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Issues between creditors and debtors when restructuring listed debt
In this article, the authors explore certain key issues creditors and debtors face when restructuring listed debt (referred herein as “bonds”). There are administrative problems that can arise when dealing with a large number of disparate bondholders and the complexities of dealing with material non-public information (MNPI) during restructuring negotiations. The authors consider the different parties involved in these restructurings and how advisors can assist these parties in navigating these hurdles.
13 June 2024Arc of the (financial) covenant: issues for project and real estate finance
Outside of the leveraged finance market however, financial covenants remain a key feature of a wide range of loan financings. This article discusses the financial covenant packages used on project financings, and on real estate and development financings, together with some of the common structuring and negotiation points that arise.
13 June 2024Pre-funding: the secret to a smooth closing or a minefield of risks?
Faced with a challenging deal-making environment, volatile geopolitical backdrop and rising cost of capital, dealmakers are increasingly concerned about risks inherent to closing mechanics of complex acquisitions. In acquisition finance there is scrutiny to ensure committed funds arrive on time and utilisation mechanics adapt to facilitate funds flow and not vice versa. In this article Nick O’Grady, Philippe Bernier-Cormier and Gabby White from Baker McKenzie’s leveraged finance team look at developments in pre-funding structures and documentation in both the syndicated and private credit markets.
03 June 2024Private finance and financial assistance
In this article the authors consider the ban on the giving of financial assistance for the acquisition of a company’s own shares in the context of the rise in private finance and specifically large private companies benefitting from the ban.
03 June 2024Decentralised Artificial Intelligence
Decentralised machine learning (ML) (sometimes just referred to as Decentralised Artificial Intelligence) differs greatly from centralised ML (and other types of machine learning). This article seeks to explain those differences and explore the benefits, use cases and regulatory challenges faced by Decentralised Artificial Intelligence.
03 June 2024Voting issues in debtor schemes of arrangement and restructuring plans: the rights of sub-participants
In this article Robert Amey considers a sub-participant’s right to vote on a scheme of arrangement or restructuring plan with a look at its treatment as a contingent creditor and whether the analysis which has been applied to beneficial bondholders can be carried across.
03 June 2024Is crystallisation crystal clear?
In this article, Tina Kyriakides considers issues surrounding the crystallisation of floating charges including whether partial crystallisation, de-crystallisation and re-crystallisation is possible.
03 June 2024Are corporate lawyers interested in governing law?
In this article Philip Wood CBE KC (Hon) considers whether corporate lawyers are less interested in the question of what law to choose to govern their transactions than financial lawyers.
03 June 2024The correct approach to findings of foreign law: precedent and policy
This article considers the recent Court of Appeal decision of Banca Intesa Sanpaolo SpA v Comune di Venezia [2023] EWCA Civ 1482 and focusses on some of the potential implications of that decision on the approach to findings of foreign law in English proceedings.
03 June 2024ESG as a case-study in legal uncertainty*
This article focuses on the nature and consequences of legal uncertainty in the context of ESG and the related issue of whether law reform might improve legal certainty.
03 June 2024
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