Distressed Download

A New York state court has voided a $1.3 million loan agreement to a corporate borrower because the loan agreement’s stated interest rate of 34% violated New York’s criminal usury law st...

https://blogs.orrick.com/distressed-download/2023/09/14/lender-fees-at-risk/

The United States Court of Appeals for the Second Circuit recently affirmed the 2020 Kirschner v. JP Morgan Chase Bank, N.A. ruling that a secured $1.775 billion syndicated term loan to Millenniu...

https://blogs.orrick.com/distressed-download/2023/09/11/kirschner-court-adopts-fact-specific-analysis-to-conclude-that-loans-are-not-securities/

If you know anything about syndicated loan trading, you probably know the basics of transfer restrictions. New term lenders typically need the consents of the administrative agent and the borrowe...

https://blogs.orrick.com/distressed-download/2023/05/19/loan-trading-101-how-to-ensure-you-get-it-right-with-transfer-restrictions/

Earlier this month, the LSTA published a market advisory outlining some recent changes to the disqualified institutions provisions (the “LSTA DQ Structure”) set forth in the LSTA’s Model Cr...

https://blogs.orrick.com/distressed-download/2022/06/13/the-lstas-updated-dq-structure-loan-trading-and-drafting-considerations/

  For over a decade, Lehman Brothers Special Financing (“LBSF”) has been litigating the enforceability of so-called “flip clauses” in connection with the post-bankruptcy liquidation of s...

https://blogs.orrick.com/distressed-download/2020/09/02/second-circuit-affirms-enforceability-of-flip-provisions-in-swap-agreements-under-bankruptcy-code-safe-harbor/

  On May 22, 2020, the loan market let out a collective sigh of relief as Judge Gardephe dismissed the Millennium Lender Claim Trust’s complaint alleging securities law violations related to t...

https://blogs.orrick.com/distressed-download/2020/05/28/loan-market-breathes-a-sigh-of-relief-as-sdny-district-court-finds-loan-are-not-securities/

  Insurance markets have been watching the Supreme Court’s docket for its ruling on whether the Federal Government must compensate some of health insurers’ losses. Today the Supreme Court ru...

https://blogs.orrick.com/distressed-download/2020/04/27/supreme-court-rules-the-federal-government-must-pay-health-insurers-multi-billion-dollar-risk-corridor-claims/

  Since the last financial crisis, borrowers and private equity sponsors have cut distressed investors out of most European leveraged loan deals. According to Reorg Debt Explained about 66% of E...

https://blogs.orrick.com/distressed-download/2020/04/20/covid-19-related-defaults-in-european-leveraged-loans-could-create-opportunities-for-distressed-investors/

  On April 2, 2020, six days after the CARES Act was enacted, the Small Business Administration (“SBA”) released an interim final rule (the “Interim Final Rule”) implementing the Paychec...

https://blogs.orrick.com/distressed-download/2020/04/03/cares-act-update-small-business-administration-releases-paycheck-protection-program-regulations/

  In a very short time, the COVID-19 pandemic has spread frightening levels of uncertainty all around the world. While many schools, businesses, and houses of worship have closed, the financial ...

https://blogs.orrick.com/distressed-download/2020/03/30/secondary-trading-as-usual/