Dentons - Bank Notes - December 2013

Foreign Companies and Schemes of Arrangement: an Update

December 5, 2013

English schemes of arrangement (Schemes) have become a useful and established procedure for restructuring the debts of foreign companies incurred under English law finance documents. For an overview of why they are useful and how they work, see our July 2011 article "Financial restructurings of foreign companies through English schemes of arrangement". But what, if anything, has changed since then? Hayley Çapani explain the key recent developments.

LCs, Strict Compliance and the Rogue Ampersand

December 5, 2013

The High Court recently considered the consequences of the inclusion of a rogue ampersand (i.e. the symbol "&") in a party's name in a document to be presented under a letter of credit (LC). Should this relieve the LC's issuer from its duty to pay against a presentation of specified documents? The court decided that it did. Alexander Hewitt explains.

How Super is the LMA's New Super Senior Intercreditor Agreement?

December 5, 2013

In November 2013 the Loan Market Association (LMA) published two new documents (plus associated user guides) for use in leveraged finance transactions. The LMA recommends them for use where the financing comprises a super senior revolving facility, secured hedging and senior secured notes provided under a typical New York law governed indenture.

European Security for Syndicated Loans — An Overview of Some Key Jurisdictions

December 5, 2013

What if other laws govern some or all the transaction security? The position is not always so straightforward, particularly when dealing with civil law regimes. Philippe Max (France), Tim Stubbs (Russia) and Jesús Varela (Spain) briefly discuss how their local law security is usually held in English law syndicated loan transactions. They also examine how to avoid pitfalls when transferring English law loans benefiting from that security.