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Intercreditor Agreements Debt Restructuring

Hogan Lovells

Neue Gestaltungsmöglichkeiten in Gläubigervereinbarungen Dank StaRUG - Reichweite und Grenzen aus Praktikersicht

Hogan Lovells on

Maßgeblicher Anwendungsbereich des StaRUG sind finanzielle Restrukturierungen. Eine Rolle dürfte dabei künftig die Regelung des § 2 Abs. 2 StaRUG spielen, die Eingriffe in bestimmte mehrseitige Rechtsverhältnisse sowie...more

Quarles & Brady LLP

Intercreditor Agreements in Bankruptcy: How Intercreditor Agreements shape the proceedings and outcomes for secured creditors

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Junior and Senior Lenders work hard to negotiate Intercreditor Agreements. What difference does it make? Isn’t it enough to simply agree that the Junior Lender is in a junior position? This article follows a borrower,...more

McDermott Will & Emery

The Evolution of Cross-Border Restructuring Processes

It’s a small world, and particularly for global companies considering restructuring. Transactions rely increasingly on international synergies. Are you up to date on the details of cross-border processes? Mark Fine, Bradley...more

King & Spalding

Lenders’ Duties when Enforcing Security

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Against the backdrop of the Covid-19 pandemic and global economic slowdown, we are being asked by borrower and lender clients alike whether lenders have a duty of care as regards enforcement. Two recent cases before the...more

Jones Day

Extracting Value from Leveraged Businesses: The Case of McLaren and its Bondholders

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In recent years, market participants have watched with interest from across the Atlantic as U.S. out-of-court liability management and restructuring transactions moved material assets out of the creditors' collateral pools,...more

Latham & Watkins LLP

2019 Is Different From 2008: 4 European Restructuring Developments for Private Equity Firms to Consider

Latham & Watkins LLP on

Persisting political and economic uncertainty means awareness of market changes remains crucial. The 2008 distress cycle triggered defaults and restructurings for European PE portfolio companies, as maintenance covenant...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

District Court Holds That Receipt of Reorganized Stock Did Not Violate Turnover and Standstill Provisions in Intercreditor...

On November 30, 2018, Judge Nelson S. Román of the United States District Court for the Southern District of New York issued a decision affirming the dismissal of certain claims brought by senior secured creditors against...more

King & Spalding

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

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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

Latham & Watkins LLP

A New Wave of CIS Restructurings Poses Unique Challenges

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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

Latham & Watkins LLP

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

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

Latham & Watkins LLP

US trends affecting the European leveraged loan market

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

Latham & Watkins LLP

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

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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

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