Legal Update
27 March 2013
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Mayer Brown Legal Update
On March 22, 2013, almost a year to the day after they issued the proposed new Interagency Guidance on Leveraged Lending, the three federal banking regulators—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (collectively, the Agencies)—issued the final version of this Interagency Guidance.
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Media Coverage
18 January 2013
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International Financial Law Review
Banking & Finance partner Zac Barnett (Chicago) is extensively quoted on the expectation that subscription credit facilities will be one of the most prominent features of the private equity and investment funds landscape in 2013.
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Media Coverage
18 January 2013
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Couverture Média
20 December 2012
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le Cercle des Echos du 20 décembre 2012
En dépit des avantages du capital investissement, qui, au travers du capital développement et du LBO, irrigue et finance l'économie française et notamment ses PME et jeunes pousses, le bilan de l'année 2012 reste morose. |
Legal Update
8 November 2012
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Mayer Brown Legal Update
German insurance companies are playing a larger role as purchasers in the credit portfolio transactions market than they used to.
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Legal Update
11 October 2012
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Mayer Brown Legal Update
Secured lenders are often obliged to become actively involved in the bankruptcy proceedings of their borrowers, as well as in related disputes concerning the propriety of the lenders’ secured claims and the treatment of those claims in the borrowers’ reorganization or liquidation.
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News Release
29 August 2012
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Mayer Brown, a leading global law firm, announced today that Ann Richardson Knox has joined the firm in New York as a partner in the Banking & Finance practice.
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Media Coverage
2 August 2012
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New York Law Journal
A bylined article co-written by Banking & Finance partner Barbara Goodstein (New York) discusses the regulatory scheme for owning and placing liens on boats and other vessels and the changes pursuant to the proposed Uniform Certificate of Title for Vessels Act.
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Media Coverage
7 June 2012
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New York Law Journal
Bylined article by New York Banking & Finance partner Barbara Goodstein discusses proposed new guidelines from three federal bank regulators for leveraged lending transactions conducted by financial institutions.
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Mayer Brown Legal Update
In a closely watched appeal, the Eleventh Circuit Court of Appeals reversed the district court and affirmed the bankruptcy court’s original decision in In re TOUSA, Inc., in which it found that various lenders had received hundreds of millions of dollars in fraudulent transfers.
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Mayer Brown Legal Update
The Delaware bankruptcy court has ruled that the legislative intent of Section 502(d) of the Bankruptcy Code was to ensure that the claims of creditors who received avoidable transfers (preferential or otherwise) were not allowed until such creditors returned such transfers to the estate.
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Media Coverage
April 2012
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Business Law Today
Bylined article by Charlotte Finance partner Perry Hicks discusses transfer restrictions on assets held in the indirect holding system.
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Legal Update
4 April 2012
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Mayer Brown Legal Update
In Fir Tree Capital Opportunity Master Fund v. Anglo Irish Bank Corporation Limited (November 28, 2011), the US District Court for the Southern District of New York held that Anglo Irish Bank (AIB), which was nationalized by the Irish government in 2009, was entitled to sovereign immunity as a "foreign state" under the US Foreign Sovereign Immunities Act (the FSIA), even though the financial instruments in dispute in the case, which were entered into by AIB prior to its nationalization, expressly provided for AIB’s submission to New York jurisdiction.
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Legal Update
13 March 2012
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Mayer Brown JSM Legal Update
Although securitisation in China dates back to the 1990s, transactions done in the early days were hampered by a lack of legal infrastructure. With the promulgation by the People's Bank of China (the "PBOC") and the China Banking Regulatory Commission (the "CBRC") of the Measures on the Administration of Credit Asset-backed Securitisation Pilot Programme (the "Securitisation Pilot Measures") on 20 April 2005, many of the issues previously restricting the development of securitisation in China were addressed.
