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Please find below a Market Advisory which addresses whether Section 12 of the LSTA's Distressed Confirm requires a seller to give step-up representations in situations where such seller had owned a participation interest in the debt when the market convention for transferring the debt shifted to distressed documentation. more »
In addition to the onerous withholding and reporting requirements foreign banks face, the Foreign Account Tax Compliance Act (“FATCA”) could prove particularly onerous – and in some respects unfeasible – for offshore CLOs. On April 30th the LSTA filed its fourth comment letter in response to the IRS’s proposed regulations implementing FATCA released on February 8th. more »
The LSTA presented the results of its 2012 Secondary Trading & Settlement Study. more »
In observance of the U.S. Good Friday holiday, the Loan Syndications and Trading Association (LSTA) recommends treating Friday, April 6, 2012 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation. more »
The Loan Syndications and Trading Association, joined by nine other trade associations, submitted an amicus brief to the US Supreme Court in the RadLAX Gateway Hotel case, arguing that secured creditors cannot be prevented from “credit bidding” in an auction of their collateral in a “cram down” plan of reorganization. The LSTA argues that credit bidding is a critical tool for protecting a secured creditor from having its collateral undervalued. If the creditor is not satisfied with the competing bids, it can obtain the property by bidding more, using the amount of its unpaid debt as currency in the auction. more »
At the end of 2011, the Trade Practices and Forms Committee approved a new methodology for calculating par delayed compensation. more »
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