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Webinar Recording: COVID-19 Relief Funding & Reopening America – What Is Really Happening in Congress and What Are the Risks and Rewards of Resurrecting the US Economy?

By Karol Denniston and Stephen D. Lerner on Posted in US
On Thursday, May 21, 2020, the American Bankruptcy Institute (ABI) hosted a webinar, featuring a distinguished panel of professionals, including former Speaker of the US House of Representatives John Boehner, as well as the current senior US Senator from West Virginia, Joe Manchin, who shared their thoughts on how best to safely and gradually re-open … Continue Reading

Top 10 Employment and Employee Benefit Issues in US Bankruptcy Cases

By Lew Clark, Shennan Harris, Stephen D. Lerner and Peter Morrison on Posted in US
Bankruptcy is a term that tends to instill images of “For Sale” or “Everything Must Go” signs posted in windows, but this often is not the case. In fact, a bankruptcy filing is one way for a business to refocus its efforts and reorganize. Indeed, throughout history, many Fortune 500 companies have at some point … Continue Reading

COVID-19 Emergency Bankruptcy Reform – A Call For Action!

By Norman N. Kinel on Posted in US
Virtually every business—regardless of its size, nature (manufacturing, service, professional, tech) or particular industry—is currently suffering significant distress as a result of the unprecedented shutdown of huge portions of the U.S. (and global) economy.  It is therefore clear that the number of businesses (and individuals) who will seek bankruptcy protection in the coming months will … Continue Reading

Can Chapter 11 Debtors Receive PPP Loans?

By Mark Salzberg and Stephen D. Lerner on Posted in US
The nearly $350 billion loan program made available to small businesses by the Coronavirus Aid, Relief, and Economic Security (CARES) Act was tapped out in less than two weeks. In response to this overwhelming demand, on Friday, April 24, 2020, an additional $320 billion was funded into the loan program, and the second round of … Continue Reading

New Problem, Old Solution: Bring Back Tax-Exempt Advance Refundings

By Pedro H. Hernández and Pedro J. Miranda on Posted in US
As the world grapples with the effects of the coronavirus disease 2019 (COVID-19) pandemic, state and local governments (collectively, State and Local Governments) are fighting for their financial health. The escalating costs of managing the COVID-19 crisis are straining State and Local Government budgets at a time when the taxes and revenues they rely on … Continue Reading

Financial Assistance to US Business Enterprises, States and Municipalities

By James Barresi, Stacy H. Krumin, Alethia N. Nancoo, Tom Reems, James A. Schneider, David Zagore, James C. Sivon and David Stewart on Posted in Cross Border, US
This alert on the Federal Reserve’s new $2.3tr lending program deserves special attention as this program will be of interest to every business operating in the U.S as well as to States, municipalities and potentially other public entities. It reports on guidance issued by the Federal Reserve on a new $2.3tr lending program (the first … Continue Reading

Webinar Recording: Tools to Navigate the Financial Crisis Related to COVID-19

By Mark Salzberg on Posted in US
Today, April 6, the American Bankruptcy Institute (ABI) hosted a free webinar featuring a distinguished panel of Squire Patton Boggs and FTI Consulting professionals, including former House Speaker John A. Boehner. More than 600 attendees tuned in to hear these experts decipher the most recent federal stabilization programs and developments and provide unique and practical … Continue Reading

Tools to Navigate the Financial Crisis Related to COVID-19 Webinar

By Mark Salzberg on Posted in US
Please join the American Bankruptcy Institute’s (ABI) free webinar featuring a distinguished panel of Squire Patton Boggs and FTI Consulting professionals, including former House Speaker John A. Boehner, this Monday, April 6, from 12:00 – 1:15 pm EDT. These experts will decipher the most recent federal stabilization programs and developments and provide unique and practical … Continue Reading

