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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The Honorable James M. Peck retired from Morrison Foerster upon his appointment as an International Judge of the Singapore International Commercial Court in January 2024. While at Morrison Foerster, Judge Peck chaired Morrison Foerster’s Cross-Border Restructuring practice and also headed the firm’s Mediation practice. Before joining Morrison Foerster, Judge Peck served as a U.S. Bankruptcy Judge for the Southern District of New York from 2006 to 2014, where he 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 and wrote multiple legal decisions that have helped define the impact of safe harbors on qualified financial contracts.By invitation, Judge Peck 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 currently chairs the Business Bankruptcy Advisory Committee for the Southern District of New York.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 included on the Panel of Arbitrators for Financial Services Disputes of the Hong Kong International Arbitration Center and the Panel of Arbitrators of the Singapore International Arbitration Center.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 a keynote speaker and a panel chair around 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 in the Southern District of New York, Judge Peck was in private practice for over 35 years, concentrating much of that time on bankruptcy law, business reorganization, and creditors’ rights.

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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 Peck

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 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 Peer Street, Incora/Wesco, Clovis Oncology, Valaris, 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.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 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 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.

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London BRIG Update December 2023

The Administrator – An Officer of the Company?

European Uptier Transactions: Six Things to Look Out For

Liquidity Crises and Fiduciary Duties of Directors of Early-Stage Companies

High Court Rules that ISDA Bankruptcy-Related Events of Default Can Be Cured in Lehman Case

Howard Morris, Amrit Khosa, and Jai Mudhar discuss the Part 26A restructuring plan and the legal developments that have unfolded since its introduction.This pragmatic and informative discussion is designed to equip our clients with the latest updates to help navigate the months ahead.<iframe src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1101554182&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true" title="MoFo Perspectives - The Part 26A Restructuring Plan" allow="autoplay" frameborder="no" scrolling="no" width="100%" title="iframe"></iframe>

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MoFo Perspectives: The Part 26A Restructuring Plan – A Year On and Beyond

MoFo Perspectives: The Part 26A Restructuring Plan – A Year On and Beyond

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Howard Morris, Amrit Khosa, and Jai Mudhar discuss the Part 26A restructuring plan and the legal developments that have unfolded since its introduction.
This pr

Many investors, including PE firms, are waiting with bated breath to see how the UK economy, currently dependent on COVID-19-related government support, will respond once that stimulus is withdrawn. An increase in UK company insolvencies is expected, creating opportunities for savvy investors to acquire businesses at bargain prices, while at the same time appearing to be white knights swooping in to save a beloved high street brand or large regional employer.Buying from an insolvency officeholder, such as an administrator or liquidator, is significantly different from a solvent sale. Here we highlight the top ten things investors should look out for in a distressed sale.<a target="_blank" href="https://www.mofo.com/resources/insights/210630-buying-insolvent-uk-companies.html">Read our client alert</a>.

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Buying Insolvent UK Companies Post Covid: Ten Top Tips for PE Investors

Buying Insolvent UK Companies Post Covid: Ten Top Tips for PE Investors

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Many investors, including PE firms, are waiting with bated breath to see how the UK economy, currently dependent on COVID-19-related government support, will re

On 8 July 2021, the Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations) will come into force in the UK and introduce a new special administration regime for insolvent payment institutions (PIs) and electronic money institutions (EMIs). The key purposes of the Regulations are to ensure that, if a PI or EMI becomes insolvent (and/or it is fair or expedient to put the institution into special administration), funds are quickly returned to customers and any shortfalls in the amounts available are minimised.<a target="_blank" href="https://www.mofo.com/resources/insights/210628-payment-electronic-money.html">Read our client alert</a>.

