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.

Social

Search

Subscribe

Insolvent Schemes and Restructuring Plans

211018-insolvent-schemes-restructuring-plans-thumb.jpg

The Part A1 Moratorium

210219-the-part-a1-moratorium-thumb.jpg

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

uk-restucturing-plan-infographic-thumb.jpg

Resources

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.

peck_james_blog_150x150.png

peck_james_common_640x280.jpg

peck_james_heroretina_2700x1160.jpg

peck_james_mobileretina_750x1040.jpg

peck_james_social_600x600.jpg

Retired Senior Of Counsel

Partner

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.

marinuzzi_lorenzo_blog_150x150.png

marinuzzi_lorenzo_common_640x280.jpg

marinuzzi_lorenzo_heroretina_2700x1160.jpg

marinuzzi_lorenzo_mobileretina_750x1040.jpg

marinuzzi_lorenzo_social_600x600.jpg

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

favicon.ico

favicon-16x16.png

favicon-32x32.png

apple-touch-icon.png

MoFo Favicons

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.

restructuringroundup-welcome.jpg

restructuringroundup-welcome

Announcements and Press

Welcome To Mofo Restructuring Round-Up

Blog - Terms of Use

Blog - Privacy Policy

Blog - Blog Disclaimer

Blog - Attorney Advertising

morrison-foerster-blog-logo.png

Provides a data-driven look at the Federal Circuit.

Federal Circuitry

FEDERAL CIRCUITRY

Brings together legal insights and in-depth analyses on trends and complex issues shaping the global technology industry.

MoFo Tech

MOFO TECH

Equips our clients with the most up-to-date and relevant information on employment and labor law issues.

Employment Law Commentary

EMPLOYMENT LAW COMMENTARY

Stay on top of emerging issues and stay informed of developments related to the law and business of social media.

Socially Aware

SOCIALLY AWARE

In-depth analysis of developments and trends impacting government contracting.

Government Contracts Insights Blog

GOVERNMENT CONTRACTS INSIGHTS

Provides insights and reports on the most current class actions lawsuits and product liability issues that affect consumer-facing companies.

Class Dismissed Blog

CLASS DISMISSED

MoFo Restructuring Round-Up provides analysis of the statutory, regulatory, legal and business-related developments in the insolvency and restructuring world.

MoFo Restructuring Round-Up

  Linkedin

MoFo LinkedIN

Restructuring Blog - RSS

Stay Connected

Never miss a post from MoFo Restructuring Round-Up. Enter your email below to stay up-to-date.

The latest restructuring and insolvency updates and analysis from Morrison Foerster

Morrison Foerster - Footer

This update summarises the latest jurisprudence on insolvent schemes of arrangement (schemes) and restructuring plans (RPs), and provides an overview of the key

Blogs -  Home Button

Home

Blog - Topics

Webinars

Podcasts

U.S. Updates and Analysis

UK Updates and Analysis

Topics

Blog - Editors

Editors

Blog - About

About

Blog - Subscribe

The Latest on Insolvent Schemes and Restructuring Plans

The Latest on Insolvent Schemes and Restructuring Plans | MoFo Restructuring Round-Up

This update summarises the latest jurisprudence on insolvent schemes of arrangement (schemes) and restructuring plans (RPs), and provides an overview of the key themes that are emerging in this area.<a href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt36de57195828d1bb/627318feb5ad5f2863c5969c/211018-insolvent-schemes-restructuring-plans.pdf" target="_blank">Download the below infographic</a><div class="embedded-entry redactor-component block-entry" type="entry" data-sys-entry-uid="blt885dbf7b0d67d995" data-sys-entry-locale="en-us" data-sys-content-type-uid="image_content" sys-style-type="block"><div data-reactroot=""><img src="https://media2.mofo.com/v3/images/blt5775cc69c999c255/blt83e25587adc4b765/627318ff4d9f8929712902bd/211018-insolvent-schemes-restructuring-plans.jpg?format=auto&amp;quality=60" alt="Infographic - The Latest on Insolvent Schemes and Restructuring Plans"></div></div><h4>Key Concepts and Notes</h4><ul><li>Absolute priority rule – U.S. Bankruptcy Law principle which prevents junior creditors from being paid before all senior creditors have been paid in full. </li><li>Burning platform – when a company can prove that its insolvency is imminent and unavoidable.</li><li>Cross-class cram-down – feature of RPs which causes dissenting creditors or members to be bound to a RP, provided that the “no worse off test” is satisfied. </li><li>DIP financing – ‘super priority’ lending provided to finance a debtor’s operations during a U.S. Chapter 11 bankruptcy case.</li><li>Low turnout of creditors – does not automatically mean that a scheme will not be sanctioned. It is relevant to the court’s fairness assessment whether turnout is fairly representative of creditors.</li><li>Lugano Convention – the UK is now no longer party to this following Brexit (as of 1 January 2021). It nevertheless applied in Gategroup as the RP in that case was issued before 1 January 2021. </li><li>“No worse off test” – a test which must be satisfied to use the cross-class cram-down procedure. Must be established that the dissenting class would be no worse off under the plan than they would be in the relevant alternative.</li></ul><h4>Cases Referenced</h4>Re Provident SPV Limited (“Provident”) [2021] EWHC 2217 (Ch)Re Hurricane Energy Plc (“Hurricane Energy”) [2021] EWHC 1759 (Ch)Re All Scheme Ltd (“Amigo Loans”) [2021] EWHC 1401 (Ch)Re Virgin Active Holdings Ltd (“Virgin Active”) [2021] EWHC 1246 (Ch)Re Gategroup Guarantee Ltd (“Gategroup”) [2021] EWHC 304 (Ch)Re DeepOcean 1 UK Ltd and others (“DeepOcean”) [2021] EWHC 138 (Ch)Julia Kotamäki, London trainee solicitor, contributed to the drafting of this alert.

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

LinkedIN