To assist our clients and the business community as they navigate the repercussions of the COVID-19 pandemic, our partners have participated in a series of webinars. These video sessions provide practical guidance on some of the most pressing issues facing the business community in the United States and abroad. The seven webinars cover a range of topics in the areas of M&A, Tax, Finance and Restructuring and Capital Markets, as well as an analysis of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
Partners: Frank Aquila, Vanessa Blackmore, Tom Baxter, Carsten Berrar, Gauthier Blanluet, Ari Blaut, James Bromley, Cathy Clarkin, Audra Cohen, Rodge Cohen, Ron Creamer, Krystian Czerniecki, Olivier de Vilmorin, Andrew Dietderich, Robert Downes, Mitch Eitel, Keiji Hatano, Tracy Richelle High, John Horsfield-Bradbury, Christopher Howard, Matthew Hurd, Waldo Jones, Julie Jordan, Diane McGimsey, Neal McKnight, Scott Miller, Kay Ian Ng, Inosi Nyatta, Rita-Anne O’Neill, Camille Orme, Annie Ostrager, Sarah Payne, Ben Perry, Richard Pollack, Clemens Rechberger, Juan Rodriguez, Ted Rogers, Michael Rosenthal, Melissa Sawyer, Rob Schlein, York Schnorbus, Rebecca Simmons, Evan Simpson, David Spitzer, Marc Treviño, Davis Wang, Sam Woodall
Global M&A Impact
Partners in our M&A Group discuss the pandemic’s impact on transactional work, including considerations in negotiating and executing deals in the short and long term. They evaluate the outlook for deals announced before the pandemic and examine possible delays in the regulatory process. The partners also explore the impact of legislation on the healthcare, technology and consumer and retail industries worldwide and how private equity groups will approach deal making.
S&C Partners: Frank Aquila, Olivier de Vilmorin, Matthew Hurd, Scott Miller, Rita-Anne O’Neill, Melissa Sawyer
Partners in our Tax Group discuss a range of tax issues that businesses may face in the United States and abroad as a result of the pandemic. These include the utilization of net operating losses, the pros and cons of adopting a tax asset protection plan and possible tensions with tax authorities over the use of transfer pricing models to allocate losses. They also discuss tax issues that often arise in M&A transactions, especially in negotiations over the seller’s NOL carryforward and how much a buyer should pay for the seller’s tax attributes.
S&C Partners: Gauthier Blanluet, Ron Creamer, David Spitzer, Davis Wang
Partners in our Financial Services, M&A and Healthcare Groups discuss the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Topics include the Paycheck Protection Program and the flexibility granted to banks in dealing with troubled borrowers. They also discuss sections of the Act that provide relief to other industries, including the auto and aviation sectors. The Act’s effect on the healthcare field is also examined, including the use of the Medicare statute to offer liquidity relief to healthcare providers and the expansion of telehealth.
S&C Partners: Tom Baxter, Audra Cohen, Rodge Cohen, Mitch Eitel, Matthew Hurd, Scott Miller, Camille Orme, Rob Schlein, Rebecca Simmons, Sam Woodall
Critical Labor and Employment Insights
Partners in our Labor & Employment and Tax Groups discuss a range of considerations for employers, including those implementing a workforce restructuring. Topics include relevant provisions under the CARES Act and WARN Act, ADA considerations and requirements under the Family and Medical Leave Act.
S&C Partners: Tracy Richelle High, Julie Jordan, Diane McGimsey, Annie Ostrager, Ted Rogers, David Spitzer, Marc Treviño
Finance and Restructuring
Partners in our Finance & Restructuring Group discuss the effects of the pandemic on global markets. The conversation includes a comparison of pandemic-related challenges faced in financings and restructurings, an exploration of liquidity relief for borrowers and issuers through government programs, and the rates of stabilization from sector-to-sector, with a special focus on oil and gas. The partners offer guidance for a range of stakeholders and note, with an eye to the future, the “hopeful tenor” of the market.
S&C Partners: Ari Blaut, James Bromley, Andrew Dietderich, Christopher Howard, Neal McKnight, Inosi Nyatta
Global Capital Markets
Partners in our Capital Markets Group discuss the impact of the pandemic on capital markets activity and related considerations. Topics include increased activity in debt markets in the United States and abroad, the slowing of equity markets from region-to-region and the potential for an upswing in PIPE transactions. The partners also delineate the priorities of those issuers who need to raise capital now versus those with fundraising on the horizon. They explain the SEC’s stance on earnings disclosures and detail considerations for issuers considering accessing government funds.
S&C Partners: Carsten Berrar, Cathy Clarkin, Robert Downes, Keiji Hatano, Waldo Jones, Scott Miller, Kay Ian Ng, Sarah Payne
European Capital Markets
Partners in our Capital Markets Group discuss the impact of the pandemic on European capital markets. Topics include trends in European debt and equity capital markets and issuer reactions to market volatility in the U.K., France and Germany. They also discuss the differences in approach to the pandemic between sovereign and private issuers, adjustments that issuers and their advisors will need to make to the typical offering process and provide guidance on navigating the regulatory frameworks.
S&C Partners: Vanessa Blackmore, Carsten Berrar, Krystian Czerniecki, Olivier de Vilmorin, John Horsfield-Bradbury, Clemens Rechberger, Evan Simpson
Partners in our M&A Group explore important updates for European dealmakers. They discuss the practical implications of the pandemic crisis on M&A transactions and how some parties may find valuable opportunities. They also explore regulatory issues, such as timing implications in antitrust and other regulatory approvals, and explore trends in foreign investment regulation. Other topics include preparatory steps for a rise in shareholder activism and how boards might assess future M&A proposals.
S&C Partners: Vanessa Blackmore, Carsten Berrar, Gauthier Blanluet, Olivier de Vilmorin, Ben Perry, Richard Pollack, Juan Rodriguez, Michael Rosenthal, York Schnorbus