Linklaters Americas

With more companies taking a multi-jurisdictional approach to restructuring, choosing the right restructuring tool has never been more important.          In the latest 9fin podcast, Linklaters’ London-based Restructuring partner James Warboys and New York-based Restructuring partner, Michael H. Torkin sat down with William Macadam to discuss the growing use of UK restructuring plans alongside Chapter 11, exploring the advantages, trade-offs and cross-border considerations that are reshaping the restructuring landscape. They examine recent transactions involving U.S.-based companies, the evolving approach of courts on both sides of the Atlantic, and the factors boards, sponsors and creditors should weigh when evaluating restructuring options. 🎙️Listen here: https://lnkd.in/eyrsxUjb.

Following our prior client alert on the launch of the Department of Justice’s National Fraud Enforcement Division, Assistant Attorney General Colin M. McDonald has issued a series of directives elaborating on the Fraud Division’s enforcement strategy. On October 1, 2026, AAG McDonald issued Directive 26-12, “Corporate Enforcement in the Fight Against Fraud,” setting out new corporate charging factors and process updates. On October 7, 2026, he issued Directive 26-13, “A Comprehensive Approach in the Fight Against Fraud,” directing prosecutors to deploy “a comprehensive approach to combating, investigating, and prosecuting fraud in all forms.” This alert summarizes the key developments across these recent policy announcements. Read more https://lnkd.in/gPjHTY_q and connect with the team for additional insight: Adam S. Lurie, Doug Davison, Sean Michael Solomon and Tyler Swafford.

Vasudha Anil Kumar and Max Levine of our New York Tax practice co-authored an article titled “Domestically Controlled REITs: New Proposed Regulations Provide New Clarity for Non-US Investors and Sponsors.” This article analyses new proposed regulations issued in 2025 relating to determining whether a Real Estate Investment Trust (REIT) qualifies as a “domestically controlled” REIT and represents a significant and welcome development for sponsors and non-US investors investing in real estate funds and other investment structures involving private REITs. The article can be accessed on Thomson Reuters’ website or here: https://lnkd.in/grARE6Pb. #REITs #DCREITs #RealEstateFunds #REITStructuring #LinklatersPublishedArticle #TaxLaw

In Gendreau v. Movora LLC (Del. Sept. 24, 2026), the Delaware Supreme Court held that a seller’s indemnification obligation for damages “as a result of, or in connection with” a pending patent infringement suit extended to the buyers’ post-closing product sales and that enforcement of an indemnification obligation for such willful infringement did not violate public policy. The Court, largely affirming the Superior Court’s earlier judgment, also resolved several related fee-shifting and damages disputes between the parties. Consistent with precedent, the Court highlighted Delaware’s willingness to enforce as written indemnification language negotiated between sophisticated parties. Click here to view https://lnkd.in/g8PJpjpf and connect with the team to learn more: George Casey, Heiko Schiwek, Elena Rubinov, Gregory Gewirtz, Clara Pang, Pierre-Emmanuel Perais, Vinita Sithapathy and Kristina Trauger.

Linklaters advised Banco Itaú on the provision of a US$300 million financing to Fértil Pampa S.A.U., a subsidiary of Pampa Energia, to fund a US$2.7 billion granular urea production complex in Argentina. The Linklaters team was led out of New York and São Paulo by Corporate Finance Partner Emilio Minvielle and Banking Partner Michael Bassett, alongside Associate Thomas L. Tiphaine Koffman and Foreign Attorney Francisco Algorta Garicoits. Tax support on the deal was provided by Partner Gabriel Grossman and Associates Bernard Yi and Flavio Amorim. Read more: https://lnkd.in/esQ8uJN2.

Members of the Linklaters Structured Finance and Securitization team recently attended the DealCatalyst Asset Based Finance 2026 Conference, where originators, lenders, asset managers, investors and other market participants discussed the trends shaping the next phase of growth in the ABF market. Simpler financing arrangements may preserve an originator’s ability to modify its products and respond to customers while it establishes product-market fit. Originators should consider whether extensive restrictions, eligibility criteria or other structural complexity in early-stage financing could limit the flexibility needed to expand or pivot their product offering or to attract additional financing. John Hwang, Derek Poon, Ari Yannakogeorgos and Caleb Adebayo share thier key takeaways from the conference here: https://lnkd.in/gERQfxzA.