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Legal Update
29 November 2011
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Mayer Brown Legal Update
The Bankruptcy Court for the District of Massachusetts recently issued an opinion in In re SW Boston Hotel Venture, LLC1 in which it found, among other things, that the assignment of voting rights from a junior creditor to a senior creditor pursuant to an intercreditor agreement was unenforceable. The opinion was rendered in connection with the court’s decision to confirm the plan proposed by the debtor, the owner of the W Hotel in Boston.
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Legal Update
24 October 2011
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Mayer Brown Legal Update
A recent Federal District Court decision from the Southern District of New York, Universal Bonding Insurance Company v. Bay Property Associates, et al., No. 09 Civ. 10030(FM), 2011 WL 4790885 (S.D.N.Y. Oct. 5, 2011), addresses two issues of interest to secured parties and debtors.
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Legal Update
21 October 2011
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Mayer Brown JSM Legal Update
On 14 October 2011, the People's Bank of China (PBOC) issued the Measures on the Administration of RMB Settlement Business relating to Foreign Direct Investment with immediate effect.
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Legal Update
17 October 2011
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Mayer Brown Legal Update
On Wednesday October 12, the US Congress passed free trade agreements (FTAs) with South Korea, Colombia, and Panama, culminating more than six years of negotiation and political wrangling across two US administrations. However, the agreements will not enter into force until the three other parties to the accords conform their laws to the treaties’ requirements.
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Mayer Brown Legal Update
A subscription credit facility (a “Facility”), also frequently referred to as a capital call facility, is a loan made by a bank or other credit institution to a closed end real estate or private equity fund secured by the capital commitments of the fund’s investors. As the number of new funds in formation appears to be up markedly from the recent past, interest in Facilities from funds and potential creditors is up dramatically.
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The US Court of Appeals for the Seventh Circuit has weighed in on the question of whether a secured creditor’s ability to credit bid—to offset the amount of the creditor’s debt against the purchase price of sale assets rather than bid in cash—is a right guaranteed by statute even in “cramdown” plans of reorganization conducted under Chapter 11 of the Bankruptcy Code. On June 28, 2011, the court ruled in favor of secured creditors with its much anticipated decision in In re River Road Hotel Partners, LLC (River Road).1
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Legal Update
23 June 2011
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Mayer Brown JSM Legal Update
On 7 April 2011, the State Administration of Foreign Exchange of the PRC (SAFE) issued the Notice on the Issues relating to the Regulation of the Practice of Cross-border RMB Capital Account Related Business (Circular No.38 of 2011) which became effective as from 1 May 2011.
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Legal Update
17 March 2011
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Mayer Brown Legal Update
The question of who will pay the additional costs that lenders are expected to incur as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) and the announced modifications to the Basel Framework of the Basel Committee on Banking Supervision (Basel III) has been a highly debated topic recently, as borrowers and lenders have been discussing and negotiating increased costs provisions in credit agreements.
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Legal Update
1 March 2011
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Mayer Brown Legal Update
On Friday, February 25, 2011, and over the weekend, a cascade of sanctions fell on Libya, first from the United States, then from the United Nations, and then from the United Kingdom. The European Union followed suit on Monday, February 28.
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Legal Update
14 February 2011
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Mayer Brown Legal Update
On February 11, 2011, Judge Alan S. Gold of the United States District Court for the Southern District of Florida issued a 113-page opinion in In re TOUSA, Inc. (the “District Court decision”)1 in which he reversed the TOUSA bankruptcy court’s decision.2 In that prior decision, the bankruptcy court had found that certain lenders (referred to in Judge Gold’s decision as the “Transeastern Lenders”) were the recipients of fraudulent transfers when TOUSA’s indebtedness to them (the “Transeastern Loans”) was paid in full from the proceeds of $500 million in term loans made in 2007 (the “New Term Loans”).
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Legal Update
11 February 2011
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Mayer Brown Legal Update
On January 11, 2011, Judge Deborah Batts of the Southern District of New York dismissed Section 10(b) and Rule 10b-5 claims brought by a putative class of US plaintiffs against Royal Bank of Scotland (RBS) and several underwriters and individuals. The claims related to securities transactions that occurred in the United Kingdom and on other markets outside the United States.
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