Mayer Brown partners Tom Kiriakos and Sean Scott and associates Tyler Ferguson and Alexander Berk discussed a recent bench ruling from the United States Bankruptcy for the District of Delaware concerning shareholder blocking rights in an article available here.
British communications and satellite internet company OneWeb, which filed for bankruptcy earlier this year in the United States Bankruptcy Court for the Southern District of New York, has received a $1 billion bid to purchase the company out of bankruptcy, reports CNBC. If the sale is approved, the U.K government and Bharti Global, which
Mayer Brown partners Brian Trust, Sean Scott, and Aaron Gavant and associate Kyle Tum Suden discussed the evolving case law surrounding whether companies in bankruptcy are eligible to pursue funding pursuant to the SBA’s Paycheck Protection Program in an article available here. For a further discussion of this issue, see prior articles for Mayer
PG&E Corp. received approval from the United States Bankruptcy Court for the Northern District of California to sell $20 billion worth of new debt and equity, reports the Wall Street Journal. Approximately $10.7 billion worth of both investment grade and high-yield bonds will be issued and the company is seeking to find investors to
In an article for Mayer Brown’s COVID-19 Response Blog, Mayer Brown partners Sean Scott and Aaron Gavant and associate Kyle Tum Suden discuss recent bankruptcy court decisions concerning whether companies in bankruptcy are eligible for paycheck protection program loans under the US CARES Act.
Brookfield Asset Management is aiming to invest approximately $5 billion in a retail revitalization investment fund to assist retailers impacted by the COVID-19 pandemic, reports the Wall Street Journal. Brookfield will reportedly focus on obtaining noncontrolling interests in retail businesses with greater than $250 million in pre-pandemic revenue. [WSJ; May 7, 2020]
Goldman Sachs published a research report suggesting that recently implemented social distancing measures will result in declines in services consumption, manufacturing activity, and building investment that will lower the level of GDP in April by nearly 10%. [Goldman Sachs; Mar. 20, 2020]
The Eight Circuit Court of Appeals Bankruptcy Appellate Panel recently released its decision
In its February 25, 2020, decision in Rodriguez v. FDIC, the US Supreme Court unanimously rejected the “Bob Richards rule” (so named for a 1973 Ninth Circuit decision) and held that federal common law does not govern the allocation of tax refunds within a consolidated corporate group in the absence of a tax allocation agreement to the contrary.1 The decision is likely to have significant implications with respect to inter-corporate disputes over the proper allocation of tax refunds.2