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Lenders › Debt Restructuring › Reorganizations

Mintz

Watch Your Language! Non-Pro Rata Uptier Transactions and the Serta and Mitel Decisions

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Among the many financial innovations that came out of the COVID era, non-pro rata uptier transactions as a liability management exercise (“LMEs”) are among the more controversial. While lawsuits challenging non-pro rata...more

Proskauer Rose LLP

The Evolving New Normal 2024 Private Credit Restructuring Year in Review

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In many ways, 2024 continued existing trends in private credit: modest levels of M&A activity, competition among direct lenders to deploy capital, higher-for-longer interest rates, persistent inflation, elevated default...more

Seward & Kissel LLP

Fifth Circuit Reverses Bankruptcy Court’s Ruling on Lenders’ Sacred Right of Pro Rata Repayment in Uptiering Transaction

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On December 31, 2024, the Fifth Circuit Court of Appeals overturned the Bankruptcy Court for the Southern District of Texas’ (the “Bankruptcy Court”) decision that the exchange by certain lenders of Serta Simmons Bedding, LLC...more

Bowditch & Dewey

Ten Reasons to Expect an Increase in Financial Restructurings in 2025

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1. Commercial Chapter 11 Bankruptcy Filings Have Increased Significantly Year-Over-Year: There has been a significant increase in the number of commercial Chapter 11 cases (larger company filings) in 2024. By way of example,...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Critical Vendor in Texas: It’s a Rodeo

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In Chapter 11 cases, one of a vendor’s best shots at getting paid its pre-petition debt is being designated as a “critical vendor”....more

Shumaker, Loop & Kendrick, LLP

Chapter 11 Trends: Are First Day Hearings “Game Over” for Chapter 11 Cases?

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Material Chapter 11 cases have morphed to the point that the outcome is often predetermined at the “first day” hearing. Unsecured creditors with material credit exposure should engage early to protect their interests and...more

Shumaker, Loop & Kendrick, LLP

Live and let fly: Turbulence lands SAS in Chapter 11 - Eurofenix, Autumn 2022

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On 5 July 2022, SAS AB and 13 affiliates filed for Chapter 11 protection in the Southern District of New York. Owned 44% by the Kingdoms of Denmark and Sweden, SAS encountered financial turbulence resulting from increased...more

Proskauer Rose LLP

Sunny With Clear Skies, But a Chance of Turbulence on the Horizon: Private Credit Restructuring Year in Review

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This past year was marked by extraordinary deal activity. Record breaking M&A activity drove record breaking private credit activity. Private equity M&A activity was at a substantial high, with over 8,500 deals worth $2.1...more

Shumaker, Loop & Kendrick, LLP

Chapter 11 under fire: U.S. Congress seeks to end forum shopping

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Since its beginning in 1978, Chapter 11 has been the primary tool for financially distressed U.S. and foreign companies to efficiently restructure their balance sheets and business operations. Successful Chapter 11 cases...more

Blake, Cassels & Graydon LLP

Blakes Continuity Podcast: What to Expect When Insolvency Crosses the Border

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The turbulent COVID-19 economy has put a spotlight on the complex and often delicate insolvency process on both sides of the border. Listen to partners Linc Rogers, Kelly Bourassa and Sébastien Guy on our latest podcast as...more

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