Page 40 - Financial Restructuring News Today

1 March 2020. The Exemption Order, which exempts from stamp duty for qualifying loan or financing agreements relating to the restructuring or rescheduling of existing business loans or financing, has been amended by the Amendment Order in the following respects - The deletion of the word " business" in paragraph 2(1) of the Exemption Order so that the exemption applies to instruments or financing agreements for the restructuring or rescheduling of a " loan or financing" whereas previously, the ...

As widely reported, on February 1, 2021 Laurentian University obtained creditor protection under the Companies Creditors Arrangement Act (CCAA). This is an unprecedented occurrence amongst publicly funded Canadian universities and colleges, though in B.C., we have had recent experience with the insolvency of Quest University, a privately funded non-profit university. The materials related to Laurentians CCAA filing, including the Courts orders, can be found here: Restructuring Document Centre...

Diamond Offshore Drilling, Inc. ("Diamond" or the "Company") today announced that it has entered into a plan support agreement with holders of over 70% of each of its senior unsecured notes and revolving credit facility loans regarding a financial restructuring transaction that will significantly deleverage the Company's balance sheet and position the Company for future growth.

What are the major developments in the Cayman market this year? While not necessarily related to COVID-19, 2020 saw continued a number of changes in the offshore market, with the global trend being towards increased regulation and supervision. For Cayman, that trend was particularly noticeable in the economic substance regime and new legislation requiring the registration of a large proportion of fund vehicles. Like other major IFCs, Cayman has engaged fully in relation to the changes, publishi...

SEBI Press Release No. 61/2020 dated December 16, 2020 In order to recalibrate the Minimum Public Shareholding (MPS) requirements for listed companies which are presently going under Corporate Insolvency Resolution Process (CIRP), the Board of the Securities and Exchange Board of India (SEBI) concluded a meeting on December 16, 2020 wherein certain key decisions were taken to facilitate the shareholding norms for such listed companies which seek to continue to remain listed post the CIRP. Prese...

Introduction This alert looks at the new definition of default for prudential purposes which came into force on the 1 st January 2021 and is applicable to all European financial intermediaries. New European rules on default The regulatory framework 1 on prudential requirements for credit institutions and investment firms ( CRR) introduced specific provisions on debtors default in article 178 and entrusted the European Banking Authority ( EBA) with the issuance of guidelines on the application o...

To print this article, all you need is to be registered or login on Mondaq.com. The COVID-19 pandemic is projected to have a devastating impact on the Canadian economy. A recent report released by the Parliamentary Budget Officer indicated that the federal deficit could exceed $250 billion in 2020-21 and that Canadas GDP could contract by as much as 12 percent. 1 These projections should come as no surprise given the effective shutdown of the Canadian economy and the fin...

To print this article, all you need is to be registered or login on Mondaq.com. On 17 December 2020, the German Parliament passed the Act on the Further Development of Restructuring and Insolvency Law ("SanInsFoG"), which is expected to lead to a fundamental change in the restructuring landscape in Germany. The SanInsFoG primarily serves to implement the EU Restructuring Directive of 20 June 2019 (Directive (EU) 2019/1023) and aims at introducing a comprehensive le...

(2) Not to be published, distributed or circulated directly or indirectly in the United States, Australia or Japan. This press release is an advertisement and not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017. Regulatory News: Europcar Mobility Group (Paris:EUCAR) (the "Company") filed an Amendment to the 2019 Universal Registration Document filed with the Autorité des marchés financiers ("AMF") on 12 January 2021 ...

Monday, December 21, 2020 - 5:27 pm BY JIMMY LAWTON North Country This Week OGDENSBURG – Ogdensburg City Manager Stephen Jellie says Ogdensburg firefighters refused an early retirement incentive, but fire union president Jason Bouchard said no offer was received in writing. “The City of Ogdensburg regrets that no fire department personnel opted to take advantage of the $20,000 retirement incentive opportunity offered on 2 December 2020; the deadline for submission was c...