News & Analysis as of

Creditors First-Lien

Proskauer Rose LLP

Sunny With Clear Skies, But a Chance of Turbulence on the Horizon: Private Credit Restructuring Year in Review

Proskauer Rose LLP on

This past year was marked by extraordinary deal activity. Record breaking M&A activity drove record breaking private credit activity. Private equity M&A activity was at a substantial high, with over 8,500 deals worth $2.1...more

Buchalter

Ag “Distributor” Cannot Use PACA Trust to Jump Ahead of First-Lien Creditor, Circuit Court Rules

Buchalter on

The Sixth Circuit recently ruled that an agricultural “multi-service finance company” had no claim to the proceeds of produce held in trust pursuant to the Perishable Agricultural Commodities Act (“PACA”) and could not...more

Jones Day

Cram-Up Chapter 11 Plans: Reinstatement and Indubitable Equivalence

Jones Day on

"Cramdown" chapter 11 plans, under which a bankruptcy court confirms a plan over the objection of a class of creditors, are relatively common. Less common are the subset of cramdown plans known as "cram-up" chapter 11 plans....more

Cadwalader, Wickersham & Taft LLP

Third Circuit Affirms Rulings That Distributions to TCEH First Lien Creditors Are Governed by the Bankruptcy Code Rather Than...

On June 19, 2019, the United States Court of Appeals for the Third Circuit (the “Third Circuit”) affirmed a ruling of the United States District Court for the District of Delaware (the “District Court”) dismissing challenges...more

Cadwalader, Wickersham & Taft LLP

Delaware Bankruptcy Court Rules TCEH First Lien Distributions Are Governed by the Bankruptcy Code, Not by Intercreditor Agreement...

On March 11, 2016, Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware issued an opinion in the Energy Future Holdings bankruptcy that resolved an intercreditor dispute over $90 million in...more

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