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ARTICLE · 15 SEPTEMBER 2022

What We're Reading This Week [September 14, 2022]

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Reporting from Reuters indicates that the German government plans to relax certain corporate insolvency rules in response to rising energy costs so that companies with financially sound business plans can avoid being required to file for protection under Germany's insolvency laws.

United StatesInsolvency/Bankruptcy/Re-Structuring
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Reporting from Reuters indicates that the German government plans to relax certain corporate insolvency rules in response to rising energy costs so that companies with financially sound business plans can avoid being required to file for protection under Germany's insolvency laws. [Reuters; Sept. 9, 2022]

Bloomberg reports that the United States Court of Appeals for the Second Circuit ruled in favor of Citibank in an appeal of a lower court's ruling from 2020 that certain lenders to Revlon were permitted to keep approximately $504 million in payments mistakenly wired to them by Citibank. [Bloomberg; Sept. 8, 2022]

Reporting from Yahoo News indicates that Cineworld's request for approval of its DIP financing facility was approved by the U.S. Bankruptcy Court for the Southern District of Texas. Cineworld is now authorized to access approximately $785 million in DIP financing on an interim basis. [Yahoo; Sept. 9, 2022]

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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