Morrison Foerster’s MoFo Restructuring Round-Up provides our analysis of the statutory, regulatory, legal and business-related developments in the insolvency and restructuring world. Our goal is to provide timely, helpful, insightful and digestible content that will help you keep abreast of the trends that are shaping the industry.<h2>MORRISON FOERSTER’S BUSINESS RESTRUCTURING & INSOLVENCY GROUP</h2>We counsel clients around the globe on corporate distress. We advise debtors, creditors, creditors’ committees, ad hoc committees, secured lenders, and specialist investors and are confident in advising on significant multi-jurisdictional cases. The breadth of our practice allows us to find solutions for a broad range of participants in distressed markets and to help them find their way through their most complex issues. We are creative, pragmatic problem solvers and we know the restructuring world well.<h2>ABOUT MORRISON FOERSTER</h2>Morrison Foerster is a leading global law firm that transforms complexity into advantage for its clients. Our clients include some of the largest financial institutions, banks, consulting and accounting firms, and Fortune 100, technology, and life sciences companies. Highlighting the firm’s commitment to client service, leadership in market-changing deals and impact litigation, and values-based culture, Morrison Foerster has been repeatedly recognized as one of the top 10 firms on The American Lawyer’s A-List. Year after year, the firm receives significant recognition from Chambers and The Legal 500 across their various guides, including Global, USA, Asia‑Pacific, Europe, UK, Latin America, and FinTech Legal. Our lawyers passionately care about delivering legal excellence while living our values. Morrison Foerster has a long-standing commitment to creating a culture that respects and celebrates differences, while providing an inclusive environment. The firm has achieved Mansfield Certification Plus since 2018 as a result of successfully reaching at least 30 percent women, communities of color, and LGBTQ+ lawyer representation in a notable number of current leadership roles and committees. The firm also has a long history of commitment to the community and society through providing pro bono legal services, including litigating for civil rights and civil liberties, improving public education and fostering the wellbeing of children, advocating for veterans, promoting international human rights, enforcing the right to asylum, and safeguarding the environment.

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Insolvent Schemes and Restructuring Plans

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The Part A1 Moratorium

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The UK Restructuring Plan: Key Features and the Story So Far

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Resources

Amrit Khosa is an of counsel based in the London office of Morrison Foerster and a member of the Business Restructuring & Insolvency Group.Amrit advises clients on complex UK and cross-border restructuring and insolvency matters including distressed investing, loan to own strategies and M&A. He has experience advising a range of stakeholders in distressed situations, including financial institutions, investment funds, bondholders, ad hoc committees, corporate debtors and insolvency practitioners.Amrit’s experience extends to advising on a range of special situations, bespoke lending opportunities and more recently oil and gas related work following his two and half years as Senior Legal Counsel at Maersk Drilling A/S.Amrit has an M.Phil in Modern South Asian Studies from St Catharine’s College, Cambridge where he was a Lady Katherine Barnardiston (1633) Scholar. He has a B.A in German and History from University College London and completed his law conversion at BPP Law School.Before joining Morrison Foerster, Amrit was a senior legal counsel at Maersk Drilling in Copenhagen advising on a range of oil and gas drilling related matters. Prior to that he was a senior associate on the restructuring and special situations team at a leading international UK-based law firm.Amrit is qualified as a solicitor in England and Wales.

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Of Counsel

Amrit Khosa is an of counsel based in the London office of Morrison Foerster and a member of the Business Restructuring & Insolvency Group. Amrit advises clients on complex UK and cross-border restructuring and insolvency matters including distressed investing, loan to own strategies and M&A. He has experience advising a range of stakeholders in distressed situations, including financial institutions, investment funds, bondholders, ad hoc committees, corporate debtors and insolvency practitioners.

Amrit Khosa

<div class="videoWrapper" ><div class='youtube-wrapper'><iframe class="sticky-video" title="Meet Howard Morris, Restructuring Senior Of Counsel" src="https://www.youtube-nocookie.com/embed/LoCUxi5dJ8c?rel=0" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen="1" title="iframe"></iframe></div></div>Howard heads the Business Restructuring & Insolvency Group in the London office. He has more than 25 years’ experience in UK and international restructuring and insolvency work and has acted for banks, other secured and unsecured creditors, ad hoc committees, trade creditors, debtors, and acquirers of business and assets from insolvent companies.Howard’s experience covers every type of UK restructuring and insolvency procedure and he is one of the few English lawyers with hands on experience with the U.S. Chapter 11 process. He’s worked around the world and was elected chief executive of Dentons for two terms. Howard has a number of roles in professional organizations, for example he co–chairs the Projects Committee of the International Insolvency Institute, is active in the Institute’s pro bono work, most particularly African–related projects, has articles regularly published, and has been closely involved in development of MoFo’s guidance for clients on Brexit.Howard is an accredited Centre for Effective Dispute Resolution mediator, and he is particularly interested in mediating disputes arising out of restructurings and insolvency proceedings.

