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Credit Agreements Distressed Debt

Goulston & Storrs PC

Rethinking Liability Management in Club Deals and Direct Lending: Lessons from the Fifth Circuit’s Serta Ruling and Beyond

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On December 31, 2024, the Fifth Circuit Court of Appeals (the “Court”) struck down the controversial 2020 “uptier transaction” executed by Serta Simmons Bedding (“Serta”). The Serta case and several other state court and...more

Alston & Bird

Disqualified Lender Provisions: Broader Borrower/Sponsor Powers Pose Problems for Secondary Loan Market Participants

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Our Distressed Debt & Claims Trading Team discusses trading issues related to DQ provisions in broadly syndicated credit facilities and trends providing borrower/sponsor friendly terms creating potential pitfalls for...more

Moore & Van Allen PLLC

Special Situations Client Bulletin - Legal Review Guide for Stressed/Distressed Credits

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Although there may be differing views as to whether the U.S. economy is heading into some form of market correction, many would argue that certain warning signs have appeared that would suggest the possibility of an economic...more

White & Case LLP

Leisure sector M&A awaits delayed reaction - COVID-19 is hammering leisure sector M&A—but not so much that opportunities have...

White & Case LLP on

Leisure M&A deal value totaled US$13.5 billion in Q1 2020, which, although higher than figures recorded for Q1 2019, was more than 50% below Q4 2019 levels. Deal volume dropped to 117 transactions, the lowest quarterly total...more

Herbert Smith Freehills Kramer

Debt Dialogue: June 2017 - The Cumulus Media Ruling and the Material Adverse Event Default

In February 2017, Judge Katherine Polk Faila of the Southern District of New York issued a bench ruling in Cumulus Media Holdings Inc. v. JPMorgan Chase Bank, N.A. (S.D.N.Y. Feb. 24, 2017), in which she found that a proposed...more

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