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European Digital Compliance: Key Digital Regulation & Compliance Developments

About Morrison Forester

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Alistair Maughan

Partner

Andreas Grünwald

Christoph Nüßing

Counsel

Sana Ashcroft

Associate

European Digital Regulatory Compliance

Technology Transactions

Brussels

Germany

The Nordics

United Kingdom

<p>Consistently recognized as industry leaders by <em>Chambers USA</em>, <em>Legal 500 US</em>, <em>Law360</em>, and <em>The Deal</em>, among others, MoFo’s Business Restructuring + Insolvency Group counsels clients around the globe on the issues that arise in relation to corporate distress, including some of the most significant bankruptcy cases in recent history.</p><p>We advise debtors, creditors, creditors’ committees, ad hoc committees, secured lenders, and specialist investors. The breadth of our practice allows us to find solutions for a broad range of participants in distressed markets and help them navigate their most complex issues.</p><p id="backtolist">Our capabilities include:</p><ul><li><a href="#representation">Representation of debtors</a></li><li><a href="#insolvencies">Cross-border insolvencies</a></li><li><a href="#adhoc">Representation of ad hoc and official creditors’ committees</a></li><li><a href="#hedgefunds">Failing hedge funds</a></li><li><a href="#Insolvencyissues">Insolvency issues involving key intellectual property</a></li><li><a href="#municipal">U.S. municipal insolvencies</a></li><li><a href="#debttrading">Debt trading</a></li><li><a href="#restructuring">Restructuring financial institutions</a></li><li><a href="#meditation">Bankruptcy mediation</a></li><li><a href="#distressed">Distressed real estate</a></li></ul><h4 id="representation">Representation of debtors</h4><p>The Business Restructuring + Insolvency Group at MoFo is well versed in debtor representation. We understand the difficult business decisions faced by independent directors and boards of troubled companies. The Group offers well-considered advice to management and directors based on a wealth of relevant experience, and we apply that experience with a highly developed commercial sensibility. In representing companies in distress, we know how to find the pathways to solutions during periods of enormous stress and uncertainty.</p><p>Notably, we are creative, pragmatic problem solvers. Our lawyers aim high but with a deep appreciation for the art of the possible. We are adept company-side advisors within a restructuring world that we know well. You will want us on your side.</p><p>Representing companies in distress often will call for deployment of the capabilities of our firm’s finance, intellectual property, real estate, tax, and employment and labor practices and, should the need arise, a globally recognized litigation practice.</p><p>We assist clients on, but are not limited to, the following issues:</p><ul><li>Alternatives to bankruptcy and bankruptcy planning</li><li>Review of governance practices</li><li>Special committee investigations</li><li>Out-of-court workouts</li><li>Prepackaged chapter 11 plans</li><li>Debtor-in-possession financing</li><li>Rights offerings</li><li>Section 363 sales</li><li>Negotiations with creditors and creditor committees, including equity holders, prepetition financial creditors, and nonfinancial creditors</li><li>Plans of reorganization</li></ul><p><a href="#backtolist">Back to List</a></p><h4 id="insolvencies">Cross-border Insolvencies</h4><p>The members of our team, including leaders in professional organizations promoting the development and reform of restructuring law, have advised clients on insolvency matters spanning multiple jurisdictions. Our lawyers have been involved in, and continue to advise on, significant multijurisdictional cases that span the globe.</p><p>This experience, along with our familiarity with global approaches to corporate distress, courts, and insolvency professionals, enables us to navigate even the most complex matters.</p><p>We regularly advise multinational institutions on:</p><ul><li>Restructuring or liquidation of their businesses</li><li>Formulation of strategies for managing relationships with parties facing insolvency</li><li>Resolution of cross-border claims and litigation</li><li>Strategic and contingency planning</li></ul><p>Our cross-border experience frequently includes the representation of institutions seeking recognition of insolvency proceedings in other countries. We have substantial experience in the United States with chapter 15 of the U.S. Bankruptcy Code and its UK counterpart, the Cross-border Insolvency Regulations, both of which incorporate the UNCITRAL Model Law on Cross-border Insolvency. Our firm’s involvement in cross-border restructurings during chapter 15’s peak years of evolution enables our professionals to provide a sophisticated understanding of the issues that non-U.S. global entities face when seeking relief in the United States. Our lawyers are active in organizations such as INSOL International and International Insolvency Institute and are recognized and respected authorities on cross-border practice.</p><p><a href="#backtolist">Back to List</a></p><h4 id="adhoc">Representation of Ad Hoc and Official Creditors’ Committees</h4><p>We have represented official committees in many high-profile U.S. chapter 11 reorganization proceedings involving companies with complex capital structures and a diverse creditor constituency that includes institutional noteholders, trade creditors, investors, labor unions, retirees, and customers. Our experience representing official committees spans several industries and commercial sectors, including:</p><ul><li>Telecommunications</li><li>Energy</li><li>Manufacturing</li><li>Airlines and aviation</li><li>Commercial and residential real estate development</li><li>Business-to-business advertising</li></ul><p>While many of our cases involve debtors with annual revenues of several billion U.S. dollars, we use careful and efficient staffing models that allow us to help companies with significantly smaller revenues.</p><p>Whenever needed, our lawyers call on colleagues with other principal areas of focus, including capital markets, derivatives, intellectual property, labor, project finance, and real estate. We also have a deep bench of high stakes litigators and trial lawyers ready, if our clients’ circumstances call for those services.