For many troubled companies, defined benefit pension plan liabilities are unaffordable. The single-employer plan fund of the Pension Benefit Guaranty Corporation (PBGC), which provides guaranteed benefits to participants in terminated plans, has a deficit in excess of $27 billion, and U.S.
Webcasts | April 30, 2015
New York partner Janet M. Weiss is the author of the "The Time Bomb in Your Indenture—No Action Clauses and Creditor Standing" [PDF] chapter in Creditors' Rights in Chapter 11 Cases, 2014 ed.
Article | March 2, 2015
New York partner Janet M. Weiss is the author of the "Rights of Trademark Licensees: Protection for Non-Debtors After Rejection of Trademark License Agreements" [PDF] chapter in Bankruptcy and Financial Restructuring Law 2015.
Article | February 25, 2015
The Paris office of Gibson Dunn is pleased to provide this legal and regulatory update covering France for the second semester of 2014.
Client Alert | January 23, 2015
The past year marked the 25th anniversary of the fall of the Berlin Wall and probably the end of a European dream to continue to entertain smooth and peaceful cooperation with Russia.
Client Alert | January 9, 2015
In recent years, it's typically been the case that secured first lien lenders are in the driver's seat in any restructuring, insofar as they had the ability to control the timing of the case, the terms and conditions of any priming dip loans, and the successful plan exit.
Webcasts | November 19, 2014
On October 14, 2014, the Bankruptcy Court for the Southern District of New York issued a bench ruling in the In re MPM Silicones, LLC (Momentive) Chapter 11 cases, which serves as a stark reminder of the function and importance of carefully drafted and negotiated intercreditor agreements in a Chapter 11 context.
Client Alert | November 12, 2014
Munich of-counsels Birgit Friedl and Markus Geiss are co-authors of “Quo vadis capital maintenance?” [PDF] published in the Business Law Magazine.
Client Alert | September 25, 2014
Gibson Dunn provides analysis of a 2014 bankruptcy court decision in the case In re World Imports, Ltd., and its implications for U.S. companies.
Client Alert | August 18, 2014
While the first year of President Hollande's mandate has been focused on societal reforms (same-sex marriage, immigration, justice, reform of school timetables), his New Year's Address confirmed that the Government's efforts should concentrate on employment and growth for 2014. Pledges to cut public spending, reduce labor costs for businesses and lower taxes have been made.The current Administration is trying to place greater emphasis on social negotiation, which has been the case notably with the "responsibility pact" for business, entered into with French employers' associations. At the same time, faced with the duty to deal with certain controversial public debates, the French Administration has been pressed, in certain circumstances, to take urgent legislation (as
Client Alert | July 22, 2014
Los Angeles partners Kevin Rosen and Christopher Chorba and associate Peter Bach-y-Rita are the authors of “Finishing Some ‘Unfinished Business’ – California And New York Courts Reject ‘Unfinished Business’ Claims Involving Dissolved Law Firms”
Article | July 1, 2014
On June 9, 2014, the Supreme Court issued its opinion in Executive Benefits Insurance Agency v. Arkison, No. 12-1200, 573 U.S. __, (June 9, 2014).In a 9-0 decision, the Supreme Court removed concerns that proceedings before a bankruptcy court may be later rendered a nullity. Specifically, the Court affirmed the Ninth Circuit's conclusion that claims that are statutorily defined as "core" bankruptcy claims by 28 U.S.C.
Client Alert | June 10, 2014
The recent decision of Judge Kevin R. Huennekens of the United States Bankruptcy Court for the Eastern District of Virginia, Richmond, in In re Free Lance-Star Publishing Co.
Client Alert | April 23, 2014
What do a German-based manufacturer, a Bahrain-based investment bank operating in accordance with Shari'ah law, and a chemical company based in The Netherlands have in common?
Webcasts | April 2, 2014
New York partner Michael Rosenthal, Dallas partners Robert Little and Chris Babcock, and Denver associate Jeremy Graves are the authors of "A Clear Path To Section 363 Sale Challenges" [PDF] published by Law360 on Febuary 6, 2014 at www.law360.com.
Client Alert | February 6, 2014
On December 31, 2013, in Newco Energy v. Energytec, Inc. (In re Energytec, Inc), the Fifth Circuit ruled that certain rights connected to a gas pipeline--in particular, the right to receive a "transportation fee" based on gas throughput and the requirement that the recipient of the transportation fee consent to any assignment of interests in the pipeline--were covenants running with the land under Texas law.
Client Alert | February 3, 2014
Gibson Dunn lawyers provide a comprehensive review of German business law during 2013, in areas including corporate, M&A, antitrust, tax, labor and employment, real estate, IP and data protection.
