Mark your calendar for the 2024 McGuireWoods Healthcare Private Equity and Finance Conference, and help us celebrate 20 years of bringing healthcare industry leaders together. This premier two-day healthcare...more
Financing the transition to Net Zero will necessitate fundamental changes to the businesses are managed. Here we take a look at practical steps senior leaders can take to address the challenges they face....more
Broadly syndicated Section 1031 investment programs, such as DSTs and TICs, have been popular with a growing number of real estate investors since the early 2000s due to their ability to allow investors to reinvest in...more
Construction lenders beware – a recent Arizona Supreme Court decision interpreting Exclusion 3(a) of standard-form title-insurance policies could mean lenders are not insured against a senior mechanics’ lien if the lender’s...more
For those of us that practice in the world of commercial real estate financing transactions, the fact pattern is a tale as old as time: the Bank is making a term loan secured by real estate largely based on leases on the...more
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
In a February 11, 2022 Order, the Court of Common Pleas of Washington County granted a Petition to Compel Satisfaction of Liens under the Deficiency Judgment Act (“DJA”) filed by a junior judgment holder represented by Tucker...more
Preferred equity − what is it? The question confounds many who encounter this unique and flexible financing alternative because it generally exhibits features of both debt and equity....more
"Cramdown" chapter 11 plans, under which a bankruptcy court confirms a plan over the objection of a class of creditors, are relatively common. Less common are the subset of cramdown plans known as "cram-up" chapter 11 plans....more
After a foreclosure sale by a senior creditor, California’s Civil Code section 2924k governs how the sale proceeds are applied in the following order of priority...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
Consumers that have pending Chapter 13 bankruptcy cases undoubtedly suffered from financial hardship prior to the COVID-19 pandemic. For many of those consumers, the pandemic may have exacerbated that hardship...more
Earlier this year, the United States Bankruptcy Court for the Southern District of New York issued an opinion in BOKF NA v. Wilmington Sav. Fund Soc’y FSB (In re MPM Silicones LLC), Case No. 15-2280, 2019 WL 121003 (S.D.N.Y....more
Below is an overview of the key terms and provisions in intercreditor/subordination agreements governing the relationship between a senior secured lender (the “Senior Lender”) and a mezzanine lender (the “Mezz Lender”)....more
Almost two years ago, Money and Dirt covered a Fourth District California Court of Appeal opinion addressing an apparent split of authority regarding how a lender can enforce senior and junior deeds of trust on the same...more
Bankruptcy Rule 2004 allows the examination of any entity with respect to various topics, including conduct and financial condition of the debtor and any matter that may affect the administration of the estate. Does a...more
In In re Argon Credit, LLC, 2019 WL 169315 (Bankr. N.D. Ill. Jan. 10, 2019), the U.S. Bankruptcy Court for the Northern District of Illinois ruled that, in accordance with section 510(a) of the Bankruptcy Code, a standby...more
After the Third Circuit found that the appeal of confirmation of the Tribune Plan by two senior notes trustees was not equitably moot, Judge Sleet of the Delaware District Court held that the Tribune Plan’s failure to...more
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
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
When this Chapter was published in the preceding edition to this book in 2012, the main focus of the discussion on intercreditor agreements was the A/B intercreditor as such senior/junior lender arrangement was, and for the...more
This is precisely the question that the Ninth Circuit recently certified to the Washington Supreme Court in Centurion Properties III, LLC v. Chicago Title Ins. Co. Facts of the Case - In this case, Centurion...more
BOKF, N.A. v. JPMorgan Chase Bank, N.A. (In re MPM Silicones, LLC), 518 B.R. 740 (Bankr. S.D.N.Y. 2014) – Senior lienholders sued lenders holding junior liens on common collateral, arguing that the junior lienholders...more
Before the petition date, creditors holding more than 70 percent of the debtors' senior debt agreed to provide $225 million in financing, subject to Court approval. A proposed restructuring support agreement plans to...more