US: Coronavirus Recovery Playbook
Resources by Type
In response to the current financial crisis as a result of the Coronavirus pandemic, Clifford Chance in the US has prepared this comprehensive set of slides (the “Coronavirus Recovery Playbook”) intended to outline helpful approaches and concepts relating to entities and assets under various types of credit stress. The Coronavirus Recovery Playbook is divided into several sections covering a variety of topics. Please see below for further details.
For more information about this series of playbooks, please contact Rebecca Hoskins or Hank Michael.
Coronavirus Recovery Playbook: Accessing Capital through TALF (June 2020)
This section of the Coronavirus Recovery Playbook covers the Term Asset-Backed Securities Loan Facility (TALF) and how companies can access capital through TALF.
Coronavirus Recovery Playbook: Restructuring Credit Facilities (June 2020)
As the COVID-19 pandemic continues to impact the economy, many borrowers are facing liquidity needs and are seeking to manage their liabilities.
Coronavirus Recovery Playbook: Rescue capital raises from third parties (June 2020)
This section of the Coronavirus Recovery Playbook covers rescue capital raises from third parties, including shareholder approval and waiver of such approval; use of contingent instruments; and applicable tax considerations.
Coronavirus Recovery Playbook: Issuing equity through rights offerings (June 2020)
This section of the Coronavirus Recovery Playbook covers issuing equity, including the advantages and possible structure and terms of a rights offering
Coronavirus Recovery Playbook: CMBS - Special Servicing Considerations (June 2020)
A challenging economy can stress the financial position of a borrower in a CMBS securitization. A commercial mortgage loan may become subject to handling by a special servicer in a number of circumstances, including a failure by the borrower to make interest payments or the occurrence of an event of default.
Coronavirus Recovery Playbook: CRE - A/B Notes (June 2020)
In recent years, commercial mortgage loans have routinely been divided into a senior and junior component, the "A Position" and the "B Position." The relationship between these positions is typically governed by a participation agreement or co-lender agreement that contains provisions that may be triggered following a period of financial distress.
Coronavirus Recovery Playbook: NSA Dual Class Roll Up Structure (June 2020)
This section of the Coronavirus Recovery Playbook covers key concepts of the NSA IPO and how aspects of the NSA structure could be incorporated into other transactions.
Coronavirus Recovery Playbook: Bridging valuation gap with contingent consideration (June 2020)
In the wake of the COVID-19 pandemic and its continuing impact on global financial markets, executing M&A transactions at the right price has become more challenging than ever.
Coronavirus Recovery Playbook: Duties of directors during times of distress (June 2020)
The sudden and wide-ranging impact of COVID-19 has resulted in companies and boards of directors facing unprecedented situations and challenges. Directors should continue to rely on the key legal principles which have governed their conduct in the past.
Coronavirus Recovery Playbook: Distressed M&A (June 2020)
Distress creates opportunity for savvy investors to buy assets or shares at favorable prices. Stock and debt of distressed companies often trade at prices reflecting their difficulties, and they may be under pressure to sell assets or securities quickly to raise capital or pay down debt.
Coronavirus Recovery Playbook: Distressed Situations - Insurance Products (June 2020)
This section of the Coronavirus Recovery Playbook covers tax insurance options for distressed situations.
Coronavirus Recovery Playbook: Strengthening balance sheets through debt reductions (June 2020)
When a company faces the need to refinance or extend maturities on debt or seeks to avoid potential covenant defaults, possible proactive debt management strategies include open market bond repurchases, tender offers, exchange offers and consent solicitations.