Client Alert | January 15, 2014
London partner Wayne McArdle and associate Gareth Jones are the authors of "Prest v Petrodel Resources and VTB Capital v Nutritek: a Robust Corporate Veil" [PDF] published in the September 2013 issue of Business Law International.
Client Alert | September 27, 2013
On July 24, 2013, the First Circuit held in Sun Capital Partners III LP v. New England Teamsters & Trucking Indus. Pension Fund that a private equity fund can be jointly and severally liable in certain circumstances for pension liabilities incurred by its portfolio companies.
Client Alert | August 2, 2013
On June 20, 2013, a three-member panel of the United States Court of Appeals for the Second Circuit issued an important decision that significantly curtails the authority of Irving Picard, as Trustee for the liquidation of Bernard L.
Client Alert | June 21, 2013
New York partners Eric Wise and Matthew Kelsey are the authors of “Obtaining Adequate Protection: An Analysis Pertaining to Real Estate Projects” [PDF] published in Vol.
Client Alert | May 1, 2013
On February 28, 2013, the Versailles Court of Appeals adopted two new Safeguard Plans for CMBS borrower, Heart of la Défense SAS (HOLD), and its Luxembourg parent company, Dame Luxembourg SARL (Dame).
Client Alert | March 7, 2013
In retrospect, 2012 likely will be remembered as another year of manifold challenges in the Eurozone and of slow consolidation rather than one of fundamental reform or renaissance.
Client Alert | January 10, 2013
Overturning a much criticized judicial precedent laid down by a Division Bench (consisting of three judges) of the Supreme Court of India ("Supreme Court") in the case of Bhatia International v. Bulk Trading S.A.
Client Alert | September 11, 2012
The European Court of Justice ("ECJ") has ruled that cross-border migration by way of converting into a company format subject to the laws of a different EU member state is protected and permitted by overriding EU law even in cases where the national laws of the two countries in question do not provide for such a possibility.I. The Decision of the ECJ in the VALE-CaseIn its judgment of July 12, 2012 (Case C-378/10, VALE Építési kft), the ECJ has answered one of the last open, fundamental questions of cross-border movement of European companies among EU member states.
Client Alert | September 7, 2012
Paris partner Jean-Philippe Robé and London partner Wayne McArdle are the authors of "Coeur Défense Judgment Broadens Scope of French Safeguard Procedures" [PDF] published in the Second Quarter 2012 issue of INSOL World.
Client Alert | June 11, 2012
The Reserve Bank of India ("RBI") recently issued a circular permitting foreign venture capital investors registered with the Securities and Exchange Board of India ("FVCI") to participate in secondary market transactions, with effect from March 19, 2012.
Client Alert | April 24, 2012
On January 19, 2012, the Versailles' Court of Appeals confirmed that CMBS borrower, Heart of la Défense SAS (Hold), and its Luxembourg parent company, Dame Luxembourg Sarl (Dame), were entitled to Court protection in France under Safeguard Proceedings (sauvegarde).
Client Alert | February 1, 2012
Los Angeles partners Kevin Rosen and Christopher Chorba, and San Francisco associate Matthew Kahn are the authors of "More Than Your Firm Bargained For: The "Unfinished Business" Doctrine of Jewel v. Boxer" [PDF] published in the February 2012 issue of the Beazley Brief.
Client Alert | February 1, 2012
Paris partners Jean-Philippe Robé and Benoît Fleury are the authors of "Coeur Défense, les procédures de sauvegarde confirmées" [PDF] published in the January/February 2012 issue of Magazine des Affaires, No.
Article | February 1, 2012
While the members of the Eurozone are still struggling to find an adequate answer to the sovereign debt crisis and the stock markets are on a roller-coaster ride, the German economy is still doing remarkably well and continues to attract foreign investors from all over the world, notably China. At the same time, German lawmakers have not remained idle and have enacted a long-expected reform of the insolvency laws to facilitate corporate restructuring and debt-equity swaps.
Client Alert | January 10, 2012
New York partner Matthew Williams and of counsel Matthew Kelsey are the authors of "Debt Recharacterization Under Lothian Oil" [PDF] published in the November 3, 2011 issue of BNA's Bankruptcy Law Reporter.
Client Alert | November 3, 2011
On Tuesday, October 11, 2011, the Federal Reserve Board ("Fed") and the Office of the Comptroller of the Currency ("OCC") released for public comment and the Federal Deposit Insurance Corporation (the "FDIC") met in open session and unanimously approved and released proposed rules implementing the Volcker Rule, Section 619 of the Dodd-Frank Consumer Protection Act of 2010 ("Dodd-Frank"). The Securities and Exchange Commission ("SEC") voted unanimously to approve the proposed rule on Wednesday, October 12.
