Minority senior secured lenders in syndicated deals rely on, among other provisions, the "sacred right" protections contained in the credit documents to protect the benefit of their bargained-for agreement: primarily, that...more
3/11/2025
/ Bankruptcy Court ,
Chapter 11 ,
Contract Terms ,
Creditors ,
Debt Collection ,
Debtors ,
Distressed Debt ,
Lenders ,
Liability ,
Loan Agreements ,
Restructuring ,
Syndicated Loans
A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit has unanimously held that the debt exchange undertaken by Serta Simmons Bedding did not qualify as an "open market purchase" under the terms of Serta's...more