As during the emergence of the COVID-19 pandemic in March 2020, private credit lenders today face the challenge of adapting to rapidly shifting circumstances driven by a volatile macroeconomic landscape. If past is at all...more
4/25/2025
/ Borrowers ,
Business Interruption ,
Corporate Restructuring ,
Credit Agreements ,
Debt Restructuring ,
Documentation ,
Due Diligence ,
Financial Markets ,
Lenders ,
Loan Agreements ,
Private Equity ,
Refinancing ,
Risk Management ,
Supply Chain ,
Warranties
The United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) ruled on December 31, 2024 that Serta Simmons Bedding’s (“SSB”) 2020 uptier exchange included a transaction that, contrary to the assertions of...more
1/3/2025
/ Appellate Courts ,
Bankruptcy Court ,
Borrowers ,
Commercial Bankruptcy ,
Credit Agreements ,
Declaratory Judgments ,
Lenders ,
Liens ,
Liquidity ,
Loan Agreements ,
Loan Repayment Issues ,
Motion to Dismiss ,
Texas
Background In November 2016, Serta Simmons Bedding, LLC and certain affiliates (collectively, the “Debtors”) entered into credit facilities which provided for (i) $1.95 billion in first lien term loans (the “2016 Credit...more
A common yet contentious liability management strategy is an “uptier” transaction, where lenders holding a majority of loans or notes under a financing agreement seek to elevate or “roll-up” the priority of their debt above...more
In light of the recent rise in so-called liability management transactions in the middle market, described by some observers as “lender-on-lender violence”, now is a perfect time for middle market lenders to review and...more
12/7/2020
/ Borrowers ,
Capital Structures ,
Credit Agreements ,
Creditors ,
Debt Market ,
EBITDA ,
Financial Services Industry ,
Lenders ,
Loan Syndication and Trading Association (LSTA) ,
Loans ,
Middle Market ,
Private Equity
The new $349 billion Payment Protection Program (“PPP”) administered by the Small Business Administration under the CARES Act began accepting loan applications on April 3, 2020, with more than $4.3 billion of loans processed...more