Managing Fiduciary Duties In The Time Of COVID-19

By Stephen D. Lerner, Peter Morrison and Maura McIntyre on Posted in US
In light of the disruption caused by the COVID-19 pandemic and resulting global economic slowdown, many companies—even previously healthy ones—are now faced with difficult decisions regarding investments, loans, employees, and myriad other matters in order to ensure their survival. It is in these times that directors must be especially aware of and abide by their … Continue Reading

Licensees And Licensors Need To Prepare For Potential Bankruptcies Caused By COVID-19

By Mark Salzberg and Ivan Rothman on Posted in US
We are in unprecedented times. The current COVID-19 pandemic will not only have an impact on the physical health of our country, but the economic health of our country as well. Increased bankruptcy filings are a virtually certainty and this raises concerns of many, including licensors and licensees of intellectual property. What should these parties … Continue Reading

A Breathing Spell From The Breathing Spell – Should A Chapter 11 Case Be Suspended During COVID-19?

By Karol Denniston and Jeffrey N. Rothleder on Posted in US
In the past several years, the United States has seen a tidal wave of retail sector chapter 11 cases. The end result for most of those cases has been going out of business and liquidation sales. On March 11, 2020, Modell’s Sporting Goods commenced its chapter 11 cases seeking to follow a similar path taken … Continue Reading

Restructuring Considerations: Making the Most of Stimulus Relief

By Karol Denniston and Peter Morrison on Posted in US
On March 26, 2020, the Senate approved a roughly $2 trillion stimulus package—the biggest economic stimulus in recent U.S. history—in response to the COVID-19 pandemic. This economic relief provides expanded protections for American families, workers, and businesses affected by the public health and economic crisis. The key measures included in the package are: Bailouts for … Continue Reading

Healthcare Lenders And Borrowers: COVID-19 And Our Loan Documents

By Kelly Singer on Posted in US
Obviously, the health and safety of your employees and their families is the top priority. Beyond that, however, lenders and borrowers in the healthcare space should be thinking about how they are handling the situation vis-à-vis one another. Below are questions intended to get lenders and borrowers thinking about various issues surrounding COVID-19 and how … Continue Reading

(UK) How do you know if your business is an essential service?

By Rachael Markham on Posted in Cross Border, EU, UK, US
Globally, most nations affected by Covid-19 have restrictions in place that significantly impact business operations.  In some cases requiring businesses to temporarily shut the doors whilst balancing that against the need to maintain essential services.   But how can a business identify whether it is an essential service?  This note explores that question.… Continue Reading

Directors’ Duties and Covid-19 – a view from the UK

By Devinder Singh and Leyla Parvizi on Posted in Cross Border, EU, UK, US
Given the current pressure all businesses face dealing with the effect of Covid-19, it is important that directors understand what their duties are in respect of insolvent companies or companies that are at risk of heading towards insolvency. In this blog we briefly remind directors what their duties are, the potential claims that could be … Continue Reading

Restructuring Protections In A Time Of Coronavirus

By Karol Denniston, Peter Morrison and Sarah Rathke on Posted in US
What do businesses and their lenders/investors need to do to minimize loss and to maximize long-term financial stability in this volatile and unprecedented environment? Our global supply chain and R&I teams have produced a recent article that focuses on: Preparing new projections. Developing new financial and operating plans. What to do if maintaining existing financing … Continue Reading

How to manage business risk posed by Covid-19: self-assessment tool

By Rachael Markham on Posted in Australia, Cross Border, UK, US
Squire Patton Boggs is working hard to support clients to navigate legal issues and manage risk posed by Covid-19. We have created an online tool for businesses to self assess their contingency arrangements. The self-assessment tool will take a maximum of 15 minutes to complete. Within 24 hours, you will be sent a summary, which will map … Continue Reading

Managing business risk as the UK announces it is moving into the delay phase

By Rachael Markham and John Alderton on Posted in Cross Border, EU, UK, US
Yesterday, following a meeting of the Cobra committee the Government announced that the UK has moved into the “delay” phase of its plan aimed at tackling the coronavirus outbreak. For businesses the main impact will be operational given that anyone who shows certain symptoms has been advised to self-isolate for 7 days, regardless of whether … Continue Reading
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