Lenders seeking to challenge controversial, often punitive, liability management transactions scored a recent win in Boardriders. The transaction at issue, a priming uptier exchange transaction favoring certain...more
Black Knight Servicing Technologies, LLC v. PennyMac Loan Services, LLC, Case No. 1D20-1492 (Fla. 1st DCA 2021). The filing of a separate lawsuit raising separate claims against a separate entity does not establish an...more
The recently announced dispute between BorgWarner Inc. and Delphi Technologies PLC relating to BorgWarner’s planned acquisition of Delphi may turn into one of the first cases of a contested mergers and acquisitions (M&A)...more
With respect to lender performance obligations (including to fund advances) under a New York law governed credit agreement, the COVID-19 crisis raises a question as to whether lenders may invoke force majeure (or similar...more
This decision interpreting a credit agreement’s terms is another reminder that an alleged oral modification to a written contract will not vary the contract’s terms when it has an integration clause and otherwise speaks to...more
A delicate balance has evolved over time in leveraged acquisitions with respect to the nature of the contractual relationship between a target and its owners, on the one hand, and the debt financing sources of the buyer, on...more