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Senior Of Counsel

Partner

Howard heads the Business Restructuring & Insolvency Group in the London office. He has more than 25 years’ experience in UK and international restructuring and insolvency work and has acted for banks, other secured and unsecured creditors, ad hoc committees, trade creditors, debtors, and acquirers of business and assets from insolvent companies. Howard’s experience covers every type of UK restructuring and insolvency procedure and he is one of the few English lawyers with hands on experience with the U.S. Chapter 11 process.

Howard Morris

The Honorable James M. Peck is head of Morrison Foerster’s Cross-Border Restructuring practice. Before joining Morrison Foerster, former Judge Peck served as a United States Bankruptcy Judge for the Southern District of New York from 2006 to 2014. During his judicial service, former Judge Peck presided over the chapter 11 and SIPA cases of Lehman Brothers and its affiliates and a number of other major chapter 11 and chapter 15 cases. As a judge, he has written multiple legal decisions that have helped to define the impact of the safe harbors on qualified financial contracts.Former Judge Peck has extensive experience and an enviable track record as a mediator of sophisticated commercial disputes. As mediator, he has succeeded in promoting settlements in a number of high-profile cases, including American Airlines, Syms/Filenes, MF Global, General Motors, Residential Capital, Excel Maritime, Toisa Limited, Pacific Drilling, and Trident Holding. He is a recognized global leader in the field and has spoken on the subject of mediation all over the world, most recently at conferences in Singapore and Barcelona. Notably, the Turnaround Management Association has recognized the mediation outcome achieved in Trident with its large deal of the year award.Former Judge Peck belongs to many professional organizations and has served in a variety of leadership roles within them. By invitation, he is a fellow of the American College of Bankruptcy and a member of the Panel of Recognized International Market Experts in Finance. He is a past president of the International Insolvency Institute, served on the board of governors of the National Conference of Bankruptcy Judges, and was judicial chair of the American Bankruptcy Institute’s annual New York City Bankruptcy Conference.Former Judge Peck co-chaired the ABI’s Advisory Committee on the Safe Harbors. He is a member of the Advisory Committee of the Asian Business Law Institute, is listed as a qualified member of mediation panels maintained by INSOL International, the Singapore Mediation Center, and the Singapore International Mediation Center, and has been named to the Panel of Arbitrators for Financial Services Disputes of the Hong Kong International Arbitration Center.Former Judge Peck has been retained on a number of occasions to furnish expert witness statements for submission to the High Court in London regarding issues of New York law, comity, and the recognition of main and non-main insolvency proceedings. He is also a frequent speaker worldwide on insolvency issues and has participated as keynote speaker and panel chair across the globe in conferences presented by numerous international organizations and law schools. These include INSOL International, the International Bar Association, INSOL Europe, and the National Conference of Bankruptcy Judges. He has authored articles published in the American Bankruptcy Institute Journal and International Insolvency & Restructuring Report, and is an editor of a recently published book titled The Art of the Ad Hoc.Before his judicial appointment, former Judge Peck was in private practice for over 35 years, concentrating for much of that time on bankruptcy law, business reorganization, and creditors’ rights. He was a partner in the reorganization and finance section of Duane Morris LLP and co‑head of the business reorganization department of Schulte Roth & Zabel LLP.

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The Honorable James M. Peck is head of Morrison Foerster’s Cross-Border Restructuring practice. Before joining Morrison & Foerster, former Judge Peck served as a United States Bankruptcy Judge for the Southern District of New York from 2006 to 2014. During his judicial service, former Judge Peck presided over the chapter 11 and SIPA cases of Lehman Brothers and its affiliates and a number of other major chapter 11 and chapter 15 cases. As a judge, he has written multiple legal decisions that have helped to define the impact of the safe harbors on qualified financial contracts.

James Michael Peck

Lorenzo is global co-chair of the firmwide Business Restructuring & Insolvency Group. Lorenzo represents debtors, creditors, and creditors’ committees in complex bankruptcy cases, workouts, and litigation. His cases have spanned the United States as well as countless industries, such as airline and cargo transportation, mortgage origination and servicing, retail, banking and finance, energy, oil and gas, and telecommunications.Lorenzo has represented the official committee of unsecured creditors in numerous recent chapter 11 cases, including Windstream Holdings, Inc., Cloud Peak Energy, Westmoreland Coal Company, Inc., The NORDAM Group, Inc., Avaya Inc., Armstrong Energy, Inc., 21st Century Oncology Holdings, Inc., Peabody Energy, Inc., Energy Future Holdings, Corp., and UCI International, Inc. He also recently represented Maxus Energy Corporation and HOVENSA LLC in their chapter 11 cases.Lorenzo’s deep experience and capabilities advising on precedent-setting bankruptcy and restructuring matters have not gone unnoticed. He is listed as a leading lawyer in Chambers USA and has also been recommended by The Legal 500 US. He was also designated by Turnarounds & Workouts magazine as an Outstanding Restructuring Lawyer for his accomplishments in 2016 and 2017.

