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

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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Retired Senior Of Counsel

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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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James Michael Peck

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

The FDIC receiverships of Silicon Valley Bank and Signature Bank have caused certain early-stage companies to face potentially crippling near-term liquidity issues. These liquidity issues may result in a company becoming insolvent. Therefore, boards of directors of such companies need to consider their fiduciary duties as well as steps that can be taken to mitigate risks.Read the <a href="https://www.mofo.com/resources/insights/230315-liquidity-crises-and-fiduciary-duties" target="_self">full client alert</a>.

Seth J. Kleinman is a partner and a member of the firm’s Business Restructuring + Insolvency Group. Seth has a dual presence in New York and Chicago.

Seth J. Kleinman

Seth J. Kleinman is a partner and a member of the firm’s Business Restructuring + Insolvency Group. Seth has a dual presence in New York and Chicago.

Seth Kleinman

Vice Chair

Jennifer Marines serves as global vice chair of Morrison Foerster, co-chair of the firm’s global Business Restructuring + Insolvency Group, a member of the Woman’s Strategy Committee, and a member of the Firm’s Finance and Benefits Committee.

Jennifer L. Marines

Jennifer Marines is a member of the Business Restructuring + Insolvency Group. She has experience representing chapter 11 debtors, creditors, investors, and other parties in interest in all aspects of complex corporate restructurings, including chapter 11 cases, out-of-court restructurings, and distressed acquisitions. Jennifer served as a law clerk to the Honorable Robert D. Drain, U.S. Bankruptcy Judge for the Southern District of New York.Jennifer has built a highly successful and peer-recognized practice in the restructuring and work-outs space, routinely representing companies and their boards in navigating complex distressed situations. Jennifer also has extensive experience advising official committees of creditors, negotiating and structuring financings and other commercial transactions, and representing clients seeking to purchase businesses and related assets out of chapter 11 proceedings. What is your favorite book? I have so many favorite books – reading is how I relax on my daily commute – but an all-time favorite, which I am rereading now, is the Secret History by Donna Tartt.What’s been the key to your success? The key to being successful is surrounding yourself with people who will support you, introduce you to new opportunities, and challenge you when you are not focused in the right direction. I have been fortunate to have several such people in my life, ranging from work colleagues who have mentored me from the time I was a summer associate to my three beautiful children, whose smiles at the end of the day make it all worthwhile.

Jennifer Marines

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.  

Ben Butterfield is a partner in the Business Restructuring + Insolvency Group in the New York office of Morrison Foerster.  Ben has represented debtors, secured creditors, unsecured creditors, offic

Benjamin Butterfield

Ben Butterfield is a partner in the Business Restructuring + Insolvency Group in the New York office of Morrison Foerster. Ben has represented debtors, secured creditors, unsecured creditors, official creditors’ committees, and directors and officers in complex restructuring transactions, including both out-of-court financial restructurings and chapter 11 proceedings.

Theresa Foudy serves as co-chair of the firm’s Distressed Real Estate Group and has over 25 years of experience representing clients in a wide range of complex commercial litigation, including class-action securities fraud, accounting fraud, white-collar criminal matters, and general commercial disputes. 

Theresa Foudy

Theresa Foudy has represented Chapter 11 debtors, creditors’ committees, indenture trustees, secured and unsecured creditors, private equity sponsors, independent directors, and distressed investors through all stages of bankruptcy litigation.

Theresa A. Foudy

Gary is global co-chair of Morrison & Foerster’s Finance Department. He advises clients on restructuring and insolvency matters in the United States, United Kingdom, continental Europe, and Asia. Gary

Gary Lee

Gary is global co-chair of Morrison Foerster’s Finance Department. He advises clients on restructuring and insolvency matters in the United States, United Kingdom, continental Europe, and Asia. Gary represents debtors and creditors in domestic and cross-border restructuring and liquidation proceedings.

Gary S. Lee

James Newton is a partner in the Business Restructuring + Insolvency Group, based in the New York office. He represents debtors, creditors’ committees, ad hoc bondholder and lender groups, indenture trustees, and individual creditors in connection corporate and municipal restructuring and financing transactions. 

James A. Newton

James Newton

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

This article explores the process of sovereign debt restructuring and considers how recent developments, including stronger Collective Action Clauses (CACs) and new legislative measures and protocols, might impact future restructurings. <div data-reactroot=""><span style="position:relative;width:auto;padding:0 0 512.5%;height:0;top:0;left:0;bottom:0;right:0;margin:0;border:0 none" id="experience-63b89221f3c61" data-aspectRatio="0.19512195" data-converted-from="div"><iframe allowfullscreen="" src="https://view.ceros.com/mofo/final-sanctions-resource-center-1-1-2-1?heightOverride=4100" style="position:absolute;top:0;left:0;bottom:0;right:0;margin:0;padding:0;border:0 none;height:1px;width:1px;min-height:100%;min-width:100%" frameBorder="0" class="ceros-experience" title="Overview_SoverignDebt v3" scrolling="no"></iframe><script type="text/javascript" src="https://view.ceros.com/scroll-proxy.min.js" data-ceros-origin-domains="view.ceros.com"></script><style>#embed-wrapper-247555596{padding: 0 0 4100px;}</style><style media="(min-width:48.0625em)">#embed-wrapper-247555596{padding: 0 0 4100px;}</style></div>

Andrew’s primary practice is advising clients with respect to novel and complex insolvency issues, with a particular focus on cross-border and governmental restructurings. He has represented debtors, 

Andrew Kissner

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This article explores the process of sovereign debt restructuring and considers how recent developments, including stronger Collective Actions Clauses (CACs) and new legislative measures and protocols, might impact future restructurings. 

An Overview of Sovereign Debt Restructuring

Over the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection. Both cases were precipitated, at least in part, by a “run on the bank” in which retail customers withdrew substantial amounts of cryptocurrency from each platform. Recent reports suggest that, in the weeks and months leading up to the bankruptcy, Celsius insiders also pulled tens of millions of dollars’ worth of their own crypto assets that had been deposited on the platform.Read the <a href="https://www.mofo.com/resources/insights/221118-crypto-exchange-bankruptcies" target="_self">full client alert</a>.

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

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Associate

Miranda is an associate in the Business Restructuring & Insolvency Group in the New York office. 
Miranda earned her J.D. at University of Virginia School of Law, where she served as Co-Director for t

Miranda K. Russell

Miranda Russell

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

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

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Over the span of two weeks in July 2022, two of the largest retail-facing cryptocurrency platforms, Celsius and Voyager, filed for chapter 11 bankruptcy protection. Both cases were precipitated, at least in part, by a 

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 

Topic Archives: U.S. Updates and Analysis

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

By: Seth J. Kleinman, Jennifer L. Marines, Lorenzo Marinuzzi, James Michael Peck, Benjamin Butterfield, Theresa A. Foudy, Gary S. Lee and James A. Newton

An Overview of Sovereign Debt Restructuring

By: Amrit Khosa, Andrew Kissner and James A. Newton

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

By: Theresa A. Foudy, Andrew Kissner and Miranda K. Russell

New COVID-19 Bill Provides Additional Bankruptcy Relief

By: Mark S. Edelstein

CARES Act Provides Limited Bankruptcy Relief