Within a matter of weeks, many of the world’s strongest borrowers experienced a sudden and considerable drop in revenue as employees and consumers complied with various quarantine measures across the country and around the world. This decrease in revenue created short-term liquidity crises for otherwise healthy borrowers with the result that many have begun to fully draw down under existing revolving facilities, request emergency liquidity facilities and seek amendments and waivers under current credit facilities. Exacerbating matters, lenders (many of whom are working from home and experiencing their own operational hurdles) are receiving these requests en masse and are expected to satisfy them promptly.
About Ryan Middleton
Ryan specializes in the areas of banking and finance, where he regularly provides counsel to international and domestic lenders and borrowers in all areas of debt financing transactions, including syndicated financings, acquisition financings, bond financings, real estate financings, asset-based lending, securitizations, project finance and subordinated/mezzanine financings.
About Mark G. Evans
Mark is the Practice Lead for the Litigation and Dispute Resolution Group of Dentons’ Toronto office and the Co-Global Lead for Dentons Fraud and Asset Recovery Group. Mark is a leading banking and commercial litigation lawyer and acts as lead litigation counsel for a number of Canadian and multinational clients on significant class action briefs.