视点

Relationships Shine During a Recession

September 23, 2022

This isn’t the first time—and it certainly won’t be the last—that private equity firms are bracing for an economic downturn. Although private equity firms usually earn their best returns after a recession, only the most strategic private equity firms get through a downturn successfully. While the U.S. is not quite in a recession (technically), private equity investors and their portfolio companies are dealing with persistent inflation, interest rate hikes, talent shortages, supply chain issues and continued geopolitical tensions. It’s safe to say the U.S. is teetering on the edge of a recession and experiencing softer market conditions, at the very least.

视点

LatAm H2: The Growing Importance of Low-Carbon Hydrogen in Latin America

September 22, 2022

Partners Dan Feldman, Omar Samji, Roberta Berliner Cherman and counsel Gabriel Salinas have published a report on the Growing Importance of Low-Carbon Hydrogen in Latin America.

视点

A Step Towards Removing the Red-Tape For Europe’s Green Hydrogen Sector

September 15, 2022

On September 14, 2022, the European Parliament (the Parliament) adopted its proposed amendments to the Renewable Energy Directive (Recast) 2018 (RED II). Amongst other things, this text would make the requirements for the production of renewable fuels of non-biological origin (RFNBO) (which includes green hydrogen, green ammonia and other e-fuels) more lenient than those proposed by the European Commission in its draft Delegated Act (published in May 2022).

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Finance Practice Contributes US Securitization Chapter in Legal 500 Guide

September 12, 2022

Shearman & Sterling’s Bank Finance lawyers Bjorn Bjerke, Barbara Zylberg and Caleb Chua contributed a chapter as exclusive authors for The Legal 500: Securitization Comparative Guide. This is the third edition of the chapter authored by Shearman & Sterling. The guide, which focuses on securitization, provides the latest overview of securitization laws and regulations specific to the United States.

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Ninth Circuit Rules that the Solvent Debtor Exception Is Alive and Well in PG&E

September 08, 2022

The common law solvent debtor exception, in short, means that a solvent debtor must generally pay post-petition interest accruing during bankruptcy at the contractual or state law rates before collecting surplus value from the bankruptcy estate. Several recent bankruptcy court rulings have analyzed the solvent debtor exception, and some have called the solvent debtor exception into question. On August 29, 2022, the United States Court of Appeals for the Ninth Circuit, in a divided opinion, became the first circuit court to address the question that has resulted in differing conclusions among bankruptcy courts: what rate of post-petition interest must a solvent debtor pay to creditors whose claims are designated as unimpaired under a plan pursuant to § 1124(1) of the Bankruptcy Code?

视点

Reform of the Arbitration Act 1996—Section 44: The Courts’ Supportive Powers

September 08, 2022

The Law Commission of England & Wales is conducting a review of the Arbitration Act 1996 as part of its 14th programme of law reform.  One area under consideration relates to the courts’ powers in support of arbitral proceedings pursuant to Section 44.  In this post, we address four issues that arise in this context, namely: (1) the exclusion of the Court's powers in Section 44; (2) the application of Section 44 third parties; (3) the relationship between Section 44 and emergency arbitrator and expedited arbitral procedures; and (4) the meaning of “assets” for without notice orders under Section 44.

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Non-Debtor Parents Beware: Bankruptcy Court Denies Extending MDL Injunction

September 07, 2022

On August 26, Indiana Bankruptcy Court Judge Jeffrey J. Graham issued an order in the bankruptcy cases of Aearo Technologies (“Aearo” and, together with its affiliate debtors, the “Debtors”), denying the Debtors’ motion for a preliminary injunction protecting non-debtor parent 3M Company (“3M”) against a slew of litigation related to hearing-protection devices that were allegedly defective and resulted in hearing loss and related injuries. 

视点

美国公众公司会计监督委员会PCAOB如何开展检查工作?

September 06, 2022

2022年8月26日,中国证券监督管理委员会(“中国证监会”)、中国财政部与美国公众公司会计监督委员会(Public Company Accounting Oversight Board, “PCAOB”)签署审计监管合作协议,将于近期启动相关双边合作,对从事在美上市公司审计的中国大陆和香港的审计师事务所开展检查和调查工作。

视点

After the Inflation Reduction Act: Permitting Reforms to Expedite Energy Infrastructure Projects

August 29, 2022

With the Inflation Reduction Act (IRA) now signed into law, attention is shifting to the next potential area for energy reform: permitting. Senator Manchin has outlined his priorities for energy permitting reform legislation, which could be voted on by the end of September.