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Newest twist in make-wholes: calculating off the par call date
  • Hunton & Williams LLP
  • USA
  • August 14 2015

Historically, investment grade debt with a make-whole provision was fairly straightforward. At any time during the life of the instrument, the issuer

Should solvency tests give the same answer?
  • NERA Economic Consulting
  • USA
  • July 28 2015

Solvency is an important issue in many bankruptcy and related matters. Unfortunately for the sake of consistency, there is not a single definition of

The Second Circuit holds that claims against Lehman Brothers related to bilateral repurchase transactions do not qualify for customer status
  • Shearman & Sterling LLP
  • USA
  • July 15 2015

On June 29, 2015, the United States Court of Appeals for the Second Circuit affirmed the decision of the United States Bankruptcy Court for the

Tender offer approved to implement classwide debt exchange outside plan of reorganization
  • Jones Day
  • USA
  • March 31 2015

Debt-for-equity swaps and debt exchanges are common features of out-of-court as well as chapter 11 restructurings. For publicly traded securities

Former direct access partners executives plead guilty
  • Jenner & Block
  • USA
  • March 25 2015

The former CEO of U.S. broker-dealer Direct Access Partners (DAP), Benito Chinea, and a former DAP managing director, Joseph Demeneses, each pleaded

SEC temporary asset freeze not barred by automatic stay provisions
  • Duane Morris LLP
  • USA
  • March 20 2015

In an effort to protect the property of a bankruptcy estate, Section 362(a) of the U.S. Bankruptcy Code imposes an automatic stay on most

Second Circuit holds that SIPA does not permit an inflation or interest adjustment to “net equity” claims for customer property
  • Sheppard Mullin Richter & Hampton LLP
  • USA
  • February 27 2015

In In re Bernard L. Madoff Investment Securities LLC, No. 14-97-bk(L), 2015 WL 727965 (2d Cir. Feb. 20, 2015), the United States Court of Appeals for

Recent decisions concerning the Trust Indenture Act underline the limits on out-of-court restructurings
  • Hunton & Williams LLP
  • USA
  • February 26 2015

In two recent cases, the United States District Court for the Southern District of New York has indicated that Section 316(b) of Trust Indenture Act

Trends in Chapter 11 filings, venue and proposed reforms
  • Skadden Arps Slate Meagher & Flom LLP
  • USA
  • January 27 2015

Corporate Chapter 11 filings remained relatively low in 2014, down slightly from 2013, due to a robust capital market environment, low interest rates

A question of behavior: foreign sovereign debt restructuring before US courts
  • Skadden Arps Slate Meagher & Flom LLP
  • Argentina, USA
  • January 27 2015

The impact of Argentina's prolonged dispute with the holdouts of its defaulted debt continues to reverberate in the context of foreign sovereign debt