Private Equity

In what will likely be the first of many, the SEC brought an action against a company for false and misleading press releases related to the COVID-19 pandemic.

On April 23, 2020, the CFTC announced a targeted no-action relief to certain market participants from compliance with net capital treatment of covered loans received under the Paycheck Protection Program (PPP) pursuant to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

In its online forum regarding COVID-19/Coronavirus, FINRA has issued guidance related to PPP loans.

This article discusses the Federal Reserve’s Main Street Lending Program, including eligibility; impacts on debt service, capital structure, and strategic planning; and potential obstacles under existing debt and other agreements.

This advisory reviews strategies that sponsors and their portfolio companies can use to manage defaults, including proactive measures to avoid default, amendments and waivers to realign with a company’s revised outlook, sponsor support through equity cures, and lender forbearance.

This advisory provides a drafting guide for purchase and sale agreements in the post–COVID-19 era.

This article reviews debt financing opportunities available to investors in a down market and the pros and cons of each type of financing.

Read about recently issued IRS guidance related to the employee retention credit enacted in the Coronavirus Aid, Relief and Economic Security (“CARES”) Act.

This alert provides an overview of how the CARES Act, signed on March 27, 2020, eases tax burdens on businesses to increase their short-term liquidity as they deal with impacts of the COVID-19 pandemic.

Read about issues to consider when drafting or negotiating transaction agreements with covenants to operate in the “ordinary course” of business between signing and closing.

This alert takes a detailed look at the additional guidance issued by the IRS on October 9, 2019 on the tax treatment of cryptocurrency.

This articles outlines the Treasury Department’s second set of proposed regulations, released on April 17, 2019, for the implementation of the Opportunity Zone Program.

Indemnification provisions in private company M&A contracts have received a lot of attention in recent years. These provisions are used to allocate risk among participants but there has been a lack of attention paid to another critical provision of these contracts. We highlight the frequency of certain provisions that shift control of these claims and examine the merits of various other approaches.

As the year draws to a close, it’s clear that 2018 was another record year for private equity investment in health care.  In its report on the top health industry issues of 2019, PWC’s Healthcare Research Institute recently highlighted the continued prevalence of private equity in health care transactions, and predicted even more private equity investment in the coming year. Below is an overview of the current and expected trends, as well as a few key considerations for private equity deals in the health care space.

This article outlines the Treasury Department’s initial guidance for implementation of the qualified opportunity zone tax incentive program, designed to encourage investment in low-income communities.

Litigation financing has quickly grown from a fledging concept into a robust industry. The concept is simple: in exchange for a share of any proceeds, a financing firm agrees to pay all or a portion of the plaintiff’s legal fees.

Ten considerations for closely held companies incurring debt in connection with minority investments by private equity sponsors, growth financing, or dividend recapitalizations.

Recently, there have been a number of sales of well-known and well-respected craft breweries to the major beer producers. In addition, there have been a smaller number of sales of craft breweries to private equity investors. Is one type of buyer better than the other from the perspective of the selling brewery?

The Private Equity Practice has been getting an increasing number of calls related to the decision made earlier this spring (Sun Capital Partners III, LP v. New Eng. Teamsters & Trucking Indus. Pension Fund, 2016 US Dist. LEXIS 40254 (D. Mass. Mar. 28, 2016)). 

The SEC brought a record number of enforcement actions against investment advisers in 2015, resulting in approximately $4.2 billion in sanctions.1 This alert highlights current issues for private equity, venture capital and hedge fund managers and also summarizes certain key required annual filings.