On February 14, 2017, President Trump approved a joint resolution of Congress repealing the SEC’s rule requiring resource extraction disclosure. The joint resolution was passed pursuant...
Decision restores certainty to out-of-court debt restructurings
In a surprising 2014 decision, the District Court for the Southern District of New York held that the Trust Indenture Act ...
The following is the Davis Polk visual memorandum analyzing the Federal Reserve’s final rule on total loss-absorbing capacity (TLAC), eligible long-term debt (LTD) and clean holding com...
Or, Some Perspective on Indenture Language Restoring the Commercial Understanding of “Make-Whole” Premiums That Prevailed Before Summer 2016
A covenant review service recently procla...
On January 4, the U.S. Federal District Court for the Northern District of California issued a decision in a case brought by shareholders against Volkswagen arising out of the well-public...
An issuer of high yield bonds won dismissal of claims brought by retail noteholders who claimed that a debt swap of new secured notes for unsecured notes, made available only to instituti...
This memorandum highlights some considerations for the preparation of your 2016 annual report on Form 20-F. As in previous years, we discuss both disclosure developments as well as contin...
On November 17, the U.S. Court of Appeals for the Third Circuit, based in Philadelphia, held that noteholders were entitled to payment of an optional redemption premium at the make-whole ...
On November 18, the SEC’s Division of Corporation Finance published new guidance relating to its 2015 no-action letter on 5-day debt tender and exchange offers, and also provided guidan...
On September 28, in a long-anticipated move, the SEC proposed to shorten the standard settlement cycle for most broker-dealer transactions to two business days after the trade date (T+2) ...
