Dealing with distress: business restructuring and rescue
Businesses in every sector and geography are having to transition to new ways of operating within a rapidly changing and increasingly uncertain legal and regulatory landscape.
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On November 30, 2020, California’s new emergency, temporary COVID-19 standards took effect. Title 8, California Code of Regulations, sections 3205 through 3205.4. See our recent alert and blog post for more information.
On December 14, 2020, California’s governor issued an Executive Order which modifies the emergency COVID-19 regulations by reducing the required quarantine or isolation period required by Section 3205(c)(10) (“Exclusion of COVID-19 cases”) and (c)(11) (“Return to work criteria”) from 14 days to 10 days. Thus, for example, employers need only exclude employees with COVID-19 exposure from the workplace for 10 days (as opposed to the original 14 days) after the last known COVID-19 exposure to a COVID-19 case.
On December 16, 2020, the National Retail Federation, the National Federation of Independent Business and three small employers filed a lawsuit in San Francisco Superior Court to block Cal/OSHA from enforcing the new COVID-19 regulations. The complaint describes the regulations as unnecessary, “scientifically unsupported” and “arbitrary and capricious.” We will continue to monitor activity in this case.
IBOR reform or LIBOR replacement represents one of the biggest changes to the financial services industry and impacts on all businesses that deal with it.
There are increasing calls from investors with global investment portfolios for a reliable reporting framework that allows for comparable climate and other environmental, social and governance (ESG) reporting between companies.
© Norton Rose Fulbright LLP 2022