Restructuring

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11/15/2017 - Alert
Kirkland & Ellis LLP
Venezuela's Debt Crisis: Creditors' Options in a Disorderly Default
After months on the precipice of default, Venezuela’s President Maduro has acknowl-edged that Venezuela and its state-owned oil company PDVSA are unable to pay their debts. With a series of missed coupon payments and the 30-day grace period expired, all three major ratings agencies now rate Venezuela and PDVSA as in default or selective default.
June 2017 - Article
The Banking Law Journal
German Insolvency Avoidance Action Reform and Its Impact on Financial and Trade Creditors
The German Bundestag recently enacted a reform bill seeking to improve Germany’s stringent insolvency avoidance action regime and incentivize work-outs between debtors and, among others, financial and trade creditors. Bernd Meyer-Löwy and Carl Pickerill discuss the impact of this bill.
2/23/2017 - Alert
Kirkland & Ellis International LLP
German Insolvency Avoidance Action Reform and its Impact on Financial and Trade Creditors
The German Bundestag recently enacted a reform bill seeking to improve Germany’s stringent insolvency avoidance action regime and incentivize work-outs between debtors and, among others, financial and trade creditors.
1/23/2017 - Alert
Kirkland & Ellis LLP
Second Circuit Vacates Marblegate and Removes Uncertainty Surrounding Out-of-Court Restructurings
The U.S. Court of Appeals for the Second Circuit vacated and remanded a controversial district court decision that had held that the Trust Indenture Act (TIA) prohibits amendments to an indenture if the practical impact would be to eliminate a bondholder’s right to receive payment.
1/23/2017 - Alert
Kirkland & Ellis LLP
Second Circuit Vacates Marblegate and Removes Uncertainty Surrounding Out-of-Court Restructurings
The U.S. Court of Appeals for the Second Circuit vacated and remanded a controversial district court decision that had held that the Trust Indenture Act (TIA) prohibits amendments to an indenture if the practical impact would be to eliminate a bondholder’s right to receive payment.
December 1, 2016 - Article
The Bankruptcy Strategist
Bankruptcy Reform in Saudi Arabia: Bridging Islamic Law and Modern Bankruptcy?
Patrick Venter and James Sprayregen authored this article discussing the restructuring of shari’ah-compliant Middle Eastern businesses. Kamran Bajwa also contributed to the article.
9/21/2016 - Alert
Kirkland & Ellis International LLP
Subordination of Senior Financial Creditors in German Bank Resolutions
From 1 January 2017 onwards, certain senior liabilities of German banks are subordinated by law to facilitate “bail-ins” under the Single Resolution Mechanism (SRM).
5/3/2016 - Article
Law360
7 Stages Of Grief: Impact of Oil Downturn on Energy Attys
Andrew Calder, David Castro and Joshua Sussberg authored this article regarding developments in the oil industry.
11/24/2015 - Alert
Kirkland & Ellis LLP
New Guidelines for Protecting Secured Lenders’ Share Foreclosure Rights in German Bankruptcies
On September 24, 2015, the German Supreme Court held that secured lenders of insolvent German debtors are not stayed from foreclosing on stocks in a German corporation (Aktiengesellschaft) in an insolvency of the pledgor, but only where those stocks have been placed in trust for the benefit of the lenders.
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