The COVID-19 pandemic presents a real threat to the global economy. In England and Wales, commercial landlords and tenants are assessing their respective rights and obligations. Read the full GT Alert: “COVID-19 Impact on Landlords and Tenants in England and Wales.”…

As the COVID-19 situation continues to evolve, market volatility, workplace disruptions and a shuttering of everyday life are becoming increasingly commonplace. While the 2021 LIBOR phase-out may not seem top of mind during the current crisis, speculation is mounting about whether the pandemic will delay or otherwise alter the phasing out of the “world’s most important number.” As a refresher, the LIBOR transition was fueled by a lack of transparency in pricing this key index.…

On 27 February 2020, the United Kingdom (UK) government published an outline of its intended approach to the forthcoming negotiations with the European Union (EU) over the future EU/UK relationship once the Brexit transition period ends. As set out in our previous GT Alert, “UK to Formally Leave EU on Friday 31 January 2020”, while the UK formally left the EU on 31 January 2020, the terms of the UK’s departure include an…

Welcome to the third issue of Greenberg Traurig’s LIBOR Transition Newsletter, where we provide updates, analysis, and occasional commentary on the latest developments relating to the highly anticipated phasing-out of LIBOR at the end of 2021 – less than two years from now. This issue covers the following: ARRC Releases a Consultation on Potential Spread Adjustment Methodologies Bank of England, FCA and Sterling Working Group Joint Statement Other Recent Developments, including comments from Federal Reserve…

The Coronavirus continues to spread throughout China and around the world, leaving many questions as to who is responsible for what and whether there are any obligations to address or limit exposure or infection. For landlords in England and Wales, much depends on how much control they have over their property. If it is a single let property, with no services being provided by the landlord, it is unlikely that the landlord has any obligations…

On Friday 24 January, UK Prime Minister Boris Johnson signed, on behalf of the UK, the Withdrawal Agreement – the agreement setting out the terms of the UK’s exit from the European Union (“Brexit”). This followed the successful passing of the UK domestic legislation necessary to implement the Withdrawal Agreement, the European Union (Withdrawal Agreement) Act 2020, on 23 January. All that now remains is for the Withdrawal Agreement to be ratified by the European…

Welcome to the second issue of Greenberg Traurig’s LIBOR Transition Newsletter, which contains updates, analysis, and commentary on the latest developments relating to the highly anticipated phasing-out of LIBOR at the end of 2021 – barely two years from now. This issue covers the following: LSTA – Concept SOFR Credit Agreement Recent Developments Parting Shot – What if Someone Finds the Proposed LIBOR Replacement Fallback Language “Too Long”? Read the full LIBOR Transition newsletter – …