Fairness & Solvency Opinions Shouldn't Be Overlooked Amid Restructuring Wave
Hertz: Third Circuit Weighs In On Make-Whole Premiums And The “Solvent-debtor Exception” In Chapter 11 Cases - A handful of recent high-profile court rulings have considered whether a chapter 11 debtor is obligated to pay...more
A handful of recent high-profile court rulings have considered whether a chapter 11 debtor is obligated to pay postpetition, pre-effective date interest ("pendency interest") to unsecured creditors to render their claims...more
In response to an ever increasing array of business models and attendant risks in the digital assets sector, the BMA is proposing amendments to enhance its supervisory framework for licensed entities. Specific focus is on...more
The Companies (Jersey) Law 1991, as amended, (the "Law") gives Jersey companies a considerable degree of flexibility to fund the redemption of redeemable shares from any source, including capital....more
On 11th March 2024, the Cayman Islands government issued the Companies (Amendment) Act, 2024 (“the amendment Act”). The amendment Act seeks to amend the Companies Act (2023 Revision) (“the principal Act”) to address various...more
The Companies (Amendment) Act, 2024 (the "Amendment Act") has been passed by the Cayman Islands Parliament. The Amendment Act is not yet in force. It will come into force by the making of a subsequent Cabinet order. ...more
Amid heightened inquiries from boards and board advisers within the private sector, a prevalent concern arises concerning fiduciary duties that may surface when debt covenants are triggered, when expenses are projected to...more
The Israeli Companies Law provides for two tests a company’s board of directors must perform to approve a resolution to distribute dividends. The first test is the “profit test” and the second is the “solvency test.”...more
UK regulator continues to raise concerns that current market practices could lead to systemic risk. The Prudential Regulation Authority (PRA) has issued another communication, the latest of a series related to...more
Everything, everywhere, all at once is our risk thesis for 2023, but one must not forget about concentration risk. This issue has rocketed up diligence agendas for LPs and GPs alike as the collapse of Silicon Valley Bank...more
Section 45 of the Companies Act, 2008 , does not expressly define financial assistance but rather sets out a list of what financial assistance is which includes lending money, guaranteeing any debt or obligation, but has a...more
Two recent decisions from circuit courts of appeal – the Fifth and Ninth – have addressed a question that does not arise often: in a solvent-debtor chapter 11 case, is the debtor required to pay post-petition interest...more
A National Association of Insurance Commissioners (NAIC) working group adopted changes to the NAIC’s Financial Analysis Handbook (Handbook) capturing a number of current topics affecting insurers. Insurers should consider the...more
The United States Court of Appeals for the Fifth Circuit entered its (second) opinion in the case of In re Ultra Petroleum Corporation, Case No. 21-20008, on October 14, 2022, potentially widening a circuit split on the issue...more
On 22 July 2022, the English High Court sanctioned Houst Limited’s (“Houst” or the “Company”) restructuring plan (the “Restructuring Plan”), which significantly, is the first time a Restructuring Plan has been used to cram...more
France has now introduced a new restructuring tool following the enactment of Ordinance 2021- 1193 (the “Ordinance”), which incorporates the Directive (EU) 2019/1023 on preventive restructuring frameworks (the “Directive”)...more
Nothing is more frustrating to a trade creditor holding a large unpaid balance owed by a debtor in bankruptcy than the risk that payments the trade creditor received before the debtor filed bankruptcy may be clawed back by...more
The Bermuda Monetary Authority (BMA) has recently issued a Consultation Paper on proposed changes to the Bermuda Solvency Capital Requirement Model and Schedules. ...more
Insurance holding companies should be closely following the accelerating efforts by state insurance regulators to impose oversight over group (in addition to legal entity) financial resources....more
James Hanson, Managing Director with Opportune Partners LLC, discusses why fairness and solvency opinions are necessary in oil and gas transactions, especially as bankruptcies and restructuring events mount in today's...more
The pandemic’s financial impact adds another layer of complexity to REITs authorizing, declaring and paying dividends under Maryland law. Maryland REITs must carefully weigh statutory distribution requirements against...more
Boards of directors and management teams are under more scrutiny than ever. With activists’ and plaintiffs’ attorneys taking a more prominent role in the corporate world, challenges to transactions are becoming the norm....more
The decisions you make in response to the global pandemic will have lasting impacts on your business and your workforce. Join members of our ESOP team each Thursday for this webinar series designed to help you navigate and...more
The impact of the coronavirus (COVID-19) pandemic on the global sports industry and its affiliated sectors is substantial and unprecedented. Constructive stakeholder engagement at all levels is crucial to ensuring business...more
Life sciences and medical device companies are dealing with an unprecedented crisis. The industry is not only managing the impact of Coronavirus (COVID-19), they are also a solution provider. Companies are rapidly adapting...more