By Garence Staraci (Yale University, School of Management) and Meradj Pouraghdam (Institut d'Etudes Politiques de Paris (Sciences …
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The New Bond Workouts
By William W. Bratton (University of Pennsylvania Law School) Bond workouts are a dysfunctional method of debt restructuring, …
Out-of-Court Restructurings After Marblegate: Trust Indenture Act Section 316(b) and Beyond
Lawyers from Davis Polk, Drinker Biddle, and Wilmer Hale recently held a panel discussion entitled “Out-of-Court Restructurings …
Exit Consents in Debt Restructurings
By Benjamin Liu (University of Auckland Business School) The exit consent technique refers to an offer by a bond issuer to all the …
Companies Are Using Covenants to Restructure Their Capital Structure and Prime Existing Debt
By Michael Friedman, Simone Tatsch, and Nicholas Whitney (Chapman and Cutler LLP) As more Companies face liquidity issues and near …
Three Ages of Bankruptcy
By Mark J. Roe (Harvard Law School) During the past century, three decisionmaking systems have arisen to accomplish a bankruptcy …
Second Circuit Rules on § 316(b) in Marblegate
Last week, the Second Circuit decided Marblegate Asset Management, LLC v. Education Management Corp., holding that § 316(b) of the …
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Awaiting the Second Circuit’s Decision in Marblegate
We anxiously await the Second Circuit's decision in Marblegate, which was argued earlier this year. John Bessonette of Kramer …
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28 Law Firms Publish White Paper Addressing Trust Indenture Act Complications In Debt Restructurings
By David A. Brittenham, Matthew E. Kaplan, M. Natasha Labovitz, Peter J. Loughran, Jeffrey E. Ross, and My Chi To of Debevoise …
The Trust Indenture Act of 1939 in Congress and the Courts in 2016: Bringing the SEC to the Table
By Mark J. Roe, Harvard Law School The Trust Indenture Act’s ban on restructuring payment terms via a vote has come to the fore …
National Bankruptcy Conference Proposed Amendments to Bankruptcy Code to Facilitate Restructuring of Bond and Credit Agreement Debt
By National Bankruptcy Conference, Richard Levin, Chair While chapter 11 facilitates prepackaged plans that substantially reduce …
WSJ The Examiners — Trust Indenture Act
In light of recent court developments in Marblegate and Caesars, in which courts interpreted Section 316(b) of the Trust Indenture …
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Chapter 11 Duration, Pre-Planned Cases, and Refiling Rates: An Empirical Analysis in the Post-BAPCPA Era
By Foteini Teloni, Fordham University School of Law The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 …
Tender Offer Approved to Implement Classwide Debt Exchange Outside Plan of Reorganization
By Charles M. Oellermann and Mark G. Douglas, Jones Day Debt-for-equity swaps and debt exchanges are common features of …
Indenture Trustees in Out-of-Court Restructuring Transactions: Proceed with Caution
By Howard Seife and Marian Baldwin Fuerst of Chadbourne & Parke LLP The recent decision of the United States District …
Fixing the Trust Indenture Act to Allow Restructuring Votes
By Mark J. Roe, Harvard Law School The Trust Indenture Act of 1939 bars binding bondholder votes on core payment terms. The …
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SDNY Issues Novel Opinion Holding that Out-of-Court Restructurings May Violate Noteholder Rights Under the Trust Indenture Act
By Alan F. Denenberg, Joseph A. Hall, Michael Kaplan, Jeffrey M. Oakes, Richard D. Truesdell, Jr., and Sarah Ashfaq of Davis Polk …
Revisiting the Voting Prohibition in Bond Workouts
Author: Carlos Berdejó, Loyola Law School, Los Angeles Economic theory suggests that corporate law should enable parties to …
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Bankruptcy and Economic Recovery
Authors: Thomas Jackson & David Skeel A striking feature of the recent economic crisis was the long period of subpar economic …