News & Analysis as of

Intercreditor Agreements

The Growth of European Covenant Lite

by Latham & Watkins LLP on

In 2016, global sponsors and their advisers were successful in continuing to export their experiences from financing transactions in the US leveraged loan and global bond markets to the European leveraged loan market, and...more

Commercial Restructuring & Bankruptcy Alert - October 2016

by Reed Smith on

Welcome to the October 2016 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from newsletter: DELAWARE AND NEW YORK AT ODDS OVER RECLAMATION...more

Resolution of Intercreditor Dispute in Favor of ABL Lenders in the RadioShack Bankruptcy Case

by King & Spalding on

On May 11, 2016, the Delaware bankruptcy court issued an opinion in the RadioShack bankruptcy case addressing an intercreditor dispute between Salus Capital Partners, LLC, the “last out” lender in RadioShack’s prepetition...more

A New Wave of CIS Restructurings Poses Unique Challenges

by Latham & Watkins LLP on

While the CIS nations have recently provided a multitude of sizeable restructuring cases, the region’s dominant force, Russia, has stood up reasonably well to lengthy economic decline, economic sanctions and the collapse of...more

PF Newsletter: Article 55 of the BRRD

by Latham & Watkins LLP on

From 1 January 2016, all EEA incorporated banks and credit institutions are required to include a term in any non-EEA law governed contract under which they have liabilities, giving contractual recognition of the bail-in...more

The Continued Migration of US Covenant-Lite Structures into the European Leveraged Loan Market

by Latham & Watkins LLP on

At the start of 2016, global sponsors and their advisers are the US leveraged loan and global bond markets to the European leveraged loan market. Healthy investor appetite over the last several years means attractive terms...more

X-tra X-tra read more about it! First English Court Ruling on Class X Notes in European CMBS

by Reed Smith on

As outlined in our previous blog, X-tra, X-tra, Real All About It! published on Friday 8 April, Mr Justice Snowden handed down judgment of the High Court in the much anticipated Windermere VII Class X Notes dispute (Hayfin...more

X-tra, X-tra, Read All About It!

by Reed Smith on

Mr Justice Snowden has handed down judgment of the High Court in the much anticipated Windermere VII Class X Notes dispute. For those of you who haven’t been following it, the dispute relates to the Windermere VII Pan...more

Corporate Trustees: how gross must negligence be?

by Bryan Cave on

Surprisingly, the distinction between negligence and gross negligence in English contract and trust law is unclear. On one view, reflected in the older cases, there is little or no difference at all....more

Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement

by White & Case LLP on

Over the last few years, the European leveraged finance market has seen rapid growth of senior secured high yield notes (“SSN”) and senior secured covenant-lite term loan B (“TLB”) financings. A common feature of both SSNs...more

TCEH Bankruptcy: SDNY Transfers Delaware Trust Company v. Wilmington Trust N.A. Intercreditor Dispute to Delaware Bankruptcy...

On July 23, 2015, in an action arising from the huge TCEH chapter 11 bankruptcy, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York issued an opinion in Delaware Trust Company v....more

US trends affecting the European leveraged loan market

by Latham & Watkins LLP on

The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more

US trends affecting the European leveraged loan market

by Latham & Watkins LLP on

The buoyant leveraged finance market in Europe has been continuing to develop in sophistication and depth this year, particularly as regards sponsor friendly terms, as global sponsors and their advisers apply their...more

Intercreditor Agreements: Recognize That Second Lien Financings Are A Special Case Of Subordinated Lending

by Pepper Hamilton LLP on

BOKF, N.A. v. JPMorgan Chase Bank, N.A. (In re MPM Silicones, LLC), 518 B.R. 740 (Bankr. S.D.N.Y. 2014) – Senior lienholders sued lenders holding junior liens on common collateral, arguing that the junior lienholders...more

UPDATE: Cross-border Leveraged Lending – Consider Changes Needed to US Intercreditor Agreements for Financings with European...

by Latham & Watkins LLP on

Hybrid US/European restructurings can lead to unexpected commercial outcomes because of different practices in intercreditor agreements. The US loan markets continue to attract European borrowers whenever US pricing...more

Commercial Restructuring & Bankruptcy Alert - February 2015

by Reed Smith on

In This Issue: - Minority Holders Gain Leverage Through Recent Interpretation of Trust Indenture Act - New Jersey Joins Number of States Creating Specialty Business Courts - Credit Bid Rights Bolstered in...more

"Recent Cases Highlight Potential Pitfalls for Distressed Investors"

Despite lower-than-average Chapter 11 activity in 2014, the legal landscape for distressed investors has continued to evolve, with significant legal developments in credit bidding, make-whole premiums and intercreditor...more

Final Supplemental Guidance on Income Tax Allocation Agreements: Why It’s Important to Act Now

by GableGotwals on

Almost every bank and its holding company (“HC”) conduct business with each other, typically through an agreement whereby one performs services for the other in return for some consideration. The bank, for example, may...more

The New LMA Intercreditor Agreement For Use In Real Estate Finance Transactions

by DLA Piper on

ON 10 JUNE 2014, THE LOAN MARKET ASSOCIATION ("LMA") LAUNCHED ITS NEW RECOMMENDED FORM OF INTERCREDITOR AGREEMENT FOR USE IN REAL ESTATE FINANCE TRANSACTIONS TOGETHER WITH A HELPFUL SET OF USER GUIDELINES -...more

Select Bankruptcy Issues for General Counsel – Part One [Video]

Part one of an in-depth webinar discussion covering a range of bankruptcy issues of particular interest to In-House Counsel. The panel discusses bankruptcy and other creditor rights considerations when choosing the form of...more

Two techniques and one transaction: combining conventional and Islamic compliant finance

by K&L Gates LLP on

- Co-financing by conventional lenders and Islamic compliant financiers is increasingly common as businesses seek multiple sources of funding. - The structural differences between these tranches mean that issues...more

Sharia compliant financing of commercial real estate

by K&L Gates LLP on

In This Issue: - Sharia compliant financing of commercial real estate - Introduction - Real estate as an asset class - Sharia compliance issues that particularly affect commercial real estate...more

Participations, Assignments, Intercreditor Agreements and Syndications: These Terms Are Not Synonymous

It appears that the industry is starting to “enjoy” a modest increase in activity as to participations, assignments and syndications. This “enjoyment” is not without more than a fair share of trepidation and reluctance, but...more

U.S. Bank, Nat’l Ass’n v. Lightstone Holdings, LLC (N.Y. App. Div. Feb. 14. 2013) -- Senior Lender Gets Second Chance to Assert...

by King & Spalding on

A recent decision in the protracted litigation by lenders of Extended Stay to recover under guaranties executed by owners of Extended Stay highlights the need for clear and unambiguous drafting in intercreditor agreements....more

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