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|a HCDD
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|a The law and practice of restructuring in the UK and US /
|c edited by Christopher Mallon, Shai Y. Waisman.
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|a Law and practice of restructuring in the United Kingdom and United States
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|a Oxford ;
|a New York :
|b Oxford University Press,
|c 2011.
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|a 1 online resource (xliii, 489 pages)
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|a text
|b txt
|2 rdacontent
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|a computer
|b c
|2 rdamedia
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|a online resource
|b cr
|2 rdacarrier
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|a Includes bibliographical references and index.
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|a Print version record.
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|a The Law and Practice of Restructuring in the UK and US is a practical guide to the restructuring of corporate debt and associated restructuring issues such as employees and pensions, from the perspective of both UK and New York law, the dominant systems of law in the world commercial and financial markets. At a time when many companies are looking at renegotiating and restructuring their debt agreements, this book provides a timely analysis of current techniques and likely developments in the field of corporate restructuring. An expert contributor team from both the US and UK combine their practical experience to cover all aspects of corporate restructuring. Through vivid exposure of the differences between the two jurisdictions, this book considers likely developments in the corporate restructuring landscape, for example the US Chapter 11 paradigm, as well as addressing lessons learned from past issues which are likely to feed into future develompents With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance and insolvency practitioners and their clients, both financial institutions and companies looking to restructure debt, as well as global accountancy firms and law and business schools worldwide.
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|a Cover -- Contents -- List of Contributors -- Table of Cases -- Table of Legislation -- 1. Introduction -- 2. Emergency Sales in the US and the UK -- 2.1 Introduction -- 2.2 Emergency sales in the US -- 2.2.1 Distressed sales in the US -- 2.2.2 Distressed sales in the US outside bankruptcy -- 2.2.3 Distressed sales in the US in bankruptcy -- 2.3 Emergency sales in the UK -- 2.3.1 Introduction -- 2.3.2 Key features -- 2.3.3 Sale process -- 2.3.4 Importance of valuation -- 2.3.5 Consideration -- 2.3.6 Due diligence -- 2.3.7 Limited contractual protection -- 2.3.8 Transitional services -- 2.3.9 Sale structure -- 2.3.10 Purchaser perspective -- 2.3.11 Seller perspective -- 2.3.12 Hive-downs -- 2.3.13 Directors' duties -- 2.3.14 Wrongful trading -- 2.3.15 Vulnerable transactions -- 2.3.16 Preferences -- 2.3.17 Protective measures -- 2.3.18 Role of stakeholders -- 2.3.19 Shadow directorship issue -- 2.3.20 Bondholders -- 2.3.21 Shareholders -- 2.3.22 Listed company shareholders -- 2.3.23 Employees -- 2.3.24 Pensions -- 2.3.25 Regulators and competition authorities -- 2.3.26 Sales within insolvency proceedings -- 3. US and UK Tender Offers, Exchange Offers and Other Out-of-Court Restructurings -- 3.1 Introduction -- 3.2 US restructurings -- 3.2.1 General issues and considerations -- 3.2.2 Cash repurchases of outstanding securities and tender offers -- 3.2.3 Registered, section 3(a)(9), and section 4(2) exchange offers -- 3.2.4 Amendments of outstanding debt securities -- 3.2.5 Prepackaged plans of reorganization -- 3.2.6 Bankruptcy Code provisions and rules relating to prepackaged chapter 11 plans -- 3.3 UK bond repurchases and amendments -- 3.3.1 General issues and considerations -- 3.3.2 Repurchase of publicly listed debt -- 3.3.3 Cramming down using debt tender offers and covenant strips -- 3.4 Conclusion -- 4. Loan Buybacks -- 4.1 Introduction.
