On Monday, March 13, 2023, the Federal Deposit Insurance Corporation (“FDIC”) transferred all deposits and substantially all the assets of Silicon Valley Bank (“SVB”), formerly a California state chartered bank that was taken...more
In a joint statement, the Department of the Treasury, the Federal Reserve and the FDIC announced that...more
On January 19, 2021, the Small Business Administration (SBA) and the Department of the Treasury (Treasury) issued the Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid...more
On December 27, 2020 the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) was signed into law, which reopened the Paycheck Protection Program (PPP) both to first-time borrowers and,...more
On December 27, 2020, President Trump signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which, among other things, appropriates $284.45 billion to reopen the...more
The launch of the Main Street Lending Program (the “Program”) is currently underway, including the Federal Reserve’s June 15, 2020 announcement that the Program was open for lender registration....more
The Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) was signed into law on June 5, 2020 (the “Enactment Date”). As summarized below, the PPP Flexibility Act makes certain Paycheck Protection...more
On May 22, 2020, the Small Business Administration (SBA) released the Interim Final Rule on Loan Forgiveness (the “Forgiveness Rule”). The release of the Forgiveness Rule followed the issuance by the SBA of the Paycheck...more
On May 13, 2020 – one day before the May 14, 2020 repayment safe harbor deadline – the Small Business Administration (SBA) extended the deadline to May 18, 2020. ...more
On April 30, 2020, the Federal Reserve announced a revised and expanded version of the Main Street Lending Program (the “Program”). ...more
The Treasury Department continues to update and expand its Frequently Asked Questions (FAQs) for the Paycheck Protection Program (PPP), and did so most recently on May 5, 2020. ...more
On April 24, 2020, a fourth COVID-19 relief bill, titled the Paycheck Protection Program and Heath Care Enhancement Act (the “Act”), was signed into law....more
On April 2, 2020, six days after the CARES Act was enacted, the Small Business Administration (“SBA”) released an interim final rule (the “Interim Final Rule”) implementing the Paycheck Protection Program (“PPP”). ...more
By voice vote on March 27, the House of Representatives passed the Coronavirus Aid, Relief and Economic Security Act (the “Act”), a version of which the Senate passed on a 96-0 vote two days earlier. ...more
3/29/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The Coronavirus Aid, Relief, and Economic Security (CARES) Act – the third phase of Congress’s response to COVID-19, which was enacted on March 27, 2020 – includes a Paycheck Protection Program. ...more
3/27/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
When we last wrote, we advised that the CARES Act’s provisions granting extraordinary power to the Secretary of the Treasury to determine those businesses’ eligible for financial relief without legislative oversight was...more
The goal of the trillion-dollar Coronavirus Aid, Relief and Economic Security Act (CARES Act) introduced yesterday in the Senate is the quick distribution of cash to individuals, small businesses and critical economic sectors...more
3/23/2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act – which was introduced into the Senate on March 19, 2020, as the third phase of Congress’s response to COVID-19 – includes a Small Business Interruption Loan...more
In a March 19, 2019 summary order, the U.S. Court of Appeals for the Second Circuit affirmed the district court’s dismissal of a purported shareholder’s appeal challenging the chapter 15 recognition of a Cayman Islands...more
4/2/2019
/ Appeals ,
Bankruptcy Code ,
Cayman Islands ,
Chapter 15 ,
COMI ,
Commercial Bankruptcy ,
Debt Restructuring ,
Debtors ,
Dismissals ,
Jurisdiction ,
Liquidation ,
Reaffirmation ,
Shareholder Litigation ,
Standing
In an April 6, 2018 memorandum opinion and order, U.S. District Judge John G. Koeltl dismissed an appeal challenging the Chapter 15 recognition of a Cayman Islands restructuring of an offshore drilling contractor, holding...more
4/17/2018
/ Appeals ,
Article III ,
Chapter 15 ,
Commercial Bankruptcy ,
Dismissals ,
Distressed Debt ,
Equitable Mootness ,
Offshore Drilling ,
Oil & Gas ,
Shareholders ,
Standing
There is an English common law rule that a debt governed by English law cannot be discharged or compromised by a foreign insolvency proceeding. This rule is derived from a Court of Appeal case: Antony Gibbs and sons v La...more
On October 20, 2017, the Second Circuit issued its long awaited ruling on several appeals from a U.S. District Court (Bricetti, J.) determination affirming the United States Bankruptcy Court (Drain, J.) in the MPM Silicones,...more
10/24/2017
/ Chapter 11 ,
Commercial Bankruptcy ,
Cramdown ,
Creditors ,
Equitable Mootness ,
Interest Rates ,
Make-Whole Premium ,
Motion to Dismiss ,
Reorganizations ,
Secured Debt ,
Senior Secured Debt ,
Subordinated Debt