The Law and Practice of Restructuring in the UK and US (2nd edition)

ISBN : 9780198755395

Christopher Mallon; Shai Y. Waisman; Ray C. Schrock
560 Pages
171 x 246 mm
Pub date
Mar 2017
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This second edition provides updated and practical analysis of restructuring under English and New York Law. Since the publication of the previous edition, certain areas of restructuring law have received particular attention. Waivers, amendments, and standstills, and in particular "snooze and lose" and "yank the bank" provisions have continued to develop in the last five years as well as other refinements from the US which are being increasingly used in Europe. The mechanisms for giving effect to debt compromise arrangements, either through Schemes of Arrangement or Chapter 11 pre-packs, have also developed significantly on recent years. There has been a great deal of debate surrounding restructuring and insolvency law in Europe following the recast EC Regulation on Insolvency Proceedings and further developments in various European jurisdictions. The second edition has been thoroughly updated to cover these, and all other major developments in the field to provide a complete and up-to-date guide to restructuring on both sides of the Atlantic. This work provides detailed analysis of areas associated with company restructures including tax and shareholder claims, employee and trade union matters, and pension scheme issues. Additionally the new edition features new or developed chapters on key areas of practical development such as private equity's role in restructuring and specific issues relating to financial institutions, energy, property, airlines and shipping. With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance, and insolvency practitioners and their clients, and both financial institutions and companies looking to restructure debt, and global accountancy firms and law and business schools worldwide.


1: Introduction, Christopher Mallon, Ray C. Schrock, and Shai Y. Waisman
2: Emergency Sales in the US and the UK, Scott V. Simpson, Jay M. Goffman, and Matthew Barr
3: US and UK Tender Offers, Exchange Offers and Other Out-of-Court Restructurings, James McDonald, Danny Tricot, Richard Ho, and Maria Protopapa
4: Duties of Directors and Management of Distressed Companies, Christopher Mallon and Ray C. Schrock
5: Arriving at a Compromise with, and identifying Key Stakeholders: Waivers, Amendments and Standstills, Participations, Debt Buy-backs, Inter-Creditor Agreements and Make-Whole Provisions., James L. Bromley, Jane VanLare, Kara Hailey, Victor Chiu, and Pete Coulton
6: Giving Effect to Debt Compromise Arrangements - Binding the Minority or Out of the Money Classes of Creditors, Gabriel Moss QC, Daniel Bayfield, Adam Al-Attar, Howard Seife, and Andrew Rosenblatt
7: Private Equity's Emerging Role in Preventing and Participating in Restructurings, Ray C. Schrock and Christopher Mallon
8: Venue and Forum Selection in the US and UK, Jeffrey D. Saferstein and Dominic McCahill
9: Restructuring Issues in Financial Institutions, Energy, Property, Airline and Shipping Concerns in the UK and US, Ray C. Schrock
10: Tax Issues in Restructuring, Philip Ridgway, Stuart J. Goldring, and Max A. Goodman
11: Compromising Shareholder Claims both Generally and in Listed Companies, Philip Hertz, Mark Poulton, Gabrielle Ruiz, and Shai Y. Waisman,
12: Employees and Trade Unions, Michael Sippitt, Nick Huffer, Julie Lanz, and Eric Ivester
13: Pension Scheme Trustees and Regulators, Alastair Meeks and Paul J. Wessel
14: Cross-Border Issues, Christopher Mallon, Ray C. Schrock, Maurice Horwitz, and Shai Y. Waisman

About the author: 

Chris Mallon is a Partner and the Co-Head of the Corporate Restructuring Department in Europe at Skadden, Arps, Slate, Meagher & Flom (UK) LLP and has played a lead role in growing the firm's corporate restructuring practice in Europe. Chris was a contributor to ollier on Bankruptcy 15e (LexisNexis looseleaf) and speaks regularly on restructuring issues in Europe and the US. ; Shai Waisman is Chief Executive Officer of Prime Clerk, is a widely recognized expert on restructuring and bankruptcy. Before joining Prime Clerk, Shai was a partner in the Business Finance & Restructuring department of Weil, Gotshal & Manges, where he led some of the largest and most complicated restructurings in history, including Lehman Brothers, American Airlines, Global Crossing, Loral Space & Communications and Steve & Barry's. ; Ray Schrock is Co-Chair of the Business Finance & Restructuring Department at Weil, Gotshal & Manges LLP and has extensive experience leading complex, corporate international and U.S. restructuring matters. Mr. Schrock has represented debtors, non-debtor parent companies and affiliates, financial institutions, private equity funds, hedge funds, portfolio companies, secured and unsecured creditors and other major stakeholders in numerous in-court and out-of-court restructuring matters.

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