Serta Simmons Bedding, LLC’s (“Serta”) chapter 11 reorganization plan has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas in its June 6, 2023 decision. The presiding judge, Judge David R. Jones,...more
In our last general discussion on the Main Street Lending Program (the “Program”), we focused on providing an overview of the Program and some key commercial and legal matters for borrowers and lenders to consider when making...more
As part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted by the U.S. Congress and signed into law by the President in late March, the Federal Reserve has announced the Main Street Lending...more
On March 6, 2020, the Alternative Rate Reference Committee (ARRC), the Federal Reserve’s LIBOR-transition working group comprised of private-sector entities and industry regulators, released its New York State legislative...more
As the markets continue to react to the COVID-19 pandemic, the trading prices of many corporate loans and bonds have fallen dramatically. As a result, many companies (or their private equity sponsors) are looking at...more
At the end of December, the New York Department of Financial Services (the NYDFS) published an industry letter to regulated institutions regarding LIBOR cessation. The NYDFS is requiring that each “regulated institution”...more
Intercreditor agreements between secured creditors are intended to limit the potential for litigation and result in predictable commercial outcomes with respect to recoveries from collateral in enforcement actions and...more