Weekly News – April 15

Sungard files Chapter 11 again

Sungard files for Chapter 22 (this time picking the SDTX after 2019’s filing in the SDNY… do we even need to say it? begins with a “j” ends in a “g” with a “udge shoppin” in the middle)

First Day Declaration here

We were impressed by the 100% roll-up of $190.6 million of pre-petition first-lien and second-lien term loans on a cashless dollar-for-dollar basis. But the Savings Clause  is really what caught our eye:

Remember that ABI Commission Report (here) that argued that roll-up facilities can make it more difficult for a debtor to exit chapter 11?

But what about the market? The take-back DIP paper in Lyondell/ the equitization of GGP’s DIP loans/or, Professor Lipson’s point here that a “contract may be a better vehicle for institutional adjustment than Congress.”

We’re just saying…

Good news coming for bankruptcy practitioners??

Credit markets back to May 2020 lows

What we’re reading – Creditor Committees to the Rescue

Justin Ellis & Ryan Yeh, A Better Guard for the Henhouse: Should Creditors’ Committees Control Estate Litigation, Yale Journal on Regulation, April 1, 2022.

Keeping up with the Joneses…. the latest on Russian sanctions

United States prohibits all investment in Russia

Russian Railways First Russian Payment Default

But wait… Russia (re)-introduces insolvency moratorium

CDS Implications for all this

Upcoming Events

*NEW EVENT* International Insolvency Institute: New York UNCITRAL Dinner, April 20

April 25: NCBJ discusses the NHL Coyotes bankruptcy

April 26: TMA: NYC Judges Luncheon featuring Judges Drain, Jones & Lopez

April 26: INSOL: Evergrande-Tip of the Iceberg for the Chinese Property Sector?

April 28: American Bankruptcy Institute Annual Spring Meeting in Washington DC

*NEW EVENT* McDermott Will & Emery & Jefferies: Value Investing Forum, May 4

May 11: VALCON 2022

June 10: American Bankruptcy Institute New York City Bankruptcy Conference

June 15: Secured Finance Network Women in Secured Finance Conference 2022

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