Insights

Washington, D.C. – June 30, 2022: Seramount, formerly Working Mother Media,has named Crowell & Moring one of the “Best Law Firms for Women” for the 11th year in a row. The firm is ranked among 50 firms across the nation for its best practices in recruiting, retaining, promoting, and developing women lawyers, including representation, schedule flexibility, benefits and leave policies supporting women, and sponsorship and mentorship opportunities. In addition, the firm’s ongoing achievements earned it a spot in Seramount’s Hall of Fame.

New York – March 4, 2022: Crowell & Moring’s Jennifer K. Grady, Richard J. Lee, and John A. Clark have authored a chapter in the recently published second edition of The Handbook of Loan Syndications and Trading. According to the book’s publisher, the Loan Syndications and Trading Association, “The Handbook covers all aspects of the primary and secondary loan markets, ESG, direct lending, and so much more.”

After nearly 13 years since its original proposal, the U.S. Securities and Exchange Commission (SEC) has adopted Rule 9j-1, a set of anti-fraud and anti-market manipulation prohibitions specifically designed for policing misconduct in security-based swap markets.[1]

The recent unprecedented dislocation of the U.S. syndicated loan market has led to a resurgence of interest in loan total return swaps (LTRS). As prices of high-quality secured loans dropped precipitously in March following the outbreak of Covid-19, many market participants sought to take advantage of distressed prices while maximizing liquidity. LTRS provide investors with a flexible derivative product that, among other uses, allows leveraged synthetic exposure to the potentially undervalued loan asset class. During a time of market uncertainty and price volatility, it can be a valuable tool for distressed investors who understand its unique structure and features.

In times of correlated financial stress, no manufacturer needs a disruption in the flow of critical components through its supply chain. Apart from the supply chain disruption, the manufacturer’s liquidity may be constrained due to limited financial resources, reduced inventory or receivables for borrowing base calculations, fully drawn lines of credit and, in the worst case, one or more defaulting lenders. The manufacturer’s revenue may have fallen due to decreased demand for the goods in the marketplace and performing customers may bargain for extended payment terms. Adding the failure of a critical supplier increases the manufacturer’s misery and requires urgent brainstorming.

Environmental justice is the fair treatment and meaningful involvement of all people regardless of race, color, national origin, or income with respect to the development, implementation, and enforcement of environmental laws, regulations, and policies.