To our clients and friends

Welcome to our fourth quarter issue of the International Restructuring Newswire, where our lawyers from around the globe share their insights on issues facing all of us in the restructuring realm. Directors, for example, need to be particularly cognizant of their duties when the companies they serve are facing financial distress. These duties may well shift depending on the status of their company and the demands of creditors and other stakeholders. We take a close look at the dilemmas facing directors in two key jurisdictions—England and Singapore—and report on critical new key decisions coming out of the courts that should guide directors’ actions. We also examine critical new trends in the cross-border restructuring world: the use of the Netherlands WHOA in conjunction with a Part 26A UK restructuring plan; the new wave of liability management transactions (LMTs) in the US; and the growing dominance of private credit in the global market.

• Directors’ duties in hard times: When exactly do directors’ duties shift from acting in the best interests of the company as a whole, to acting in the best interests of its creditors?
• Liability management transactions: While US bankruptcy courts send mixed messages to markets, lenders prepare for the next wave
• McDermott’s parallel restructuring proceedings: UK restructuring plan meets the Dutch WHOA
• Private credit: An emerging market
• Misfeasant trading: How will the court calculate compensation?

Good reading!

Howard Seife
Global Co-Head of Restructuring
New York

Scott Atkins
Global Co-Head of Restructuring
Sydney

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