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The Impact of Rising Interest Rates and the Need for Increased Restructuring Activity
Accommodative monetary policies over the last eight years have extended key refinancing hotspots from 2012-2015 to 2018-2021. With the Federal Reserve having now marked the end of such policies in the United States, a new and, to some extent, necessary wave of restructurings can be expected in the short and medium term.
Following the onset of the 2008 financial crisis, a wave of restructurings was expected as deteriorating market conditions impacted the already stressed balance sheets of companies. The period of 2012-2015 was expected to be the peak for restructuring activity, as pre-crisis LBO and M&A debt (the so called “wall of debt”) came up to maturity. Instead, throughout the crisis years, restructuring and insolvency activity has remained generally low as central bank policies and open capital markets, particularly in the U.S., provided companies with easy and affordable access to capital.
Now, following the Federal Reserve decision in December 2015 to raise interest rates for the first time in eight years, it appears that it has embarked on the slow unwind of its zero'interest-rate policy. Against this backdrop we have also witnessed a reduction in quantitative easing in the U.S., a slowdown in China and increased geo-political tensions in the Middle East, which have resulted in a painful correction in world equity markets. In the UK alone, there has been a marked increase in profits warnings ' 100 warnings were issued in Q4 2015, which is the highest quarterly total since 2009.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.