Follow Us
Call 855-808-4530 or email Gro[email protected] to receive your discount on a new subscription.
Syndicated loans are regularly used to raise large amounts of capital to finance business ventures. Depending upon how the syndication is structured, there is risk that the facility could be viewed as a security offering thereby injecting a significantly greater level of regulatory oversight into the transaction. In an important recent decision, the U.S. Court of Appeals for the Second Circuit reviewed a $1.7 billion syndicated loan and provided a helpful analytical framework for determining whether applicable securities laws were called into play. See, Kirschner v. JP Morgan Chase Bank, 2023 U.S. App. LEXIS 22327 (2d Cir. Aug. 24, 2023). In so doing, the court affirmed the U.S. District Court for the Southern District of New York’s decision that notes issued from the syndicated loan transaction were not securities under the application of the test set forth in the U.S. Supreme Court’s decision in Reves v. Ernst & Young, 494 U.S. 56 (1990).
Continue reading by getting
started with a subscription.
Litigation Finance Offers Significant Benefits for Restructuring Matters
By Jeffery Lula
In today’s volatile economic climate, companies need to be more creative to find ways to mitigate risk. Litigation finance is one of those out-of-the-box solutions that can provide benefits.
Key Win Likely for Commercial Shopping Center Lessor In Second Circuit
By Michael L. Cook
The Second Circuit, on remand from the U.S. Supreme Court, further remanded to the district court the key issue of whether the Chapter 11 debtor gave “adequate assurance of future performance of” a commercial real property shopping center lease “as required by [Bankruptcy Code] §365(b)(3)(A),” after the debtor’s assignment of its lease.
By Lawrence J. Kotler and Ryan Spengler
While this case does not fully open the courthouse doors to cannabis-related businesses and seemingly grants the bankruptcy courts a great deal of discretion when ruling on similar cases in the future, cannabis-related businesses may now have a roadmap to pursue reorganization.
By Francis J. Lawall and Brenden S. Dahrouge
In upholding the bankruptcy court’s determination that the payment of insurance proceeds could be such a transfer, the Fifth Circuit underscored the complex interplay between state law, bankruptcy law and the rights of creditors in bankruptcy proceedings.
Copyright © ALM Global, LLC. All Rights Reserved.
