As businesses continue grappling with the effects of COVID-19 on routine business operations and transactions, a host of new issues are just around the corner.  For many businesses, standard operations have been severely disrupted or restricted by government stay-at-home orders, failure to deliver by contract counterparties, and restrictions on essential working capital.  As the global economic downturn continues, businesses must simultaneously protect themselves from risks and position themselves for when suspended operations resume.

As trusted advisors to our clients, Crowell & Moring’s corporate team is looking ahead at what’s next for companies, investment vehicles, and business executives.  As the government continues its response to the public health and economic issues created by the COVID-19 pandemic, it will be essential for businesses to craft a strategy that mitigates risk and anticipates potential opportunity.  We are actively advising clients on a wide range of matters related to the CARES Act, such as SBA lending programs, as well as other aspects of ongoing stimulus programs.  For clients potentially affected directly or indirectly by the financial constriction caused by COVID-19, we are also counseling on financial restructuring, renegotiation of commercial relationships, and M&A transactions.

Our COVID-19 Corporate Team

Our uniquely integrated corporate team leverages deep cross-practice experience to deliver valuable advice covering the full spectrum of corporate counseling and governance concerns.  Our team includes transactional attorneys who advise businesses of all shapes and sizes in connection with general business matters and corporate formation, M&A, joint ventures, restructuring and creditors’ rights, commercial finance and lending, venture capital and private equity investments, public securities offerings and compliance, commercial contracting and outsourcing, ERISA concerns, employee benefits and executive compensation, and IP transactions.

Recent COVID-related corporate transactional matters include:

  • Representing various businesses in a wide range of industries in connection with assessing eligibility for, and securing loans under the SBA’s Paycheck Protection Program, the Federal Reserve’s Main Street Lending Program, and the Treasury’s direct loan and grant programs for the aviation and national security industries.
  • Advising bank lenders with respect to borrower and lender requirements and responsibilities under the SBA’s Paycheck Protection Program and the Federal Reserve’s Main Street Lending Program.
  • Advising venture-backed clients with respect to borrower requirements under the SBA’s Paycheck Protection Program and the Federal Reserve’s Main Street Lending Program.
  • Advising a U.S. biotechnology company on an agreement to become the exclusive U.S. distributor of COVID-19 rapid antibody serology tests from China, including negotiating the distribution agreement, advising on risk mitigation and FDA issues, preparing sales agreements and website terms and conditions, and helping liberate the test kits from an FDA hold at the port of entry.
  • Advising a public company headquartered in a Level 3 country on utilizing an SEC coronavirus order to delay the filing of its Form 10-K that was due on March 16, in light of difficulty completing its audit and preparation of its Form 10-K as a result of government lockdown restrictions.
  • Advising a private equity firm on the impacts of COVID for its portfolio companies, and possible mitigation measures.
  • Advising a private equity firm’s portfolio companies on recent government restrictions on business operations arising out of the COVID-19 coronavirus pandemic.
  • Conducting a full-scale due diligence review of a company’s line of supply contracts to assess their vulnerability to a force majeure or other contract disruption claim.
  • Advising clients in due diligence review of acquisition targets, to include COVID-19 related issues.
  • Advising clients mid-acquisition on revision of buy-side representation and warranties to mitigate risk associated with COVID-19 in acquisitions.

Client Alerts

December 23, 2020
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