</p><p><a href="#backtolist">Back to List</a></p><h4 id="hedgefunds">Failing Hedge Funds</h4><p>We represent liquidators, major creditors, and investors in high-profile hedge fund insolvencies. We regularly advise liquidators and other parties-in-interest on tracing, liquidating, and recovering assets of failed domestic and foreign hedge funds. Our representation of hedge funds and their creditors involves designing and implementing cross-border litigation strategies. This experience has enabled our lawyers to be involved in shaping the law under chapter 15 of the U.S. Bankruptcy Code.</p><p><a href="#backtolist">Back to List</a></p><h4 id="Insolvencyissues">Insolvency Issues Involving Key Intellectual Property</h4><p>As a preeminent IP firm with a similarly distinguished restructuring practice, we offer clients deep experience with key IP in insolvency matters. Our clients are involved in cutting-edge IP matters in the United States, Japan, Europe, China, and many other jurisdictions. Our restructuring team works with lawyers across our relevant Patent, Corporate, Technology Transactions, and Litigation Groups to understand the nature of our clients’ interests and develop creative solutions to protect those interests, whether our clients are facing their own financial hardships, dealing with a counterparty insolvency, or protecting against a potential insolvency event.</p><p><a href="#backtolist">Back to List</a></p><h4 id="municipal">U.S. Municipal Insolvencies</h4><p>We have assembled a multidisciplinary team with the unique experience in U.S. municipal insolvencies required to resolve key issues and disputes in chapter 9 cases related to this challenging area of law, including extensive experience representing creditors. We also represent municipal entities, including:</p><ul><li>Cities</li><li>States </li><li>Airport authorities</li><li>Ports </li><li>Retirement systems</li><li>Water districts</li></ul><p><a href="#backtolist">Back to List</a></p><h4 id="debttrading">Debt Trading</h4><p>Our skilled debt-trading practice is devoted to representing clients engaged in the secondary market trading of commercial loans, claims, and other debt assets. We provide strategic counsel to banks, asset managers, hedge funds, and other market participants in every type of debt-trading transaction, including:</p><ul><li>Par and distressed loan trades</li><li>Restructured equity transactions</li><li>Derivatives transfers</li><li>Loan securitizations</li><li>Portfolio transfers (e.g., pursuant to auctions or securitization transactions)</li></ul><p>Our clients include investment banks, commission brokers, commercial banks, fund and asset managers, hedge funds, and other investors in commercial loans. In addition to representing many U.S.-based corporations, we represent several clients in connection with trades of loans and claims owed by European, Latin American, Asian, and other non-U.S. obligors.</p><p>Our restructuring and bankruptcy team is closely integrated with the Financial Transactions Group, which includes lawyers who have a wealth of experience in the areas of banking, securities, structured finance, and derivatives, all of which are essential to formal and informal financial restructuring work. Lawyers in the firm’s insolvency, tax, ERISA, securities, and other practices are familiar with the unique issues associated with debt trades, and assist with trading matters as needed.</p><p>Examples of our debt-trading experience include:</p><ul><li>Structuring investment funds and debt trades to comply with prohibited transaction rules under ERISA</li><li>Advising clients regarding credit documentation and related transfer documentation, collateral securing debt, bankruptcy court filings, and workouts and restructurings</li><li>Advising clients regarding fraudulent conveyance, preferential transfer, lender liability, and disgorgement risks</li><li>Resolving disputes arising from failed trades</li></ul><p><a href="#backtolist">Back to List</a></p><h4 id="restructuring">Restructuring Financial Institutions</h4><p>U.S. and non-U.S. global structures now support a complex matrix of rules governing struggling financial institutions. We have the experience and reach to advise stakeholders in these demanding situations. Our group represents clients impacted during these times, including:</p><ul><li>Governmental entities</li><li>Money center banks</li><li>Investment banks</li><li>Financial institutions</li><li>Par and distressed investors</li><li>Shareholders</li></ul><p><a href="#backtolist">Back to List</a></p><h4 id="meditation">Bankruptcy Mediation</h4><p>Our group features a bankruptcy mediation practice led by former U.S. Bankruptcy Judge James Peck, who is widely known for his ability to promote commercially reasonable, consensual outcomes in the most complex corporate restructurings. Former Judge Peck has spoken on the successful use of mediation techniques throughout the world and has become a market-leading proponent of mediation as an effective means to resolve insolvency-related disputes, domestically and internationally. This capability is a distinguishing characteristic that enables us to provide exceptionally sensitive and well-considered counsel to clients that are involved as parties in plan mediations conducted by other mediators.</p><p><a href="#backtolist">Back to List</a></p><h4 id="distressed">Distressed Real Estate</h4><p>Together with our accomplished Real Estate lawyers and litigators, our group handles some of the largest and most complex distressed real estate matters</p><p>We regularly advise secured and unsecured lenders and creditors’ committees on real estate workouts and restructurings, including consensual out-of-court restructurings and chapter 11 reorganization, liquidation, and administration and company voluntary arrangements (CVA) cases. Our significant and continued experience representing lenders in complex real estate workouts and reorganization cases has allowed our professionals to be in the forefront of the latest issues affecting workouts and reorganization.</p><p><a href="/capabilities/real-estate.html">Read more about our Real Estate practice.</a></p><p><a href="#backtolist">Back to List</a></p>