Selected issues in restructuring public debt securities

Article Abstract:

Restructuring the debt securities of a publicly held company involves consideration of ten areas, including the 1934 Securities Exchange Act, the 1939 Trust Indenture Act and blue sky laws. Holdout bondholders, consent solicitations, exchange offer mechanics, cash purchases, exchange for new securities and filing requirements of the National Association of Securities Dealers are also important. The area of background issues includes negotiation, disclosure, fiduciary and contractual obligations.

Laws, regulations and rules, External debt relief, Debt relief

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Current issues and rulemaking projects: Division of Corporation Finance

Article Abstract:

The Division of Corporate Finance of the SEC has rulemaking and other projects in 18 areas including disclosure, processing, transaction reporting, internationalization, proxy rules, executive compensation disclosure, primary securities registration procedures, small business initiatives, shareholder communications, transactions of limited partnerships, electronic data, blank check offerings, summary prospectuses, Form S-8 and management discussion and analysis.

Powers and duties, United States. Securities and Exchange Commission. Division of Corporation Finance

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Intercreditor and subordination issues

Article Abstract:

Financial restructuring involves consideration of ten areas involving subordination or intercreditor issues. Areas include complete subordination, inchoate subordination, definition of senior debt, advantages of differing definitions, references to other events and the consequences of stop events. Other areas include secured subordinated debt, assignment of Chapter 11 plan voting rights, other default events and senior lender interrelations.

Analysis, Priorities of claims and liens, Subordinated debentures

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