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Bondholders challenge MyTravel restructuring

Bondholders continued to challenge the restructuring of UK holiday company MyTravel in December, despite a High Court ruling denying them the opportunity to block the company's scheme of arrangement. At the time of going to press, bondholders were awaiting the outcome of a second High Court hearing on the scheme.

January 01 2005

UK lowers standard of care on new operating review

Lawyers and businesspeople have welcomed the decision by the UK government to soften the standard of care for companies when they prepare newly introduced operating reviews together with their annual reports.

January 01 2005

US equity market finishes year with a flourish

NYSE: busy holiday season The US securities markets traditionally have a short burst of activity sandwiched between Thanksgiving in late November and Christmas the following month.

January 01 2005

Volkswagen leads way on German true-sale initiative

After an 18-month wait, the first deal has closed under the German true-sale initiative (TSI) platform that was designed to facilitate Germany's nascent true-sale securitization market.

January 01 2005

Milbank advises on first corporate perpetual bond

Milbank Tweed Hadley & McCloy represented Mexican issuer Gruma in the first perpetual bond deal by a corporate issuer in any market.

January 01 2005

Lessons for Korea's new Restructuring Act

With Korea soon to pass new bankruptcy legislation, Mark A Walker, James L Bromley and Sang Jin Han outline what the country’s lawmakers should learn from past experience

January 01 2005

Canada sets new policy on corporate governance

Carol Hansell examines the progress towards improving corporate governance in Canada in the shadow of US reforms

January 01 2005

Italy

Article 66 of Consob Regulation No 11971 of May 14 1999 requires Italian listed companies issuing bonds to inform the public and Consob promptly of events occurring in their or their subsidiaries' sphere of activity that are likely to have a significant effect on the price of the issuer's financial instruments. Article 66 applies irrespective of whether the placement is private or public, or listed.

January 01 2005

India

Global shipping companies might want to consider operating from Indian special purpose vehicles, now that the much-awaited tonnage tax regime in the Finance Act 2004 - 2005 has been introduced. This new regime will allow Indian shipping companies to opt for either tonnage or corporate tax.

January 01 2005

Indonesia

Many companies in Indonesia, whether foreign or locally owned, operate with negative equity, meaning that the total assets of the company are less than its total liabilities. The principal reason for this, other than the significant depreciation of the Rupiah against the dollar during the Asian financial crisis, has been the substantial retained losses incurred by companies, which would be offset in the past by the companies' share capital.

January 01 2005

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