News & Analysis as of

Chapter 11 Bonds

Nortel Judge Rejects Noteholders’ Challenge to Indenture Trustee’s Fees

by Kelley Drye & Warren LLP on

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware handed down an important ruling last week that turned aside most of an unusual challenge to the fees and expenses of an indenture trustee in the...more

EFIH Noteholders Find Redemption for the Payment of Make-Whole Premiums

by Shearman & Sterling LLP on

On November 17, 2016, the United States Court of Appeals for the Third Circuit issued a decision in which it held that holders of first lien notes and second lien notes of Energy Future Intermediate Holding Company LLC and...more

When Can a Bondholder Insist on Prompt Payment of Principal or Interest: Recent Developments under the Trust Indenture Act

In December 2014 and January 2015, the United States District Court for the Southern District of New York issued two sets of decisions — Marblegate Asset Mgmt. v. Educ. Mgmt. Corp. and MeehanCombs Global Credit Opportunities...more

Global Private Equity Newsletter - Fall 2015 Edition: Recent Developments in Acquisition Finance

by Dechert LLP on

When a portfolio company underperforms, a sponsor may consider various options to address the perceived performance issues, including changes to a portfolio company’s management team, cost structure, capital structure or...more

Delaware Bankruptcy Court Allows Debtor to Sidestep “Make-Whole” Payment

by Alston & Bird on

Bankruptcy Judge Christopher S. Sontchi recently ruled in the Energy Future Holdings case that the debtor will not be required to pay the $431 million “make whole” demanded by bondholders upon the debtor’s early payment of...more

Energy Future Holdings – More Bad News for Bondholders on Make-Whole Premiums

by Kelley Drye & Warren LLP on

Make-whole premiums are often used in connection with the issuance of debt in order to protect noteholders with long term investment horizons from being repaid early. At the time of the bankruptcy filing of EFH in April 2014,...more

The Third Circuit Affirms the Denial of Third-Party Releases for Lack of Adequate Disclosure

The Third Circuit Court of Appeals recently affirmed the decisions of the District and Bankruptcy Court denying, for reasons of inadequate disclosure, the approval of a third-party release provision in the Chapter 11 plan of...more

A New Tool for Holdout Bondholders: The Trust Indenture Act

by Latham & Watkins LLP on

Restructuring decision broadly interpreting bondholder protections under the Trust Indenture Act may significantly impact out-of-court restructurings. On December 30, 2014, the US District Court for the Southern...more

Court Rejects Effort to Transfer Venue of Energy Future Holdings Bankruptcy From Delaware to Texas

by Cooley LLP on

In a ruling yesterday, Judge Christopher Sontchi of the United State Bankruptcy Court for the District of Delaware denied a motion by a bond trustee to transfer venue of the Dallas-based Energy Future Holdings from...more

How Exposed are Holders of Offshore Chinese Bonds?

by Latham & Watkins LLP on

In late 2013, Latham & Watkins hosted a restructuring conference, Maximizing Outcomes in Upcoming Asia Restructurings, at the Asia Society in Hong Kong. The conference featured a series of keynote speakers and panel...more

"Enforcement of Make-Whole Provisions in Bankruptcy: The Importance of Careful Drafting"

Indentures typically contain provisions that offer protection to bondholders and borrowers in the event of early repayment of or, in some instances, default on the loan. This includes make-whole provisions, which...more

Bill on Bankruptcy: Why is Kodak's Stock Soaring? [Video]

by Bloomberg Law on

March 20 (Bloomberg Law) -- Although Eastman Kodak Co. stock shot up like a rocket in a week's time, investors might not have the same profitable outcome like owners of American Airlines shares, as Bloomberg Law's Lee Pacchia...more

Vitro Update: “Savings Clause” Fails to Save Vitro Subsidiaries From Involuntary Bankruptcy

Shortly after the U.S. Court of Appeals for the Fifth Circuit refused to enforce Vitro SAB’s Mexican plan of reorganization in the United States (covered here), Judge Harlin D. Hale of the U.S. Bankruptcy Court for the...more

Bill on Bankruptcy: Rakoff Reverses Himself in Madoff Case  [Video]

by Bloomberg Law on

Feb. 13 (Bloomberg) -- Judges rarely reverse themselves. When U.S. District Jed Rakoff recanted a ruling he made previously in the liquidation of Bernard L. Madoff Investment Securities Inc., the reversal was important...more

Bill on Bankruptcy: MF Global Creditors Undeterred by Low Value  [Video]

by Bloomberg Law on

Jan. 16 (Bloomberg) -- The low valuation creditors of MF Global Holding Ltd. put on their liquidating Chapter 11 plan isn't deterring the bond market where debt is being sold for roughly twice the predicted recovery for...more

Bill on Bankruptcy: Will 2013 Be Kind To The Bankruptcy Bar? [Video]

by Bloomberg Law on

Jan. 2 (Bloomberg Law) -- Bankruptcy lawyers and turnaround managers can expect another lousy year in 2013, for reasons Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle explain on their new...more

Bill on Bankruptcy: Big Surprises For AMR, MF Global Creditors [Video]

by Bloomberg Law on

Dec. 19 (Bloomberg) -- Surprises about the financial condition of MF Global Holdings Ltd. and AMR Corp., the parent of American Airlines Inc., make up the first topic for discussion in the newest video by Bloomberg Law's Lee...more

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