All items from The COMI

The American Bankruptcy Institute (ABI) will hold its Tenth Annual International Insolvency and Restructuring Symposium on Oct. 30-31 at The Savoy Hotel in London. The educational program has been developed to provide attendees with an interactive learning experience led by a faculty of prominent international insolvency practitioners, and attendees have the opportunity to earn up to 6/7 hours of CLE/ CPE hours of credit! Sessions at the Symposium will include:

  • America Now!
  • Judicial Forum
  • Eurozone Update 2014
  • Current Issues in International Restructuring
  • Cooperation in Cross-Border Cases: Has the Universalist Bubble Burst?

Click here to register.http://www.abiworld.org/IIS14/



From The COMI
Posted 2 days 17 hours ago

Here is another story that is being sold to the public to try to create confidence that there will not be a Lehman #2.  Whether one buys it seems to come down to a question of whether banks should be relied on to keep contractual promises that are contrary to their economic interests and, in the short run at least, to those of their shareholders.

Per www.businessweek.com:

By Gregory Mott  
October 13, 2014

Eighteen global banks have agreed to swaps contract changes designed to work with government rules for unwinding failed firms, a step that may help end the view that some financial companies are “too big to fail.” 
Counterparties of banks involved in resolution proceedings will delay contract termination rights and collateral demands under the plan announced by the International Swaps and Derivatives Association. The change is intended to give regulators more time to arrange orderly resolutions, ISDA said in a statement released in Washington on Saturday.



From The COMI
Posted 1 week 5 days ago

Per www.irishexaminer.com:

Wednesday, October 8, 2014
By Caroline O’Doherty

The State agency set up to help free ordinary people from unmanageable debts has a fraction of the clients it expected despite the massive level of household mortgage, loan and credit card arrears in the country.

Lorcan O’Connor, director of the Insolvency Service of Ireland (ISI), admitted the numbers using the service were “exceptionally low” as he announced a number of incentives to persuade people to come forward.

Until the end of next year, the application fee, which can be up to €500, is being waived for all new applicants, and a payment of €750 will be made towards the costs incurred by a personal insolvency practitioner (PIP) in preparing a debt resolution plan that is subsequently rejected by the creditors.

Latest figures show just 80 personal insolvency arrangements have been approved since the ISI began a year ago. PIAs are for people with combined mortgage and other debts they cannot pay and were expected to be the ISI’s main business.

Just 58 debt settlement arrangements — for people with more €than 20,000 in unsecured debts such as credit card arrears and overdrafts — have been approved as well as 172 debt relief notices for people with unsecured debts of less than €20,000. That’s a total of 311 arrangements when the ISI expected to be handling 7,000 a year.



From The COMI
Posted 1 week 5 days ago

Per Reuters:

Fri Oct 10, 2014 6:56pm EDT
By Randall Palmer and Douwe Miedema

Oct 10 (Reuters) - Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday.

Treasury Secretary Jack Lew and the UK's Chancellor of the Exchequer, George Osborne, on Monday will run the first-ever joint exercise simulating how they would prop up a large bank operating in both countries that has landed in trouble.

Also taking part are Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney, and the heads of a large number of other regulators, in a meeting hosted by the U.S. Federal Deposit Insurance Corporation.



From The COMI
Posted 1 week 5 days ago

Per www.foxbusiness.com:

Published October 06, 2014Reuters
Walt Disney Co (DIS) has come to the rescue of its loss-making subsidiary Euro Disney with a 1 billion-euro ($1.3 billion) funding deal announced on Monday, which could give the U.S. group total control over Europe's biggest tourist attraction.

The deal includes a rights issue and debt restructuring which will inject 420 million euro in cash into the Euro Disney group and eliminate 600 million euros of its debt owed to Walt Disney via an equity swap.

Euro Disney is currently 40 percent owned by Walt Disney and 10 percent by the Saudi prince AlWaleed bin Talal with the rights issue to raise 351 million euros open to all shareholders but backed by Walt Disney, which will be required to make a tender offer for the whole company.



From The COMI
Posted 1 week 5 days ago

Per www.wsj.com:



From The COMI
Posted 1 week 6 days ago

Per www.globalinsolvency.com:

Fri., October 10, 2014 The Espírito Santo Financial Group, which at one point held about 25 percent of the bailed-out Portuguese lender Banco Espírito Santo, said on Thursday that it would file for bankruptcy after it was denied creditor protection by a Luxembourg court last week, the International New York Times DealBook blog reported. Espírito Santo Financial is part of a complex web of companies controlled by the Espírito Santo family. Portuguese regulators were forced to engineer a rescue of Banco Espírito Santo in August after the Portuguese bank was undone by its exposure to its struggling corporate parent, Espírito Santo International. The bank, one of Portugal’s largest financial institutions, was shut down and its healthy businesses were transferred to a new entity, Novo Banco. Espírito Santo Financial was one of several entities that sought creditor protection after regulators raised questions this year about “irregularities” in its corporate parent’s finances. In a filing with regulators in Portugal on Thursday, Espírito Santo Financial said that it and another unit, Espírito Santo Financière, would file for bankruptcy after a Luxembourg court turned down their request for so-called controlled management.



From The COMI
Posted 1 week 6 days ago