DIP financing

New York court rejects LATAM DIP financing

A New York court has rejected a US$2.4 billion debtor-in-possession loan secured by Chile's LATAM from its shareholders, finding it had the effect of forcing an equity swap in a future restructuring.

15 September 2020

A balancing Act: the UK’s new corporate insolvency and governance law

When the clock struck midnight on 25 June, the UK’s restructuring and insolvency regime suddenly looked a lot friendlier for debtors, both temporarily pending the coronavirus’ havoc on the UK economy, and permanently. But does the new legislation rushed through parliament in under a month provide a serious contender to Chapter 11’s crown, or does it merely bring the UK up-to-date with the 1970s as one practitioner suggested?

11 September 2020

IBA webinar: LatAm airline Chapter 11s, forum shopping or sound strategy?

Specialists from the US, Brazil, Chile and Mexico met to discuss the allure of the Chapter 11 process for Latin American’s three largest airlines, Avianca, LATAM and Aeroméxico, as well as the potential pitfalls of forum shopping.

10 September 2020

Can legal liberalisation rescue businesses from covid-19 catastrophe?

Mayer Brown partners Trevor Borthwick and Devi Shah in London, Tom Pugh in Hong Kong and counsel Monique Mulcare in New York ask: is further legal liberalisation needed to stimulate the rescue of viable companies affected by the covid-19 pandemic?

07 September 2020

Avianca launches bid for DIP funding as it navigates Chapter 11 restructuring

Colombian-Panamanian airline Avianca has announced it has reached “key agreements” with lenders to obtain debtor-in-possession (DIP) financing as it continues to restructure through a Chapter 11 process in New York.

21 August 2020

World’s largest offshore rig owner files Chapter 11 with Kirkland and Slaughters advising

London-incorporated offshore drilling contractor Valaris has filed Chapter 11 proceedings in Texas to deal with its US$7 billion debt pile, with plans to launch at least one parallel process in the UK.

20 August 2020

Brown Rudnick recruits Baker & Hostetler partner in Washington DC

Baker & Hostetler partner Eric Goodman, who has credits on the Takata and PG&E bankruptcies, has moved to Brown Rudnick in Washington, DC.

20 August 2020

Speedcast agrees sale to support Chapter 11 exit

Australian satellite communications group Speedcast has agreed to sell its business to a US private equity firm, in a deal that would see disgruntled shareholders lose out when it emerges from bankruptcy.

14 August 2020

US court approves Ann Taylor parent’s first-day motions

The parent company of women’s clothes retailer Ann Taylor has secured several first-day orders in its Chapter 11 proceedings in Virginia, with Kirkland & Ellis and Cooley advising.

30 July 2020

LATAM's Brazil arm joins Chapter 11, as recognition granted in Chile and Colombia

LATAM Airlines Brasil has joined in the New York Chapter 11 proceedings of its South American parent, as the group secured recognition of its US bankruptcy in Chile and Colombia.

10 July 2020

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