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30 May 2012
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Alerte Client/Juridique
Yesterday, the United States Supreme Court held that asset sales pursuant to chapter 11 bankruptcy plans must permit credit bidding by the secured lenders to satisfy the requirements for confirmation of a cramdown plan. This decision significantly impacts secured lenders and investors in the distressed debt market.
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March 2011
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Alerte Client/Juridique
The Court of Appeals for the Second Circuit recently issued two important new rulings for chapter 11 reorganization plans: (1) that senior creditors are not permitted to turn over, or gift, part of their distribution to out-of-the money equityholders over the objection of an intervening creditor class; and (2) that the votes of the claims purchased by a debtor's strategic competitor in an attempt to purchase the debtor could be disqualified for bad faith, where the competitor's interest was in voting against any plan that did not give it a strategic interest in the reorganized debtor rather than maximizing a return on its claim.
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1 March 2012
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Newsletter
This is the first edition of Baker & McKenzie's global publication Distressed Investing and Restructuring (DIR) News. DIR News will be circulated to our clients each quarter and will contain articles on topics that we hope you will find helpful to you as a participant in this often turbulent market.
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15 October 2011
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Alerte Client/Juridique
This client alert summarizes important lessons for US distressed investors addressed in the recent Washington Mutual decision from the former chief bankruptcy judge in the District of Delaware.
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November 2010
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Alerte Client/Juridique
Anglo Irish Bank Corp Limited has clearly stirred up a hornets nest amongst its junior bondholders. For a failed and now nationalised bank struggling to restructure its finances so as to minimise the impact of its failures on the Irish taxpayer Anglo Irish is caught between the rock of the Irish Government and the hard place of the global financial markets. This represents a challenge for everyone involved in restructuring Anglo Irish's bond debt. Furthermore, the repercussions of the Anglo Irish restructuring, which will be played out during November and December when the meetings are held and any reaction to the votes taken becomes clear, could be felt across the global financial markets as other states try to restructure their financial institutions in similar situations.
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Asie Pacifique, EMEA, Amérique du Nord, Amérique latine, Chine, Australie, Allemagne, Ukraine, Royaume-Uni, États-Unis, Brésil
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