Parties involved in restructurings

Parties involved in restructurings guidance:

This note aims to: • provide practical guidance to creditors owed money by a distressed/insolvent company • explain the position of creditors in most types of corporate...

Practice Note

It's important to consider the underlying finance documents to determine the requisite majorities of creditors which can block certain actions necessary to maintain an...

Practice Note

Although suppliers are generally unsecured creditors (unless they establish a valid retention of title (ROT) claim) they may be key to a successful turnaround or pre-pack...

Practice Note

Directors of companies which become, or are likely to become, insolvent are under a duty to maximise the return to the company’s creditors. The relevant statutory...

Practice Note

Duties of a director The purpose of this Practice Note is to: • set out what additional duties arise for directors when the company is insolvent (or is verging on...

Practice Note

Directors of companies which become, or are likely to become, insolvent face additional considerations and are under a duty to minimise losses to the company’s creditors....

Practice Note

In many restructurings, the early creation of a creditors' committee (or steering committee) will greatly assist negotiations between the debtor company and its...

Practice Note

The current restructuring cycle has featured bondholders playing a significant role in many restructuring cases. In previous cycles, high yield bonds featured in some...

Practice Note

Companies, governments and municipalities issue bonds to finance their operations and fund projects. The bond market offers a very efficient way to borrow capital....

Practice Note

Who and what are bondholders Bondholders (sometimes also known as noteholders) have generally invested in a company’s most junior—and hence risky—debt. In a distressed...

Practice Note

In many restructurings, informal (ad hoc or unofficial) creditors' committees are formed as opposed to formal creditors' committees (see Practice Note: Formal creditors'...

Practice Note

Background The aim of the intercreditor agreement is to try and deal with potential conflicts which will inevitably arise between the different classes of secured lender...

Practice Note

Background The aim of the intercreditor agreement (also known as a deed of priority) is to try and deal with potential conflicts which will inevitably arise between the...

Practice Note

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a...

Practice Note

This note aims to: • provide practical guidance to shareholders of a distressed/insolvent company • explain the position of shareholders in most types of corporate...

Practice Note

This Practice Note covers the duties and role of the facility agent (defined in the Loan Market Association (LMA) documentation as the Agent) in a syndicated loan...

Practice Note

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a...

Practice Note

Introduction In a syndicated loan transaction, the security agent (sometimes also known as the security trustee) (the Security Agent) will hold the transaction security...

Practice Note

Finding where value breaks governs the shape of any restructuring deal and determines who has a seat at the negotiating table (see Practice Notes: Where the value breaks...

Practice Note

Early in the restructuring negotiations, the parties will obtain valuations of the company to determine where value breaks (see Practice Note: Types of valuation for R&I...

Practice Note
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