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Coronavirus/COVID-19 › Borrowers › Financial Distress

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

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The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Morrison & Foerster LLP

Tips for Reducing Lender Liability Risk When Dealing with Distressed Commercial Real Estate Loans (Part 1)

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A number of factors have combined to cause an almost “perfect storm” for commercial real estate distress. The COVID-19 pandemic led to a rise in remote and hybrid work, increasing vacancy rates and decreasing property values....more

White & Case LLP

Ready for restructuring

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HEADLINES - -Rising interest rates and reduced refinancing options are increasing the likelihood of restructuring and financial distress in the next 12 months -Cov-lite debt packages have given borrowers breathing...more

Bradley Arant Boult Cummings LLP

The Future of Default Servicing

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As fears of a recession grow, it would be prudent for everyone—servicers and regulators alike—to think hard about default servicing improvements and reforms. More than two years after the COVID-19 pandemic took hold of the...more

Bradley Arant Boult Cummings LLP

Interplay of the Cares Act's Forbearance Framework and Regulation X's Loss Mitigation Rules

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On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more

Ballard Spahr LLP

CFPB Launches Toolkit for Renters and Mortgage Borrowers Experiencing COVID-19 Financial Hardships

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On July 7, 2021 the Consumer Financial Protection Bureau (CFPB) launched a digital toolkit for media, intermediaries, and other stakeholders interested in providing information and resources to renters and mortgage borrowers...more

Greenberg Glusker LLP

Top 10 Takeaways: Predictions and Trends for Distressed Assets

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On January 26, 2021, I participated in a distressed asset panel at the Dressed for Distressed Forum hosted by Commercial Observer along with Aaron Ratner of Empire State Realty Trust, Michael May of Silverstein Properties,...more

Bradley Arant Boult Cummings LLP

The CARES Act at Six Months: What’s Ahead for the Mortgage Industry

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The CARES Act provided historic, temporary relief to mortgage holders facing Covid-19-related financial troubles. R. Aaron Chastain, partner at Bradley Arant Boult Cummings LLP, looks at where mortgage lenders and servicers...more

Opportune LLP

Path Forward: Borrowing Base Redeterminations In A Restructuring World

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How will oil and gas companies adapt to tightening bank loan requirements amid commodity price uncertainty and an ongoing pandemic going forward? Opportune Managing Director David Morris explains on the latest episode of...more

Williams Mullen

COVID-19 Comeback Plan: Part III - How Banks Think About Loan Defaults: Lessons for Borrowers in Troubled Times

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In the third installment of our video series aimed at helping borrowers in uncertain times, Matt Cheek, chair of Williams Mullen’s Financial Services Industry Group, and Mike Mueller, chair of our Restructuring, Bankruptcy...more

Sheppard Mullin Richter & Hampton LLP

Residential Eviction Protections and California Consumer Financial Protections Pass Muster During 2020 Legislative Session

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During the eleventh hour of the 2020 legislative session, the California Legislature approved 2 significant bills in response to the COVID-19 pandemic with the potential to have far-reaching ramifications for mortgage...more

Bradley Arant Boult Cummings LLP

COVID-19 Mortgage Servicing Trends Report

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Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more

Williams Mullen

Williams Mullen's Comeback Plan: Part II - How Banks Think About Loan Defaults: Lessons for Borrowers in Troubled Times

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In the second installment of our video series aimed at helping borrowers in uncertain times, Matt Cheek, chair of Williams Mullen’s Financial Services Industry Group, and Mike Mueller, chair of our Restructuring, Bankruptcy...more

Greenberg Glusker LLP

Lessons for Health, Beauty & Wellness Companies [Part 3]: When to Consider Acquiring a Distressed Company

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In this short, three-part video series, Greenberg Glusker Partners Andrew Apfelberg and Brian Davidoff discuss important financial considerations for health, beauty and wellness companies in the wake of a pandemic. Part three...more

Cadwalader, Wickersham & Taft LLP

New York State Supreme Court Temporarily Halts UCC Foreclosure of Mezzanine Loan

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On August 3, 2020, in Shelbourne BRF LLC, Shelbourne 677 LLC v. SR 677 BWAY LLC, the Supreme Court of the State of New York (the “Court”) granted the borrower plaintiffs’ motion for a preliminary injunction and prohibited the...more

Foodman CPAs & Advisors

What do you do if you are a Financial Institution with COVID-19 Loan Accommodations near the end?

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On August 3, 2020, the Federal Financial Institutions Examination Council (FFIEC)  issued a Joint Statement on Additional Loan Accommodations Related to COVID-19 regarding loans  that are near the end of an initial loan...more

Hinshaw & Culbertson - Consumer Crossroads

New York Courts Lift Suspension of Foreclosure Proceedings, Add Additional Conference Requirement

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On July 24, 2020, the New York State Courts issued Administrative Order 157/20 (AO/157/20). Effective July 27, 2020, AO/157/20 removes the formal suspension of all residential foreclosures, but keeps a limited suspension of...more

Lowenstein Sandler LLP

When Lenders Demand More Skin in the Game

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With COVID-19 having shut down many businesses, lenders increasingly are worried about their borrowers’ ability to repay loans. Lenders are concerned about the value of their collateral because of the loss of the spring...more

Spilman Thomas & Battle, PLLC

Ginnie Mae and COVID-19

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Amidst the rising number of mortgage loan forbearances due to COVID-19, Ginnie Mae has stepped in to limit the damage to issuers with its PTAP/C19 program....more

Buckingham, Doolittle & Burroughs, LLC

Creditors' rights amid the COVID-19 pandemic

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As a result of the COVID-19 pandemic, several industries have been hit hard and are facing uncertainty about if and when they will recover. As business owners discuss liquidity issues, financial assistance, and bankruptcy...more

Dechert LLP

The Potential Impact of the COVID-19 Coronavirus on EBITDA and Financial Covenant Calculations in Loan Agreements

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Whilst the full scope of the potential impact of COVID-19 for financial covenant calculations and other purposes within loan agreements can only properly be assessed on a deal-by-deal basis, it is still possible to identify...more

Farella Braun + Martel LLP

Wine Businesses, Lenders, and Difficult Conversations

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The COVID-19 pandemic and public health efforts to combat it will impact different wine businesses in different ways. Those that depend on on-premise and direct-to-consumer (DTC) sales, such as restaurant, hospitality, and...more

Lowenstein Sandler LLP

How to Use and Not Use Chapter 11 in Bad Economic Times

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At the moment, the bankruptcy court may be an unfriendly place for impatient lenders. As the United States and much of the world reel from the coronavirus pandemic, many businesses’ revenues have been shut off (or close to...more

Dechert LLP

COVID-19 – what could it mean for your portfolio company’s compliance with its loan agreements?

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As the COVID-19 coronavirus pandemic spreads further around the world, the full impact of the virus on businesses remains to be seen. For some industries (travel, hospitality, retail, health and leisure) the immediate loss...more

McGlinchey Stafford

Top 11 Tips for Lenders Navigating Commercial Loan Modifications in Response to the COVID-19 Outbreak

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Managing Borrower Expectations - In the immediate term, most Lenders are considering modifications that offer (usually on request only and subject to normal underwriting and credit review) a 60–90 day deferral of payments...more

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