Cooperation agreements are a new tool for distressed debtholders seeking to negotiate from a position of unity and strength. These agreements can also help debtholders defend themselves against a growing opportunistic...more
Jerry Seinfeld and Larry David taught us that you can’t double dip a chip—“it’s like putting your whole mouth right in the dip.” However, the credit markets have recently been focused on a different type of double dip, one...more
With the goal of providing financial relief to companies impacted by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) amended the Small Business Act to allow the Small Business...more
11/11/2020
/ Borrowers ,
CARES Act ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans
On October 9, 2020, a group of first lien lenders filed a lawsuit in the New York Supreme Court against Boardriders, Inc., a California-based surfing and skateboarding apparel company and its equity sponsor, challenging a...more
Serta Simmons Bedding, LLC (“Serta”) offers one of the latest examples of a creative borrower utilizing flexibility in its credit agreement terms to access new liquidity at the expense of its existing senior lenders. Serta is...more
As we have discussed in previous QuickStudies, certain borrowers in industries experiencing particularly adverse economic conditions have taken advantage of flexible terms in their credit agreements to transfer valuable...more