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Creditors Intercreditor Agreements

McDermott Will & Emery

[Webinar] Structuring and Intercreditor Dynamics in Tax Credit Transfers: Lender Perspectives and Considerations - May 8th, 12:30...

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Join us for our newest webinar series, Energy Transition & Infrastructure Private Credit. Over the course of the series, hear from McDermott lawyers and industry-leading guest speakers as they discuss different topics shaping...more

Goodwin

Intercreditor Agreements and the Bankruptcy Code

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There is no set of fixed rules when negotiating intercreditor arrangements as every deal is fact-specific, generally subject to significant negotiation and ultimately dependent on competing business rationales and negotiating...more

Cadwalader, Wickersham & Taft LLP

Junior Creditors Beware: Third Circuit Awards Damages for Breach of Turnover Provision

On April 13, 2022, the Court of Appeals for the Third Circuit ruled in CoFund II LLC v. Hitachi Capital America Corp. that a junior creditor breached a turnover provision in an intercreditor agreement when it applied a senior...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

Dechert LLP

Smile Telecoms Restructuring Plan: Court grants convening application excluding “out of the money” creditor and shareholder...

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On 12 January 2022, the English High Court granted Smile Telecoms Holdings Limited’s (“Smile” or the “Company”) application to convene a single meeting of plan creditors (the super senior creditors) to vote on the Company’s...more

Cadwalader, Wickersham & Taft LLP

Ghosts, Goblins, and Goodies October 2021 | Issue No. 150 - Intercreditor Arrangements in Fund Finance Transactions

It is an exciting time to be in the fund finance space. Sponsors continue to seek liquidity to fund investments, and banks and alternative lenders are thinking creatively about how to offer this additional leverage. There...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

Hogan Lovells

Security is not "enforceable" if a required creditor consent has not been obtained

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The recent English case Arlington Infrastructure Ltd (in administration) and another v Woolrych and others demonstrates the importance of a secured creditor obtaining any consent necessary under the terms of intercreditor...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

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Look at 2019 Court Decisions That May Shape Restructuring Issues in the Year Ahead

A series of decisions over the past year — on issues such as make-whole premiums, intercreditor agreements, backstops for rights offerings and nonconsensual third-party releases — will likely have a significant impact in 2020...more

Jones Day

Stretching Leverage: Holdco PIK Financing Instruments

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Key Points - Holdco PIK financing instruments may present an attractive and/or alternative source of capital for private equity sponsors to finance acquisitions or to facilitate dividend recapitalisations. Creditors...more

Jones Day

Chapter 11 Plan Distributions Are Not Collateral Covered by Intercreditor Agreement's Waterfall Provision

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In In re Energy Future Holdings Corp., 2019 WL 2535700 (3d Cir. June 19, 2019), a panel of the U.S. Court of Appeals for the Third Circuit ruled that adequate protection payments made during a bankruptcy case and...more

ArentFox Schiff

In the Third Circuit, an Intercreditor Agreement Means What it Says

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The Plain Meaning Language of an Intercreditor Agreement Determines Whether it Governs Plan Distributions or Adequate Protection Payments - In a recent non-precedential opinion, the United States Court of Appeals for the...more

Locke Lord LLP

When Chapter 11 Plan Distributions are not Collateral: Enforcing Intercreditor Waterfall Provisions in Bankruptcy

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On June 19, 2019, Circuit Judge Stephanos Bibas (United States Court of Appeals for the Third Circuit) delivered an important opinion analyzing the enforceability of an intercreditor agreement relative to the distribution...more

Nelson Mullins Riley & Scarborough LLP

Poor Foresight on an Intercreditor Agreement Waterfall Provision

The United States Court of Appeals for the Third Circuit issued an opinion in Delaware Trust Company v. Morgan Stanley Capital Group, Inc., Wilmington Trust, N.A. (In re Energy Future Holdings Corp.) on June 19, 2019, in...more

King & Spalding

Third Circuit Rules Intercreditor Agreement Doesn't Apply to Plan Distributions

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On June 19, 2019, the U.S. Court of Appeals for the Third Circuit (the “Court”) issued a decision concerning the distribution of collateral under an intercreditor agreement—finding that adequate protection payments and plan...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

White & Case LLP

Anglo-American relations: A special relationship with subtle differences

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Much has been written about the influence of US terms on European transactions and particularly the steady migration of US concepts into English law facilities agreements, resulting from the supply-demand imbalance in the...more

A&O Shearman

Delaware Bankruptcy Court Intercreditor Decision Raises Claim Subordination Issues

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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

Polsinelli

The Devil's Dictionary of Bankruptcy Terms: Intercreditor Agreement

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The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Latham & Watkins LLP

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

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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

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