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Documents on Bankruptcy, Banking & Financial Services
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|Italian Bankruptcy Law Reform Emphasizes Flexibility for Borrowers, Active Role for Creditors|
Francesco Squerzoni; Jones Day;
August 26, 2015, previously published on August 2015During the last few years, the section of Royal Decree No. 267 of March 16, 1942 (the "Italian Bankruptcy Law") dedicated to pre-insolvency proceedings has been reformed extensively by the Italian legislature. The purpose of the reform is to provide distressed Italian entities with a more...
|Good News for Secured Creditors and Commercial Lessors in Chapter 13 Cases|
Jason W. Johnson; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
August 26, 2015, previously published on August 25, 2015A new administrative order was entered by Chief Judge Jennemann in the Middle District of Florida on August 10. The Middle District of Florida stretches from Jacksonville on the east coast, through Central Florida and down the west coast through Fort Myers. The new procedures affect all Chapter 13...
|The SemCrude Bankruptcy: Commodity Traders Prevail Against Related Fraud and U.C.C. Claims|
Cheryl I. Aaron, Travis Cole McCullough, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
August 25, 2015, previously published on August 24, 2015In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute arose between dozens of oil producers (the Producers) that sold oil to...
|CMBS Loans: Borrower (and Bondholder) Beware|
Adam H. Friedman; Olshan Frome Wolosky LLP;
August 18, 2015, previously published on August 2015As discussed in our prior Client Alert, the CMBS loan structure is rife with complexity and potential for abuse. Generally speaking, upon default or imminent default, the Controlling Class of bondholders (or the Directing Certificate Holder), can appoint a Special Servicer to administer the...
|Texas District Court Affirms Bankruptcy Court’s Use of Claim Estimation Process|
Bryan Mann Kotliar; Jones Day;
August 6, 2015, previously published on July/August 2015Many companies that file for bankruptcy protection have liabilities that cannot be definitively quantified as of the bankruptcy petition date. Such “unmatured,” “contingent,” “unliquidated,” or “disputed” debts could arise from, among other things:...
|Bankruptcy Hijackings: Improper Use of the Automatic Stay in Consumer Bankruptcy Proceedings|
Joshua L. Scheer, Spencer P. Scheer; Scheer Law Group, LLP;
July 30, 2015, previously published by California State Bar Real Property Journal, Vo. 32, No.3 (2014) on Spring 2014.Review of History of the Automatic Stay in Bankruptcy Matters and Abuse and Reform Issues.
|The Consumer Financial Protection Bureau's cases against Sprint and Verizon for Mobile Cramming|
Brooks F. Bossong; Nexsen Pruet, LLC;
July 3, 2015, previously published on June 23, 2015Today we’re taking a look at the Consumer Financial Protection Bureau’s cases against Sprint Corporation (“Sprint”) and Cellco Partnership d/b/a Verizon Wireless (“Verizon”) for mobile cramming. For starters, what does “cramming” mean in the context...
|New Jersey Bankruptcy Court Issues Ruling Regarding Condominium Association Liens in Chapter 13 Proceedings|
Robert J. Flanagan; Greenbaum, Rowe, Smith & Davis LLP;
June 23, 2015, previously published on June 2015On June 11, 2015, the United States Bankruptcy Court for the District of New Jersey recognized that a condominium association’s lien is entitled to a limited six-month priority over a first mortgage.
|Recent LMA LIBOR Related Changes - Their Possible Impact on Islamic Finance Documents|
Richard de Belder, Adam Pierce; Dentons Canada LLP;
May 19, 2015, previously published on March 31, 2015At the end of last year, the Loan Market Association (LMA) updated its facility agreements, including changes to the interest rate definitions and mechanics. Many Islamic finance transactions use a conventional interest rate benchmark, such as LIBOR, to calculate the profit or variable rental....
|Financing of North Sea oil and gas - a restructuring and insolvency perspective|
Humphrey Douglas, Byron Nurse; Dentons Canada LLP;
April 15, 2015, previously published on March 31, 2015Until recently, there was little call for restructuring and turnaround specialists in the UK to focus on the oil and gas industry. That has now undoubtedly changed. In the second half of 2014, Brent crude prices fell from over US$100 a barrel to around US$50, and although prices have since...