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Lorenzo is global co-chair of the firmwide Business Restructuring & Insolvency Group. Lorenzo represents debtors, creditors, and creditors’ committees in complex bankruptcy cases, workouts, and litigation. His cases have spanned the United States as well as countless industries, such as airline and cargo transportation, mortgage origination and servicing, retail, banking and finance, energy, oil and gas, and telecommunications.

Lorenzo Marinuzzi

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Welcome to our site! We look forward to sharing our analysis of the statutory, regulatory, legal and business related developments in the insolvency and restructuring world with you.You can expect <a href="#" target="_self">articles</a>, infographics and podcasts, as well as some interactive content, such as webinars and events. We would very much like to engage with you, so we encourage you to contact any of the authors or editors, should our content inspire or capture your interest or should you wish to discuss.

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An Overview of Sovereign Debt Restructuring

Crypto Exchange Bankruptcies: Are Prepetition Crypto Withdrawals and DeFi Loan Repayments Avoidable Preferences?

The National Security and Investment Act 2021: The UK Government Updates the Consequences of the Appointment of Liquidators and Receivers

Substance over Form: How the Rule in Gibbs lives on

Will Creditors Amend and Extend or Enforce With(out) Remorse?

On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides $2 trillion in economic stimulus for industries and individuals faced with challenges from the COVID-19 coronavirus. The legislation is over 850 pages and amends several provisions of title 11 of the United States Code (the “Bankruptcy Code”) by providing financially distressed small businesses and individuals with greater access to bankruptcy relief.<a href="https://www.mofo.com/resources/insights/200330-bankruptcy-relief-cares-act.html" target="_blank">Read our client alert</a>.

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Mark A. Lightner is of counsel in the New York office of Morrison & Foerster LLP, where his practice focuses on advising senior management, boards of directors, and public figures on all aspects of co

Mark Lightner

Mark Alexander Lightner

In re Valaris plc, et al.

 In re Grupo Aeroméxico, S.A.B. de C.V.

In re Murray Energy Holdings Co., et al.

In re Windstream Holdings, Inc., et al.

In re Westmoreland Coal Company, et al.

In re Cloud Peak Energy, et al.

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Associate

Kat Richardson is an associate in Morrison & Foerster’s Business Restructuring & Insolvency Group in the New York office.  
Kat represents debtors and creditors in chapter 11 bankruptcy cases, as well

Katherine Richardson Arnould

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CARES Act Provides Limited Bankruptcy Relief

CARES Act Provides Limited Bankruptcy Relief

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On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides $2 trillion 

Currently, when a UK airline enters insolvency, its operations cease, aeroplanes are grounded and passengers are stranded – in part due to the heavy industry regulation and, in part, because of complex aeroplane financing arrangements. Any operational continuity enabling the repatriation of passengers would be a loss-making activity likely to deplete the amount of money available to the company’s creditors; a result that would be contrary to the aim of UK insolvency processes in general. This starkly contrasts with insolvent U.S. airlines, all of which have been in U.S. chapter 11 bankruptcy and continued their operations until restructured. The UK government proposals for reform would introduce very different systems for airlines.The recent and notable insolvency of two UK airlines includes the administration of Monarch Airlines in 2017, which required the repatriation of approximately 110,000 passengers at a cost of £60 million, and the compulsory liquidation of Thomas Cook in 2019, which required the repatriation of approximately 150,000 passengers at a cost of approximately £100 million. In both cases, the repatriation of passengers was funded by the UK taxpayer and through the Air Travel Organiser’s Licence (ATOL) scheme. The administration of Monarch Airlines generated an appetite for a review of airline insolvency by the UK government’s Department for Transport.The final report on the airline insolvency review (AIR) was published in May 2019. The AIR makes recommendations, including the introduction of a:1. Special Administration Regime for airlines (SAR) that enables airlines to keep flying for as long as required to repatriate passengers;2. Flight Protection Scheme, a formal repatriation regime funded by consumers at the point of sale in the form of a passenger levy (expected to be approximately 49 pence for the first five years, dropping to around 40 pence thereafter); and3. Regulatory “toolkit” for the Civil Aviation Authority (CAA), the UK’s aviation regulation, which, among a number of oversight measures that monitor an airline’s financial health, allows the CAA to issue a temporary licence. The temporary licence will allow an airline to operate aeroplanes to repatriate customers.In January 2020, the UK airline Flybe appeared to have delayed its possible insolvency by making a deal with the government to delay tax repayments. This news, together with the recent compulsory liquidation of Thomas Cook, highlights the need for the implementation of a new insolvency regime for airline insolvencies. The AIR proposes recommendations for an innovative airline insolvency regime; however, at a point before legislative implementation, that new regime will cause uncertainty as to its effect on creditors, who could see reduced proceeds in the event of insolvency.This alert is relevant to airline companies in financial distress and their directors and creditors (in particular lessors and lenders), as well as insolvency practitioners.<a href="https://www.mofo.com/resources/insights/200129-uk-future-airline-insolvency.html" target="_blank">Read our client alert</a>.


