Podcast: Credit Funds: Pro Rata Sharing Provisions – Key Points for Lenders
EXECUTIVE SUMMARY - Subscription credit facilities rely on the obligations of investors to a private investment fund (“Fund”) to contribute their capital commitments to the Fund when called. From a subscription credit...more
Summary of Case - On August 11, 2020, the administrative agent in a loan to Revlon intended to make an interest payment to the lender syndicate and instead mistakenly wired almost $900 million of its own money to the...more
On September 21, 2018, Marble Ridge Capital (“Marble Ridge”) issued a press release indicating that Marble Ridge had sent a letter to the board of directors of Neiman Marcus alleging that certain transactions entered into by...more
On February 29, 2016, the Ontario Superior Court of Justice released a decision in the ongoing insolvency proceeding of U. S. Steel Canada Inc. (USSC). Two principal issues were addressed by the Court. First, whether amounts...more