City Drafts Restructuring Plan For Emergency Virus Loans
Law360, London (July 16, 2020, 11:07 AM BST) -- The financial sector is proposing a debt restructuring program for the £35 billion ($44 billion) in government-backed emergency coronavirus loans that will start becoming repayable next March, as it seeks to prevent mass defaults and job losses among small and midsized businesses.
TheCityUK, a financial industry trade group, outlined plans on Thursday for a government-funded recovery program. The proposal, which it calls the U.K. Recovery Corporation, is designed to prevent as many as 780,000 vulnerable enterprises from defaulting on unsustainable debt from COVID-19 loans granted during the nationwide shutdown.
The new debt management entity would allow businesses to convert their debt into...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!