Howard heads the Business Restructuring & Insolvency Group in the London office. He has more than 25 years’ experience in UK and international restructuring and insolvency work and has acted for bank

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A Clear or Cloudy Flight Path? The UK’s Future Airline Insolvency Regime

UK Plans for Robust Life Sciences Regulation Post-Brexit

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Currently, when a UK airline enters insolvency, its operations cease, aeroplanes are grounded and passengers are stranded – in part due to the heavy industry re

A Clear or Cloudy Flight Path? The UK’s Future Airline Insolvency Regime

Welcome to our site! We look forward to sharing our analysis of the statutory, regulatory, legal and business related developments in the insolvency and restructuring world with you.You can expect articles, infographics and podcasts, as well as some interactive content, such as webinars and events. We would very much like to engage with you, so we encourage you to contact any of the authors or editors, should our content inspire or capture your interest or should you wish to discuss.

In re AeroCentury Corp.

In re Westmoreland Coal Company, et al. 

In re The NORDAM Group, Inc., et al. 

In re 21st Century Oncology Holdings, Inc., et al. 

In re Avaya Inc., et al. 

In re UCI International, LLC, et al. 

In re Maxus Energy Corporation, et al. 

In re Peabody Energy, Inc., et al.

In re HOVENSA LLC 

In re Walter Energy Inc., et al. 

In re Patriot Coal Corporation, et al. 

In re Energy Future Holdings Corp., et al. 

In re Residential Capital, LLC, et al. 

In re MF Global Holdings Ltd., et al. 

In re Pinnacle Airlines Corp., et al.  

In re Los Angeles Dodgers LLC, et al. 

In re Mesa Air Group, Inc., et al.  

In re Caribbean Petroleum Corp., et al.  

In re Hawaiian Telcom Communications, Inc., et al.  

Innkeepers USA Trust 

Pacific Energy Resources Ltd.  

Lorenzo is global co-chair of the firm wide Business Restructuring & Insolvency Group. Lorenzo represents debtors, creditors, and creditors’ committees in complex bankruptcy cases, workouts, and litig

In re Sears Holdings Corp.

In re MatlinPatterson Global Advisers LLC

In re Gulf Coast Health Care

Unnamed Failed Hedge Fund

In re Trident Holding Co.

 In re SLS Capital S.A.

 In re Our Alchemy LLC

In re Miami Metals

In re GUE Liquidation Trust

In re Fairway Markets

In re Pacific Drilling S.A.

In re Perforadora Oro Negro, S. de R.L. de C.V. et al.

In re NineWest Holdings, Inc.

In re Tribune Company

In re Toisa Limited

In re Essar Steel Minnesota LLC

In re Maxus Energy Corporation

In re Energy Future Holdings Corp., et al.

The Honorable James M. Peck is head of Morrison & Foerster’s Cross-Border Restructuring practice. 
Before joining Morrison & Foerster, former Judge Peck served as a United States Bankruptcy Judge for 

James Peck

Ad-hoc bondholder committee

Scandinavian investment fund and shareholder

Syndicate of lenders

Consortium of investment funds

International bank

Fixed charge receivers

Amrit Khosa is an of counsel based in the London office of Morrison & Foerster and a member of the Business Restructuring & Insolvency Group.
Amrit advises clients on complex UK and cross-border restr

Welcome to MoFo Restructuring Round-Up

Welcome To Mofo Restructuring Round-Up

CARES Act Provides Limited Bankruptcy Relief

By: Mark Alexander Lightner and Katherine E. Richardson Arnould

A Clear or Cloudy Flight Path? The UK’s Future Airline Insolvency Regime

By: Howard Morris

Welcome to MoFo Restructuring Round-Up

By: Lorenzo Marinuzzi, James Michael Peck, Howard Morris and Amrit Khosa