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New UK Insolvency Regime for Payment and Electronic Money Institutions

New UK Insolvency Regime for Payment and Electronic Money Institutions

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On 8 July 2021, the Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations) will come into force in the UK and introduce a new sp

In dismissing Darty Holdings SAS’ (“Darty”) appeal in a recent decision, Miles J. has confirmed that an English court will look at the actual relationship between the parties involved, rather than the wider context, when considering whether those parties are connected. This will be the case even where the wider context consists of a transaction that will, immediately following the relevant transaction, sever that relationship.This decision will prove an unwelcome development for lenders with security over shares. The mortgagee will be a connected person if it is able to vote with shares comprising a third or more of the company’s voting shares and while the lender will usually exclude that power until enforcement of the mortgage, they will then be “connected” under the Insolvency Act 1986 (the “Act”).<a target="_blank" href="https://www.mofo.com/resources/insights/210525-darty-holdings-sas-carton-kelly.html">Read our client alert</a>.

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Darty Holdings SAS v Carton-Kelly: Are We Just Talking or Is There a Connection Here?

Darty Holdings SAS v Carton-Kelly: Are We Just Talking or Is There a Connection Here?

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In dismissing Darty Holdings SAS’ (“Darty”) appeal in a recent decision, Miles J. has confirmed that an English court will look at the actual relationship betwe

The Corporate Insolvency and Governance Act 2020 introduced a new restructuring plan (the “Restructuring Plan”) under Part 26A of the Companies Act 2006. As a recent entrant into the market, the Restructuring Plan is now making noise – most notably, when its cross-class cram-down feature was used, for the first time, by a UK subsidiary of DeepOcean Group Holding B.V. (together with all of its subsidiaries, the “DeepOcean Group”). The DeepOcean Group’s use of the Restructuring Plan also marks the first time that a Restructuring Plan has been used to facilitate a solvent wind-down, rather than a rescue.This client alert summarises the latest developments relating to the Restructuring Plan and is relevant to disrupted, stressed, and distressed companies, as well as their directors and creditors.<a href="https://www.mofo.com/resources/insights/210201-less-scheming-cross-class.html" target="_blank">Read our client alert</a>.

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Less Scheming: Cross-Class Cram-Downs Are Out in the Open for All to See

UK Plans for Robust Life Sciences Regulation Post-Brexit

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The Corporate Insolvency and Governance Act 2020 introduced a new restructuring plan (the “Restructuring Plan”) under Part 26A of the Companies Act 2006. As a r

Less Scheming: Cross-Class Cram-Downs Are Out in the Open for All to See

On Sunday, December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, which provides $900 billion in a second wave of economic stimulus relief for industries and individuals faced with challenges from the COVID-19 coronavirus. This legislation supplements the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and further 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. Chapter 11 debtors may even have a way to receive CARES Act funding if the Small Business Act Administrator determines these debtors are eligible.Importantly, the Consolidated Appropriations Act includes two key amendments for commercial landlords: (1) reduced preference exposure and (2) increased rent deferral under executory contracts.<a href="https://www.mofo.com/resources/insights/210119-new-covid-19-bill.html" target="_blank">Read our client alert</a>.

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Mark is chair of Morrison & Foerster’s Global Real Estate Group. Mark practices in the areas of real estate finance, private equity, workouts, restructurings, and bankruptcies. 

Mark S. Edelstein

Mark is chair of Morrison Foerster’s Global Real Estate Group. Mark practices in the areas of real estate finance, private equity, workouts, restructurings, and bankruptcies.

Mark Edelstein

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New COVID-19 Bill Provides Additional Bankruptcy Relief

New COVID-19 Bill Provides Additional Bankruptcy Relief

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On Sunday, December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, which provides $900 billion in a second wave of economic stim

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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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>.

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

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.

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

The Honorable James M. Peck retired from Morrison Foerster upon his appointment as an International Judge of the Singapore International Commercial Court in January 2024.  

Welcome to MoFo Restructuring Round-Up

Welcome to our site! We look forward to sharing our analysis of the statutory, regulatory, legal and business related developments in the insolvency and restruc