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1、发件人:Zhang,Yi发送时间:2010年7月14日15:36收件人:all-lawyers主题:RE:美国法院的判决对SPV结构可能产生深远影响 InreGeneralGrowthProperties,Inc.OrderDenyingMotionstoDismisstheCasesofVariousSPESubsidiariesAUGUST18,2009Inarulingissuedlastweek,BankruptcyJudgeAllanL.GropperoftheSouthernDistrictofNewY
2、orkdeniedmotionstodismisstheChapter11casesofcertain“bankruptcy-remote”specialpurposeentitiesthataresubsidiariesofGeneralGrowthProperties,Inc.,whichfiledthelargestrealestateChapter11caseinU.S.history.Indenyingthemotions,JudgeGropperheldthattheentitiesdidnotfilef
3、orbankruptcyinbadfaithandthattheywerejustifiedinconsideringtheinterestsoftheircorporateparentwhendecidingwhethertofile.BackgroundGeneralGrowthProperties,Inc.(the“Company”),apublicly-heldrealestateinvestmenttrustthatownsormanagesmorethan200shoppingcentersin44sta
4、tesacrossthecountry,filedforbankruptcyonApril16,2009.About$15billionoftheCompany’sapproximately$27billioninoutstandingdebtisintheformofcollateralizedmortgaged-backedsecurities(“CMBS”),makingtheCompanythelargestborrowerintheCMBSmarkets.TheCompanyistheultimatepar
5、entofhundredsofsubsidiaries—manyofwhichareorganizedas“bankruptcy-remote”specialpurposeentities(“SPEs”)—thatwere,tothesurpriseofmanymarketparticipants,alsoincludedintheCompany’sChapter11proceedings(the“SPEDebtors”).ThegoverningdocumentsandloanagreementsofSPEstyp
6、icallycontainrestrictionsthatrequirethemtolimittheirdebtprincipallytomortgagesandtomaintaintheirseparateexistencefromtheirparentandotheraffiliates.Also,inanattempttocreateanimpedimenttoabankruptcyfiling,theSPEs’governingdocumentsoftencontainarequirementthattheS
7、PEretainatleastoneindependentdirectorobligated,totheextentpermittedbylaw,toconsideronlytheinterestsoftheSPE,“includingitsrespectivecreditors,”indecidingwhethertoapprovetheSPE’sfilingforbankruptcyprotection.TheChapter11filingsoftheSPEsubsidiariesoftheCompanyhast
8、hereforecausedgreatconcerninthestructuredfinanceandbroadercapitalmarkets,whichrelyheavilyontheassetisolationthoughttobeprovidedbySPEs.InapreviousdecisionapprovingtheCompany’
