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 →
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 →
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 →
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.
On 22 November 2016, the European Commission announced a draft directive on insolvency, restructuring and second chance in the EU in the form of the EU Business Restructuring Directive (the “Proposed Directive“) which can be read here. The Proposed Directive proposes reforms to EU law in the following three areas:Read the full article →