Supreme Tax Court Abolishes German Restructuring Privilege

Cancellation of debt – a key element of most restructurings – triggers taxable income. The German Tax authorities had issued an administrative decree (the “Tax Restructuring Decree” – Sanierungserlass), declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debtRead the full article →

Weil advises on one of the largest leveraged EMEA deals of the year, the restructuring of the South African retail group, Edcon

The complex restructuring of the well-known South African retail group, Edcon, completed yesterday. Weil played a leading role in the restructuring, advising the ad hoc committee of senior secured noteholders which included Franklin Templeton, Brigade, AllianceBernstein and Harvard Management Company. The transaction involved eleven months of extensive negotiations with variousRead the full article →

Marblegate: what does it mean for European restructurings?

In a highly-anticipated decision on a long-running bondholder dispute, the US Court of Appeals for the Second Circuit issued its judgment last week in Marblegate Asset Management LLC v Education Management Corp.  It concluded that “Section 316(b) [of the US Trust Indenture Act 1939] prohibits only non-consensual amendments to anRead the full article →

Looking Ahead to 2017

Weil’s London Business Finance and Restructuring team is excited to bring you our Looking Ahead to 2017 bulletin, highlighting important trends, topics, and case developments likely to impact the restructuring and insolvency market next year. We hope you enjoy this first edition.