Client Alert | October 12, 2011
Printable PDF On March 29, 2011, the Federal Deposit Insurance Corporation (the "FDIC") and the Board of Governors of the Federal Reserve System (the "Fed") jointly released a notice of proposed rulemaking ("NPR") proposing rules relating to the resolution plan (also known as the "living will") and credit exposure report requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "DFA"). Both the resolution plan and credit exposure report requirements apply to nonbank financial companies ("NBFCs") designated by the Financial Stability Oversight Council (the "Council" or "FSOC") for Fed supervision and bank holding companies ("BHCs") (including any foreign ban
Client Alert | April 6, 2011
On March 8, 2011, France's highest court, the Cour de cassation, confirmed that CMBS borrower, Heart of la Défense SAS (Hold), and its Luxembourg parent company, Dame Luxembourg Sarl (Dame), were entitled to Court protection in France under Safeguard Proceedings (sauvegarde).
Client Alert | March 17, 2011
New York partner J. Eric Wise and of counsel Matthew Kelsey are the authors of "Restructuring Issues Concerning Real Estate Projects" [PDF] published in the March 10, 2011 issue of BNA's Bankruptcy Law Reporter.Reproduced with permission from BNA's Bankruptcy Law Reporter, 23 BBLR 311 (March 10, 2011).
Client Alert | March 10, 2011
New York partner J. Eric Wise is the author of "Reorganization Securities And Second-Lien Structures," [PDF] published by Law360 at www.law360.com on November 9, 2010.
Client Alert | November 9, 2010
New York partner J. Eric Wise and associate Ted Sica are the authors of "X Clauses: Meaning and Mutations," published on November 8, 2010 by Bloomberg Law Reports - Bankruptcy Law.
Client Alert | November 8, 2010
On October 11, 2010, the French Parliament adopted a significant amendment to the 2005 French Safeguard Procedure (procedure de sauvegarde), itself heavily inspired by the US Chapter 11 mechanisms.
Client Alert | October 14, 2010
Orange County partner Craig Millet is the author of "Beware The Constructive Trust Claim" [PDF] published by Law360 on October 13, 2010 at www.law360.com.
Client Alert | October 13, 2010
Last month, the German Ministry for Justice and Legal Affairs (Bundesjustizministerium) published a draft law proposal aimed at further "facilitating the restructuring of businesses".
Client Alert | August 17, 2010
This alert covers the Dodd-Frank Wall Street Reform and Consumer Protection Act and its "Volcker Rule" provisions, prior to its passage in 2010.
Client Alert | July 12, 2010
New York partner David Feldman and associate Keith Martorana are the authors of "The Pervasive Problem of Numerosity" [PDF] published online by Law360 on June 2, 2010 at law360.com.
Client Alert | June 2, 2010
On May 20, 2010, after three weeks of floor debate, five cloture votes, and nearly a year of development, the "Restoring American Financial Stability Act of 2010" passed the Senate by a vote of 59-39.
Client Alert | May 27, 2010
On March 22, 2010, a bill seeking general reform of financial industry regulation in response to the recent financial crisis was adopted on a party-line vote by the Senate Banking Committee as the "Restoring American Financial Stability Act of 2010." It subsequently was reported to the Senate as Senate Bill 3217 (posted on the Committee's website on April 15, 2010).
Client Alert | April 23, 2010
Gibson Dunn is closely tracking government responses to the recent turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.
Client Alert | March 17, 2010
On January 15, 2010, the Third Circuit Court of Appeals issued a decision affecting the approval of break-up fees in connection with Section 363 bankruptcy sales.
Client Alert | January 27, 2010
A recent court judgment passed by the District Court (Landgericht) Frankfurt in October 2009 may signal the end of a long-since established German corporate and financing practice, the notarization of limited liability company share transfers or share pledges in Switzerland.
Client Alert | January 12, 2010
United States Bankruptcy Judge Allan L. Gropper has approved the Joint Plan of Reorganization (the "Plan") filed by General Growth Properties, Inc. and certain affiliated debtors (collectively, "GGP") to restructure approximately $11.6 billion in mortgage loans on 110 retail and office properties.
Client Alert | January 4, 2010
Recognizing that "financial institutions face significant challenges when working with commercial real estate ("CRE") borrowers that are experiencing diminished operating cash flows, depreciated collateral values, or prolonged sales and rental absorption rates," recently, members of the Federal Financial Institutions Examination Council ("FFIEC") (collectively, the "Regulators") adopted a new policy (the "Policy") that advocates the prudent workout of CRE loans. The purpose of the Policy is threefold--(1) to promote consistency among examiners responsible for evaluating financial institutions' efforts to renew or restructure loans; (2) to enhance the transparency of CRE workout transactions; and (3) to ensure that supervisory po
Client Alert | December 7, 2009