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New Legislation Debt Restructuring

Proskauer Rose LLP

New York Legislature Proposes New Sovereign Debt Restructuring Bill

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The New York State Legislature recently proposed a bill, entitled the Sovereign Debt Stability Act, intended to facilitate sovereign debt restructuring. The bill, which could be brought to a vote as soon as May or June 2024,...more

White & Case LLP

New York’s Proposed “Sovereign Debt Stability Act”: An Overview

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Since 2021, the New York Legislature has considered a number of draft bills aimed at facilitating sovereign debt restructurings and helping distressed sovereign debtors obtain the debt relief they require. While the draft...more

Dechert LLP

New Luxembourg Bankruptcy Law Enhances Luxembourg’s Restructuring Framework

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One of the two main objectives of the Law is to implement the 2019/1023 Directive, which itself aims to foster the proper functioning of the EU internal market and remove hindrances to the exercise of fundamental rights and...more

A&O Shearman

New York proposes sovereign debt restructuring legislation

A&O Shearman on

Legislators in the State of New York (NY), whose law governs many sovereign debt contracts, introduced three general categories of bills related to sovereign debt restructurings. The first is intended to provide support under...more

Allen Matkins

New Law Seeks To Curtail Coerced Debts

Allen Matkins on

A new California law governing "coerced debt" will soon be taking effect.  This legislation, 2022 Cal. Stats. ch.  989, defines a "coerced debt" as a...more

Seward & Kissel LLP

Unpacking Revlon, LATAM cleared for takeoff (sorry), $7.5 million sub V limit official, retail apocalypse redux (?), and new...

Seward & Kissel LLP on

Revlon Bankruptcy Complicated by Citi’s $900 Million Error | Financial Times - As Revlon prepares for restructuring negotiations following its bankruptcy filing last week, it faces complications with identifying its...more

McDermott Will & Emery

The European Financing Markets in 2021: What Can We Expect?

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Last year presented a great many challenges, and much like 2008–2009, the impact was felt on a global basis. The last quarter of 2020 appeared to start with a sense of renewed optimism, with the end of pandemic-driven issues...more

Perkins Coie

New COVID-19 Relief Law Includes Limited Bankruptcy Protections Regarding PPP Loans

Perkins Coie on

The latest COVID-19 relief legislation provided some additional aid and clarity for a select group of debtors and left many other questions unanswered. The requirements for the next round of the Payroll Protection Program...more

White & Case LLP

Singapore’s omnibus insolvency legislation

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The Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA") came into force on 30 July 2020. The consolidation of all personal and corporate insolvency and debt restructuring legislation into a single statute, along...more

Seyfarth Shaw LLP

COVID-19’s Potential Effect on Lender Liability

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COVID-19 has not only created red tape for us—sheltering-in-place, staying six feet away from others, wearing masks in public—but it also has created new red tape for lenders. Each day new federal and state legislation, as...more

Hogan Lovells

A further step taken by Ukraine to simplify out of court loan workouts

Hogan Lovells on

On 25 September 2019, the Ukrainian Parliament brought into force law No. 112-IX (the “Law“). The purpose of the Law is to correct deficiencies in existing legislation and further promote out-of-court financial restructurings...more

Moritt Hock & Hamroff LLP

Countdown to the Small Business Reorganization Act of 2019: New Law Taking Effect in February 2020 May Make Chapter 11...

In February, a new bankruptcy chapter directed at small businesses will take effect.  The Small Business Reorganization Act of 2019 (SBRA) was signed into law on August 23 by President Trump and should help make bankruptcy a...more

Latham & Watkins LLP

The Italian Insolvency Code: New Tools for Managing a Crisis

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The Insolvency Code represents a comprehensive reform of the Italian legal framework of business crisis and insolvency. Key Points: ..The “alert procedure” (procedura di allerta) offers out-of-court and confidential...more

White & Case LLP

Restructuring across Europe – a new era?

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All three institutions of the European Union have now approved the EU Preventive Restructuring Framework Directive. This is the EU's first attempt to "harmonise" insolvency laws across the Member States, that have disparate...more

Hogan Lovells

Business Restructuring and Insolvency in Italy – a revolution in the making?

Hogan Lovells on

Nearly a year ago, the Italian Parliament passed Law 155/2017 giving the Government twelve months to adopt a root and branch reform of the rules governing business distress and insolvency procedures, taking into account...more

Dechert LLP

Restructuring and Insolvency Bulletin Issue 1 - 2017 - Cross border restructuring landscape continues to evolve – EU and Singapore...

Dechert LLP on

Legislative changes in Singapore and the EU introduce pre-insolvency processes facilitating non-consensual debt restructurings or cram downs comparable to those already available in London and New York. In particular, the EU...more

Jones Day

Singapore Enacts New Corporate Bankruptcy Law to Promote International Debt Restructuring

Jones Day on

On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 ("Act") to enhance the country's corporate debt restructuring framework. The Act was assented to by President Tony Tan Keng Yam on March...more

Orrick, Herrington & Sutcliffe LLP

The Impact of PROMESA on Creditors

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of...more

BakerHostetler

Puerto Rico: Congress and Supreme Court Shape a Path Towards Financial Recovery

BakerHostetler on

Puerto Rico’s financial woes have recently been front and center in financial news. Although a recent decision by the U.S. Supreme Court curtailed Puerto Rico’s ability to enact its own legislation to address its debt...more

BCLP

PROMESA Shields Puerto Rico Behind a New Automatic Stay

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On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law. The most significant portions of PROMESA are found in titles I and II, which establish an...more

Latham & Watkins LLP

Lawmakers Enact Spanish Insolvency Law

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Royal Decree Law 4/2014, intended to promote efficiency in Spanish insolvency proceedings, is officially enacted with some important updates. The Spanish legislature has finally enacted Royal Decree Law 4/2014 (the...more

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