Linklaters is delighted to announce that Alejandro Martinez de Hoz has joined the firm as Head of Latin American Arbitration in Washington, D.C. Alejandro further strengthens Linklaters’ market-leading International Arbitration practice and continues the firm’s ongoing U.S. expansion across disputes, M&A, and finance. Read more: https://lnkd.in/gGNMH4bP.

As restructuring and liability management strategies continue to evolve, companies are increasingly seeking proactive cross-border solutions to preserve flexibility and navigate complex capital structures.   Named a 2026 distinguished advisor, Linklaters U.S. Head of Restructuring & Capital Solutions Michael H. Torkin sat down for a Q&A with Financier Worldwide Magazine for their Power Players issue to share his perspective on the future of restructuring, the growing convergence of restructuring, finance and strategic advisory work, and why trusted judgment and creativity remain critical as the market becomes increasingly global and complex.   Read more: https://lnkd.in/eBexuA4T.

As part of an effort to expand retail investor access to private markets, the U.S. Securities and Exchange Commission is seeking public comment on its proposed designation of new credentials that would qualify individuals as “accredited investors,” including passage of an exam to be developed by the Financial Industry Regulatory Authority. The SEC has also issued two proposals that would modify regulated fund structures to expand retail investor choice. Read more here: https://lnkd.in/gWdE8gdy and connect with our team to dive deeper: Jeffrey Cohen, Jason Manketo, Pam Shores, Kristina Trauger and Catherine Russ.

Linklaters was proud to participate again in the Chief Executive Group’s Corporate Board Member Boardroom Summit in New York, the premier forum for directors of U.S. public companies.    George Casey, Linklaters’ Global Chairman of Corporate and Chairman of the Americas, chaired a panel discussion on what boards need to know about M&A in today’s complex deal environment. He was joined by Isabelle Deschamps, Board Member at Hitachi and former Chief Legal Officer of Rio Tinto; Marie Oh Huber, Board Member at Portland General Electric and former Chief Legal Officer of eBay and Agilent Technologies; and Jonathan F. Foster, Board Member of Lear Corporation.   Key takeaways from the panel discussion include:   💡 𝐁𝐨𝐚𝐫𝐝 𝐎𝐯𝐞𝐫𝐬𝐢𝐠𝐡𝐭 𝐢𝐬 𝐄𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥: boards are responsible for overseeing key aspects of M&A deals, such as strategic fit, valuation, risk assessment, governance, and diligence and integration planning. The key responsibility of directors in an M&A process is to stay engaged and informed and to ask the right questions: how does the transaction fit within the company’s long-term strategy? What are the assumptions underlying the projections? What does successful integration look like and who will be responsible? Is this the right culture fit? Is the timing right? What are the risks of doing the deal and what are the risks of not doing it? 💡𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐄𝐱𝐩𝐞𝐫𝐭𝐢𝐬𝐞 𝐌𝐚𝐭𝐭𝐞𝐫𝐬: real value is added when the board understands the industry within which the M&A deal is pursued and industry specific deal considerations. Boards should lean on advisors who know the industry well to fully understand deal issues. 💡𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧 𝐃𝐫𝐢𝐯𝐞𝐬 𝐕𝐚𝐥𝐮𝐞: post-deal integration is where deal value is realized or lost. Boards should ensure that a sophisticated plan for integration is considered at the time of due diligence and finalized before the deal is closed with senior leaders being accountable. Integration metrics should be monitored closely, including early signals such as potential regrettable attrition within the first 90 days. 💡𝐂𝐮𝐥𝐭𝐮𝐫𝐞 𝐌𝐚𝐤𝐞𝐬 𝐭𝐡𝐞 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞: boards should closely evaluate cultural fit, leadership alignment, retention risks, and integration readiness, as cultural incompatibility can undermine even strategically sound transactions.