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|a 4.2 UK and US perspectives on buyback -- 4.2.1 Common buyback structures -- 4.2.2 Documentation issues -- 4.2.3 Other legal and practical considerations -- 4.2.4 Buyback methods -- 4.2.5 Alternatives to buybacks -- 4.2.6 Market trends -- 4.2.7 Industry group developments -- 4.2.8 Recent cases -- 5. Duties of Directors and Management of Distressed Companies -- 5.1 Introduction -- 5.2 Fiduciary duties of corporate directors within the context of insolvency in the UK -- 5.2.1 Who owes the general duties? -- 5.2.2 Determining when duties may be owed to creditors -- 5.2.3 Directors' duties at common law -- 5.2.4 Directors' statutory duties under the Companies Act 2006 -- 5.2.5 Directors' statutory duties under the Insolvency Act 1986 -- 5.2.6 Antecedent transactions -- 5.2.7 Disqualification of directors -- 5.3 Fiduciary duties of directors in management of distressed corporations in the US -- 5.3.1 Duty of loyalty -- 5.3.2 Duty of care -- 5.3.3 Duty of disclosure -- 5.3.4 Alternate entities -- 5.3.5 The business judgment rule -- 5.3.6 Fiduciary duties in the zone of insolvency -- 5.4 Conclusion -- 6. Waivers, Amendments, and Standstills -- 6.1 Introduction -- 6.1.1 Waivers-temporary fixes -- 6.1.2 Amendments-short- or long-term fixes -- 6.1.3 Standstills-contractual or mandatory eg chapter 11/administration -- 6.1.4 Legal considerations -- 6.2 Voting requirements -- 6.2.1 Unanimous/super majority matters -- 6.2.2 Majority lender/holder matters -- 6.2.3 Negative control -- 6.2.4 Disenfranchisement of certain debt holders -- 6.3 Dealing with hold outs -- 6.3.1 Snooze and lose -- 6.3.2 Yank the bank -- 6.3.3 Forward starts -- 6.4 Process-How to obtain waivers and amendments -- 6.4.1 Syndicated loans UK/US -- 6.4.2 Bonds -- 6.4.3 Fees -- 7. Giving Effect to Debt Compromise Arrangements-Binding the Minority or Out of the Money Classes of Creditors.
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|a 7.1 Introduction -- 7.2 English law -- 7.2.1 Contractual compromise -- 7.2.2 Voluntary arrangements -- 7.2.3 Schemes of arrangement -- 7.3 US law -- 7.3.1 Introduction -- 7.3.2 Out of court agreements between borrower and creditor(s) -- 7.3.3 Prepackaged bankruptcies -- 7.3.4 Chapter 15, section 304 and schemes of arrangement -- 7.4 Conclusion -- 8. Restructuring Through US Chapter 11 and UK Prepack Administration -- 8.1 Introduction -- 8.2 US chapter 11 -- 8.2.1 Why use a formal insolvency process? -- 8.2.2 An overview of chapter 11 -- 8.2.3 The plan confirmation process -- 8.2.4 Prepackaged, prenegotiated, and free-fall chapter 11 cases -- 8.3 UK prepack administration -- 8.3.1 What is a prepackaged insolvency sale or 'pre pack'? -- 8.3.2 Who drives the strategy in a restructuring? -- 8.3.3 Formal insolvency process -- 8.3.4 Considerations for the office holder -- 8.3.5 Particular considerations for secured lenders -- 8.3.6 Why do stakeholders use pre packs? -- 8.3.7 What is the purpose of a pre pack? -- 8.3.8 What are the disadvantages of a pre pack? -- 8.3.9 Issues arising in the retail sector -- 8.3.10 Tax and pre packs -- 8.3.11 Employee issues -- 8.3.12 Regulation of pre packs -- 8.3.13 Sip 16 consultation and reporting -- 8.4 Conclusion -- 9. Tax Issues in Restructuring -- 9.1 Introduction -- 9.2 US tax -- 9.2.1 Debt-for-debt exchanges, and significant modifications of debt -- 9.2.2 Debt repurchases and related party acquisitions of debt -- 9.2.3 Debt-for-equity exchanges -- 9.2.4 Cancellation of debt income exceptions -- 9.2.5 Change in ownership limitations on tax attributes -- 9.2.6 Additional planning considerations -- 9.3 UK tax -- 9.3.1 Debt restructuring-general -- 9.3.2 Loan relationships -- 9.3.3 Debt restructuring-specific cases -- 9.3.4 Debt repurchases -- 9.3.5 Tax consequences of a change in control -- 9.3.6 Conclusion.
