Cooperation agreements are a new tool for distressed debtholders seeking to negotiate from a position of unity and strength. These agreements can also help debtholders defend themselves against a growing opportunistic...more
Jerry Seinfeld and Larry David taught us that you can’t double dip a chip—“it’s like putting your whole mouth right in the dip.” However, the credit markets have recently been focused on a different type of double dip, one...more
With the goal of providing financial relief to companies impacted by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) amended the Small Business Act to allow the Small Business...more
11/11/2020
/ Borrowers ,
CARES Act ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans
On October 9, 2020, a group of first lien lenders filed a lawsuit in the New York Supreme Court against Boardriders, Inc., a California-based surfing and skateboarding apparel company and its equity sponsor, challenging a...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