As the COVID-19 situation continues to evolve, market volatility, workplace disruptions and a shuttering of everyday life are becoming increasingly commonplace. While the 2021 LIBOR phase-out may not seem top of mind during the current crisis, speculation is mounting about whether the pandemic will delay or otherwise alter the phasing out of the “world’s most important number.”

As a refresher, the LIBOR transition was fueled by a lack of transparency in pricing this key index. Per the Loan Syndications and Trading Association, $200 trillion of LIBOR-based contracts were derived from less than $1 billion of daily LIBOR trading, leaving the benchmark subject to manipulation and fraud.

Read the full GT Alert, All Systems Go? LIBOR Transition Efforts During the COVID-19 Pandemic.

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Sylvie A. Durham

Ms. Durham has experience on both the legal and business sides of derivatives, private funds, complex financing transactions, and structured products. Prior to joining Greenberg, she was an investment banker and Head of Structured Equity Products at BNP Paribas where she concentrated on…

Ms. Durham has experience on both the legal and business sides of derivatives, private funds, complex financing transactions, and structured products. Prior to joining Greenberg, she was an investment banker and Head of Structured Equity Products at BNP Paribas where she concentrated on structuring equity financing and equity derivative transactions for corporations and hedge funds. Prior to BNP, she was a partner in the Corporate Dept. at the law firm of Weil, Gotshal & Manges LLP.

Ms. Durham has been involved as both a lawyer and investment banker in highly complex financing transactions, derivatives, commodities, private fund formation and asset management advisory work. Since 2006, she has been heavily involved in the development and structuring of over $20 billion in financing transactions between private funds and financial institutions utilizing a variety of legal structures such as VFN programs and fund-linked derivatives. She focuses on legal risk mitigation techniques for complex financial instruments and trading operations. She has broad experience with derivatives, commodities, structured transactions, structured products, and Dodd-Frank regulatory issues relating to these areas. She also frequently advises private funds and asset managers on fund formation and regulatory investment management issues. She also advises corporations and financial institutions on derivatives and related Dodd-Frank and EMIR compliance matters such as the Dodd-Frank Corporate End User Exemption. She has authored two treatises on legal risk mitigation and on derivative transactions.

Photo of Oscar Stephens Oscar Stephens

Oscar Stephens represents issuers, borrowers, underwriters, arrangers, placement agents, investors and lenders in a wide variety of multi-currency financing transactions.

Oscar’s practice focuses on advising private corporations, financial institutions, sovereign and quasi-sovereign entities on bilateral and syndicated lending, private placements and capital markets

Oscar Stephens represents issuers, borrowers, underwriters, arrangers, placement agents, investors and lenders in a wide variety of multi-currency financing transactions.

Oscar’s practice focuses on advising private corporations, financial institutions, sovereign and quasi-sovereign entities on bilateral and syndicated lending, private placements and capital markets deals with a cross-border component, particularly in Latin America. He has deep experience in structures involving debtors and assets located in, and revenues originated out of, Central and South America, in diverse transactions such as asset-backed securitizations, future flow structured finance, project bonds, project finance, acquisition finance and secured/leveraged finance. Oscar has relevant experience in the energy, oil & gas, renewables, banking, financial services, construction, manufacturing, shipping, mining, and food & beverage industries.

A native of Chile, Oscar conducts business in both English and Spanish and has broad experience in civil law jurisdictions throughout the Americas and legal structures used in non-recourse financing. Oscar’s bi-cultural background has allowed him to bridge differences and find common ground in complex transactions involving multiple jurisdictions.

Photo of Arleen A. Nand Arleen A. Nand

Arleen Nand is Chair of the Global Agribusiness Practice. She represents commercial, cooperative, development and investment banks, as well as hedge funds, private equity firms, and corporations in cross-border and domestic financings. Arleen has structured, drafted, and negotiated more than $40 billion of…

Arleen Nand is Chair of the Global Agribusiness Practice. She represents commercial, cooperative, development and investment banks, as well as hedge funds, private equity firms, and corporations in cross-border and domestic financings. Arleen has structured, drafted, and negotiated more than $40 billion of investment grade, leveraged finance and commercial paper transactions.

Arleen has served as lead counsel on numerous financings, including cross-border credit facilities, securitizations, syndicated loan transactions, credit-linked notes, asset-based and cash flow financings, convertible debt facilities, private placements, joint venture financings, debtor-in-possession credit facilities, senior and mezzanine transactions, and leveraged lease financings. She has advised clients on transactions involving various domestic and foreign collateral issues, including credit facilities secured by rolling stock, maritime vessels, aircraft, coal reserves, oil and gas, and carbon credits.

Photo of Michael M. Krauss Michael M. Krauss

Michael Krauss, a former Assistant United States Attorney for the Southern District of New York, advises banks, institutional trustees, and investors on an array of complex financial disputes, as well as corporate trust and structured product matters, including residential mortgage-backed securities litigation and…

Michael Krauss, a former Assistant United States Attorney for the Southern District of New York, advises banks, institutional trustees, and investors on an array of complex financial disputes, as well as corporate trust and structured product matters, including residential mortgage-backed securities litigation and actions alleging breach of trust. Michael also represents banks and other creditors to enforce remedies and defend counterparty claims. He routinely litigates disputes arising from insolvencies, particularly in matters where a business’s collapse was brought about by criminal fraud. Michael has deep litigation experience in the highly-regulated field of tribal gaming finance.

Photo of Paul J. Ferak Paul J. Ferak

Paul J. Ferak is Co-Chair of the Financial Services Litigation Practice. Paul focuses his practice on financial services litigation, business litigation, and class action defense. He has served as lead and co-lead counsel in matters across the country. He manages a national team…

Paul J. Ferak is Co-Chair of the Financial Services Litigation Practice. Paul focuses his practice on financial services litigation, business litigation, and class action defense. He has served as lead and co-lead counsel in matters across the country. He manages a national team of attorneys across Greenberg Traurig’s offices defending financial institutions in a variety of consumer and business matters and class actions. He has defended class actions involving mobile banking, electronic payments, credit cards, mortgages, and overdraft practices. He also regularly defends matters alleging violations of various statutes affecting the financial services industry, including credit cards, banking, and mortgage laws; privacy laws; and state consumer fraud laws; as well as matters relating to allegations of breach of contract and lender liability.