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May 24, 2013
On October 20, 2008 (the “Petition Date”), GW Limited 51, Inc., f/k/a GWLS Holdings, Inc., and certain affiliated entities (the “Debtors”) each filed a voluntary petition for relief with the United States Bankruptcy Court for the District of Delaware (the “Court”) pursuant to chapter 11 of the Bankruptcy Code.
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May 16, 2013
In observance of the U.S. Memorial Day holiday, the Loan Syndications and Trading Association (LSTA) recommends treating Monday, May 27, 2013, as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.
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April 23, 2013
The LSTA presented the results of their 1Q13 Secondary Trading & Settlement Study.
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April 18, 2013
The Foreign Account Tax Compliance Act (“FATCA”) requires foreign financial institutions (“FFIs”), including most CLOs, to report to the IRS information about their U.S. accounts. The penalty for noncompliance is a 30% withholding on payments to a noncompliant FFI, including loan interest payments, principal repayments and sale proceeds of loans.
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April 12, 2013
The LSTA and the American Bankers Association (“ABA”) today filed with federal banking agencies (the OCC, Fed and FDIC) a joint letter responding to the agencies’ Interagency Guidance on Leveraged Lending (the “Guidance”).
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April 04, 2013
In a comment letter to federal agencies this week, the Loan Syndications and Trading Association is proposing a new risk retention plan for CLO’s which meets the requirements embodied in the Dodd-Frank Act, while also preserving the ability of market participants to originate new CLO’s and continue a vital credit flow to financial markets and the US economy. The LSTA developed the new plan after federal agencies, including the FDIC, Federal Reserve and the Office of the Comptroller of the Currency, appeared unlikely to exempt CLO’s from currently proposed guidelines – a position that the LSTA believes will shut down the market.
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