Innovative asset-based lending is on the rise as a means of attracting new lenders while maintaining the strategic support of existing creditors. By Francesco Lione, David Walker, Tom Evans, and Catherine Campbell Raising fresh capital for portfolio companies in times of financial stress is always a delicate balancing act between attracting new lenders and maintaining … Continue Reading
The Simplification Decree (Decreto Semplificazioni) follows and puts into effect the earlier attempt of the Italian cabinet to facilitate capital increases. By Antonio Coletti, Isabella Porchia, and Marta Negro Law no. 120/2020 converting Law Decree no. 76/2020 (Decreto Semplificazioni), which entered into force today (Law no. 120/2020), introduces certain measures (see Article 44) facilitating capital … Continue Reading
The Recovery Decree aims to rapidly raise equity financing and counter liquidity shortage. By Antonio Coletti, Isabella Porchia, and Guido Bartolomei Law Decree, approved on 13 May 2020 (Recovery Decree) introduces provisions facilitating capital increases by Italian private and listed companies to rapidly raise equity financing and to counter liquidity shortage. In particular, article 45-bis … Continue Reading
Boards of struggling companies (and their auditors) must navigate choppy waters in terms of finalising their audited accounts in the midst of a global downturn. By James Chesterman, Dominic Newcomb, Helena Potts, and David Cooper-Parry The global downturn triggered by the COVID-19 pandemic continues to pose challenges to significant swathes of the worldwide economy. Companies … Continue Reading
To raise new debt at a time of low liquidity, leveraged and other sub investment grade companies must navigate restrictions in loan and bond documents. By James Chesterman, Helena Potts, James P. Burnett, and Karan Chopra Many companies are seeking funding to survive the currently unquantifiable impact of COVID-19. This blog post will consider issues … Continue Reading
Material adverse change provisions in credit agreements are under much heightened scrutiny in the current circumstances. By James Chesterman and Helena Potts In the current environment, both corporates and their lenders are trying to assess a fast-moving situation. Businesses are suspending operations, countries are limiting travel and non-essential activities, events are being cancelled and consumers … Continue Reading
UK-based offshore and subsea oil & gas services company solidifies its position and completes ownership transfer to noteholders in major company milestone. By John Houghton and Marc Hecht The recent Bibby Offshore recapitalisation[1] is as fair and equitable a restructuring as the media has seen, offering creditors an example of what an effective restructuring requires. This … Continue Reading
By Manu Gayatrinath and Katherine Putnam Since the 2008 financial crisis, the US Federal Reserve and other central banks in Europe have pumped trillions of dollars into the financial markets. Notwithstanding the amounts injected, a liquidity crunch in 2016 is unavoidable and could have a significant impact on available financing for PE sponsors. Several regulatory … Continue Reading
