News & Analysis as of

Senior Indenture

Foley & Lardner LLP

AG Oncon v. Ligand Pharmaceuticals: The Importance of Indenture Conforming Provisions

Foley & Lardner LLP on

On May 24, 2019, Vice Chancellor Laster of the Delaware Court of Chancery issued a memorandum opinion addressing the effects of an indenture provision allowing for the amendment of the indenture to conform it to the terms of...more

A&O Shearman

(Make) Wholly Moly: U.S. Court of Appeals for the Second Circuit Upholds Ruling Denying Noteholders’ Entitlement to a Make-Whole...

A&O Shearman on

On October 20, 2017, the United States Court of Appeals for the Second Circuit issued a decision which, among other things, affirmed the lower courts’ holding that certain noteholders were not entitled to payment of a...more

Dechert LLP

Second Circuit Issues Reversal in Closely Watched Marblegate Case

Dechert LLP on

In a 2-1 opinion, the Second Circuit overruled the district court in Marblegate Asset Management LLC v. Education Management Corp., finding no violation of the Trust Indenture Act (“TIA”) in connection with an out-of-court...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Second Circuit Confirms That Bond Issuers Can Restructure Out-of-Court Via Consent Solicitations"

On January 17, 2017, the U.S. Court of Appeals for the Second Circuit issued an opinion in Marblegate Asset Management v. Education Management Corp., 15-2124-cv(L), 15-2141-cv(CON) (2nd Cir. Jan. 17, 2017), overturning a...more

Kramer Levin Naftalis & Frankel LLP

Debt Dialogue: January 2017

This month’s issue of Debt Dialogue address handover of records to a substitute collateral manager (in the Tilton litigation), the EU bail-in rules, the interplay of Section 3(c)(7) of the Investment Company Act and rights of...more

Seyfarth Shaw LLP

Second Circuit Reverses Marblegate Decision

Seyfarth Shaw LLP on

Trust Indenture Act Section 316(b) Limited to Actual Amendments to An Indenture’s Core Terms - Seyfarth Synopsis: On January 17, 2017, in a 2-1 decision in Marblegate Asset Management, LLC v. Education Management Finance...more

Katten Muchin Rosenman LLP

Language Matters: Third Circuit Finds Make-Whole Provision Enforceable After Bankruptcy Filing

On November 17, 2016, the US Court of Appeals for the Third Circuit in Delaware Trust Co. v. Energy Future Intermediate Holding Co. LLC, No. 16-1351 (3d Cir. Nov. 17, 2016) clarified the often-muddy interplay between...more

A&O Shearman

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

A&O Shearman 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

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