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|a 10. Restructuring of Structured Finance Transactions -- 10.1 Introduction -- 10.1.1 Upheaval in the global capital markets -- 10.1.2 Structured finance restructurings are opportunistic -- 10.1.3 Factors that enable a restructuring to occur -- 10.2 Issues in restructuring -- 10.2.1 Practical issues -- 10.2.2 Legal issues -- 10.3 Transaction types -- 10.3.1 The rise and fall of structured investment vehicles -- 10.3.2 Collateralized debt obligations -- 10.3.3 Commercial mortgage-backed securities -- 10.4 Conclusions -- 11. Compromising Shareholder Claims both Generally and in Listed Companies -- 11.1 Introduction -- 11.2 US -- 11.3 UK -- 11.3.1 Who are the shareholders? -- 11.3.2 Economic interest -- 11.3.3 Valuation -- 11.3.4 Situations requiring a compromise of shareholder rights -- 11.3.5 Funding issues -- 11.3.6 Balance sheet restructuring -- 11.3.7 Implementation techniques -- 11.3.8 Shareholder rights -- 11.4 Conclusion -- 12. Employees and Trade Unions -- 12.1 Introduction -- 12.2 Employees and trade unions in the US -- 12.2.1 Bildisco and section 1113 -- 12.2.2 Standards for rejection of collective bargaining agreements -- 12.2.3 Effects of rejection -- 12.2.4 Conclusion -- 12.3 Employees and trade unions in the UK -- 12.3.1 Advantages of a strategic approach -- 12.3.2 Insolvency -- 12.3.3 TUPE Regulations 2006 -- 12.3.4 Employment relations and consultation -- 13. Pension Scheme Trustees and Regulators -- 13.1 Introduction -- 13.2 UK -- 13.2.1 Introduction -- 13.2.2 Pensions legislation affecting insolvency and restructuring -- 13.2.3 Apportionment arrangements and withdrawal arrangements -- 13.2.4 The Pension Protection Fund -- 13.2.5 The Pensions Regulator -- 13.2.6 Pension scheme restructuring -- 13.3 US -- 13.3.1 Pensions legislation affecting insolvency and restructuring -- 13.3.2 Pension termination insurance program.
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|a 13.3.3 Termination of single employer plans-involuntary or distress termination -- 13.3.4 Rights of the PBGC following any plan termination -- 13.3.5 363 Sale of assets by debtor -- 13.3.6 Termination in violation of a collective bargaining agreement is not allowed -- 13.3.7 PBGC premiums payable by reorganized debtors -- 13.3.8 Restoration of terminated plans -- 13.4 Conclusion -- 14. Cross-Border Issues -- 14.1 Introduction -- 14.2 Cross-border insolvency in the UK -- 14.2.1 EC Regulation on insolvency proceedings -- 14.2.2 Implementation of the UNCITRAL Model Law on Cross Border Insolvency Proceedings (the 'Model Law') in Great Britain -- 14.2.3 Cross-border jurisdiction under the Insolvency Act 1986 -- 14.2.4 English common law -- 14.3 Cross-border insolvency in the US -- 14.3.1 Cross-border insolvencies prior to the Bankruptcy Reform Act of 1978 -- 14.3.2 Section 304 of the Bankruptcy Code -- 14.3.3 Chapter 15 of the US Bankruptcy Code -- 14.4 Conclusion -- Index -- A -- B -- C -- D -- E -- F -- H -- I -- L -- M -- N -- O -- P -- Q -- R -- S -- T -- U -- V -- W -- Y -- Z.
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| 650 |
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|a Corporate debt
|z Great Britain.
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|a Corporate debt
|x Law and legislation
|z Great Britain.
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|a Corporate debt
|z United States.
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|a Corporate debt
|x Law and legislation
|z United States.
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|a Corporate reorganizations
|z Great Britain.
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|a Corporate reorganizations
|x Law and legislation
|z Great Britain.
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|a Corporate reorganizations
|z United States.
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|a Corporate reorganizations
|x Law and legislation
|z United States.
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|a LAW
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|a Corporate debt
|2 fast
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|a Corporate debt
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|a Corporate reorganizations
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|a Corporate reorganizations
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|a Great Britain
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| 700 |
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|a Mallon, Christopher.
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| 700 |
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|a Waisman, Shai Y.
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| 758 |
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|i has work:
|a The law and practice of restructuring in the UK and US (Text)
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|y Click for online access
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