise of DeFi
Open, permissionless and interlocking, decentralised finance (DeFi) – a monetary system built on public blockchains such as Bitcoin and Ethereum – has grown rapidly in recent years, piquing the interest of investors and technologists across the world. According to…
Pressure testing a compliance programme
In recent years, companies have invested significant resources into their compliance programmes in response to regulatory developments, high-profile investigations and evolving stakeholder expectations. Authorities in many jurisdictions have increased their…
Mind matters: structuring an effective wellbeing framework
Once viewed as something of a taboo topic, mental health is an issue now high on everyone’s agenda. The stiff upper lip, look the other way attitudes of yesteryear have made way for a society more open to discussing such ‘delicate’ matters. Coronavirus…
ROUNDTABLE
Risks facing directors & officers
THE PANELLISTS: Stephen Surgeoner, Dechert LLP; Thomas Bentz, Holland & Knight; Howard S. Suskin, Jenner & Block; and Steven Hadwin, Norton Rose Fulbright LLP.
The coronavirus (COVID-19) pandemic crisis has created a challenging environment for directors & officers (D&Os), causing an uptick in the level of risk and liability they face. Claims by shareholders, investors and third parties are set to increase, while litigation funding…
SPECIAL REPORT
Q&A: COVID-19 – challenges in distressed debt and liability management
FW discusses the challenges COVID-19 poses for distressed debt and liability management with Robert Novak at BDO, Gifford S. West at The Debt Exchange, Inc., Thomas J. Salerno at Stinson LLP and Richard H. Golubow at Winthrop Golubow Hollander, LLP.
The new debtor-friendly changes to the UK’s insolvency regime and implications for financiers
Norton Rose Fulbright Under the shadow of the COVID-19 pandemic, the UK has swiftly implemented significant changes to its insolvency regime designed to assist distressed businesses and maximise their chances of survival. The Corporate Insolvency and Governance Act 2020 came in to force on…
Small and medium-sized enterprises and insolvency law in the UAE: the missing link
University of Arizona Many countries, including the United Arab Emirates (UAE), have revised their insolvency laws to accommodate recent developments in jurisprudence. The UAE conducted a major overhaul of its bankruptcy law culminating in UAE Federal Law of 2016 on Bankruptcy…
Approaching financial stress: maximising value
Simpson Thacher & Bartlett LLP Portfolio company distress is a thorny subject. Leveraged acquisitions are designed carefully to maximise returns while minimising the prospect of insolvency, and usually they do. Sometimes, however, the winds of fortune blow cold. Eight US private equity-backed companies…
Lenders and creditors benefit from third-party financing of insolvency litigation claims
Manolete Partners Plc. There is a common public perception that, following an insolvency, any creditor is lucky to get even a tenth of their money back. Sadly, this perception is based firmly in truth, if not bitter experience. The impact of these losses…
The next shoe to drop: founder divorces triggered by pandemic times
L2 Counsel The turmoil brought on by the coronavirus (COVID-19) pandemic has stretched many technology and life science startups past the limit, and founder divorces are on the rise. Breakups hurt – both financially and emotionally – in both business and in marriage. Just as sociologists…
TALKINGpoint
Impact of COVID-19 on M&A, transactional risks and M&A insurance
FW discusses the impact of COVID-19 on M&A, transactional risks and M&A insurance with Tan Pawar, Dean Andrews, Sophie Wallace and Harry Leitch at BMS Group.
Financial reporting implications of COVID-19
FW discusses the financial reporting implications of COVID-19 with Neil Parsons, Paul Winrow and Andrew Moyser at MHA MacIntyre Hudson.
DEALfront
mergers & acquisitions
Adevinta agrees $9.2bn deal to acquire eBay Classifieds Group
In a $9.2bn deal which will create the world’s largest online classifieds group with an extensive footprint and leading marketplace brands, Norway-based marketplace specialist Adevinta ASA is to acquire eBay Classifieds Group, the global classifieds arm of eBay Inc…
Centrica to sell North American business to NRG Energy for $3.63bn
Centrica Plc has agreed to sell its North American subsidiary Direct Energy for $3.63bn to US integrated power firm NRG Energy. Completion of the deal is subject to customary closing conditions as well as approval by shareholders of Centrica and the…
private equity & venture capital
KKR to acquire Global Atlantic in $4.4bn “strategic transaction”
In a “strategic” transaction which strengthens its leadership in the retirement and life insurance markets, Global Atlantic Financial Group Limited is to be acquired by global investment company KKR & Co. Inc. for $4.4bn. Under the terms of the agreement, KKR…
Payments firm Paya agrees $1.3bn deal to go public
Paya, a leading integrated payments and commerce solution provider, and FinTech Acquisition Corp. III, a special purpose acquisition company, announced they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company...
bankruptcy & corporate restructuring
Offshore driller Noble enters Chapter 11
Due to a significant crash in crude oil prices which made undersea wells too expensive to operate, offshore drilling contractor Noble Corporation plc has filed for Chapter 11 bankruptcy in an attempt to restructure its operations, deleverage its balance sheet…
Global Eagle files for bankruptcy protection
Media and satellite Wi-Fi company Global Eagle Entertainment Inc. has filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court for the District of Delaware. The Los Angeles-based company, which has close to $1.1bn in debt, said around half a dozen…
SPOTlight
Energy private equity valuation in a COVID-19 world
Opportune LLP The valuation of private equity (PE) and venture capital (VC) investments has recently garnered greater marketplace attention. Prior to the coronavirus (COVID-19) pandemic, investors had been demanding more transparency and information than ever before…
Environmental, social and governance investing: recent developments
Bergeson & Campbell, P.C. Environmental, social and governance (ESG) investing is now mainstream. Forbes reports 25 percent of investment in the US goes to companies that have adopted ESG programmes, a fact that would appear to support this observation. Another metric of ESG’s ascent…
New takeover regulatory powers could threaten FDI
Charles Russell Speechlys LLP During summer 2020, the UK government introduced a number of changes to merger control rules which expand its ability to scrutinise or block certain mergers or acquisitions which impact the public interest. The changes reflect an appreciation that certain industries…
13-week cash forecast – insights lead to action
Stout Cash is king. When the economy slows down and companies begin to experience the effect of lower revenues, thoughtful management of a company’s liquidity becomes critical. The 13-week cash forecast is a fundamental tool for managing liquidity in good times and…
Building your finance department from scratch
Soldo Establishing a finance department is an essential step in growing a business. For many start-ups, it can be difficult to know the right time to establish the department or know who to hire, but by introducing the right systems, things will begin to fall into place…
CONTRIBUTORS
BDO
Bergeson & Campbell, P.C.
BMS Group
Charles Russell Speechlys LLP
Dechert LLP
Holland & Knight
Jenner & Block
L2 Counsel
Manolete Partners Plc.
MHA MacIntyre Hudson
Norton Rose Fulbright LLP
Opportune LLP
Simpson Thacher & Bartlett LLP
Soldo
Stinson LLP
Stout
The Debt Exchange, Inc.
University of Arizona
Winthrop Golubow Hollander, LLP