Planning for an unexpected absence or loss of a key person is an important component of enterprise risk management. In the present environment, boards are meeting regularly in real time to address absences of key persons–both temporary and sustained–to ensure that their existing succession plans are withstanding the current test.

As outlined in our client publication of March 27, 2020 (Update for Borrowers and Lenders in Germany), by a new law effective since March 27, 2020 (the “German Covid-19 Insolvency Law Amendment”), the obligation of the management of a legal person pursuant to section 15a of the German Insolvency Act (“German InsO”) has been suspended until September 30, 2020 if certain conditions are met.

The merger-of-equals transaction between Raytheon Company and United Technologies Corporation has closed, creating Raytheon Technologies Corporation, the world’s most advanced aerospace and defense systems provider.

The German Federal Government has introduced several initiatives to increase the liquidity of businesses during the COVID-19 crisis.

The novel Coronavirus (COVID-19) pandemic has significantly affected global oil demand, as travel restrictions and social distancing measures continue. Beyond the vanishing demand, oil markets are also feeling the effects of the Saudi Arabia–Russia price war, which has further flooded the market with extra supply. As a result, crude oil prices have plummeted in recent weeks, leaving many oil and gas companies to face difficult decisions. In particular, many oil and gas lessees will need to identify practical solutions to maintain their producing leasehold positions in this low-price environment.^[1]

This commentary includes our observations on the application of the French COVID-19 Government Guarantee scheme to infrastructure businesses.

Partners Doreen E. Lilienfeld, Global Governance & Advisory Practice Group Leader, and Gillian Emmett Moldowan, associate Matthew Behrens and law clerk Sonia Khandekar (all New York-Compensation, Governance & ERISA) recently authored a practical guidance checklist in Bloomberg Law in which they highlight issues for companies and their boards to consider with respect to incentive compensation in light of the COVID-19 outbreak and the resulting market uncertainty.

Shearman & Sterling advised Anglo American on its offering of $750 million 5.375% senior notes due 2025 and $750 million 5.625% senior notes due 2030. The notes were issued by Anglo American Capital plc and guaranteed by Anglo American plc.

On March 25, 2020, the U.S. Senate unanimously passed a $2 trillion federal economic stimulus package that would allocate roughly $377 billion for small business loan programs to provide cash-flow assistance to qualifying businesses. The House of Representatives passed the Act and it was enacted into law on March 27, 2020. 

Shearman & Sterling hosted a series of partner-led calls to answer your COVID-19 questions, including industry trends and the legal and business implications to the pandemic. The calls took place Tuesday through Thursday, March 31 - April 2 and April 7 - April 9.