News & Analysis as of

Private Equity Creditors Lenders

Seward & Kissel LLP

Mayday, Mav’s in Trouble and Missing Linq

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Maverick Gaming, which owns 5 Nevada casinos, files for bankruptcy | The Nevada Independent - The Washington-based casino and card-room operator filed for Chapter 11 bankruptcy in the Southern District of Texas on Monday....more

White & Case LLP

Stop right there – intercreditor standstills that grind to a halt

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Standstill periods in private credit intercreditor agreements don't get much attention – they exist to allow senior lenders time to take enforcement action before super senior lenders can step in. But if you're not careful,...more

Mayer Brown

Advantages of Express LPA Third-Party Beneficiary Provisions for Subscription Credit Facility Lenders

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An express third-party beneficiary provision running in favor of a lender in a fund’s limited partnership agreement (an “LPA”) is helpful for subscription credit facilities. It bolsters the rights and remedies of a...more

Seward & Kissel LLP

Exacting Revenge, Best and Final, and Out At Home?

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Implant maker Exactech may conclude bankruptcy without TPG settlement | Reuters - Medical implant maker Exactech adjourned its Chapter 11 plan confirmation hearing on Wednesday, delaying proceedings that would have...more

McDermott Will & Emery

Key Takeaways | How I Learned To Stop Worrying and Love Choppy Waters

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During this session, panelists that focus on special situations and distressed debt in various sectors provided their insights on the current state of the financial market, recent restructuring trends, and tools to implement...more

A&O Shearman

Navigating private credit in the Middle East

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The continued growth and diversification of the regional economies, coupled with significant advancements in the legal frameworks, have made the United Arab Emirates and the Kingdom of Saudi Arabia increasingly attractive...more

Latham & Watkins LLP

Chambers Global Practice Guide - Private Credit 2025

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The private credit market has emerged as a formidable force in the global financial landscape, offering a compelling alternative to traditional syndicated bank lending. The Private Credit Guide provides a broad overview of...more

King & Spalding

The Evolving Face of Finance: Private Credit’s Role in the Middle East – Market Recap and 2025 Outlook

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The Gulf Cooperation Council region (the GCC) is becoming an ever-more important destination for the global private credit market. In this client briefing we explore the region’s rising prominence as a key destination for...more

Proskauer Rose LLP

Private Credit Restructuring: Strict Foreclosure Spotlight

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Chapter 11 is expensive and not always the right tool, particularly for a restructuring of a company with a broken balance sheet, as compared to a business with a broken business model. We have seen a significant uptick in...more

Katten Muchin Rosenman LLP

Recognition Agreements in Preferred Equity

When making a preferred equity investment behind senior mortgage debt, both the senior lender and the preferred investor will have a number of concerns. Under what circumstances may the preferred investor exercise remedies?...more

Mayer Brown

Subscription Credit Facilities: The Importance of an Investor’s Agreement to Fund Without “Setoff, Counterclaim or Defense”

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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

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

Proskauer - Private Market Talks Podcast

[Podcast] Private Market Talks: Private Credit with Golub Capital’s David Golub

In this episode, we are joined by David Golub, President of Golub Capital and one of the first movers in the private credit industry. Since its founding over 30 years ago, Golub Capital has made over $150 billion in loans and...more

White & Case LLP

The Private Credit Golden Age Continues: Key Insights from the LSTA and DealCatalyst 3rd Annual Private Credit Industry Conference...

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On May 9th and 10th, the Loan Syndications and Trading Associations held its third annual private credit industry conference in Ft. Lauderdale, Florida. The major theme of the conference—the speakers of which included...more

McDermott Will & Emery

International News Spotlight on Private Equity with Aymen Mahmoud

The challenges facing traditional banks over the last 12 months have proved to be golden opportunities for private lending. Aymen Mahmoud has more on private equity and private credit. ...more

Proskauer - The Capital Commitment

Private Credit Lenders Should Remain Vigilant in 2021

Private credit lenders began 2020 facing the dual challenges of an increased risk of defaults and a lack of strong financial covenants, and the pandemic sparked a significant increase in defaults to 8.1% in Q2. However,...more

Proskauer Rose LLP

A Game of Survivor: Private Credit Restructuring Year in Review

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Private credit lenders started 2020 both with anticipation and trepidation.  Activity levels were strong and default levels were at historic lows, but private credit lenders worried about the risk of economic headwinds –...more

Proskauer Rose LLP

Navigating the Club in Private Credit Deals

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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

Proskauer Rose LLP

The “Golden Share”: All That Glitters Is Not Gold

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A recent, highly anticipated ruling by a Bankruptcy Court in Delaware has reilluminated the concept of a "golden share". While an appeal of the ruling seems likely, this latest ruling by Delaware Bankruptcy Judge Mary F....more

Jones Day

Fifth Circuit Rules That Corporate Charter Provision Requiring Shareholder Consent for Bankruptcy Filing Is Enforceable but...

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In a highly anticipated decision, the U.S. Court of Appeals for the Fifth Circuit recently affirmed a bankruptcy court order dismissing a chapter 11 case filed by a corporation without obtaining—as required by its corporate...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

The PRA Publishes Guidance on Financial Conglomerate Waivers - On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more

Sheppard Mullin Richter & Hampton LLP

Equityholder's Strategy for Shifting Tax Burdens to Creditors Upheld by Third Circuit

In re Majestic Star Casino, LLC, F.3d 736 (3rd Cir. 2013), the U.S. Court of Appeals for the Third Circuit broke from other courts by holding that S corporation status (or "qualified subchapter S subsidiary" or "QSub" status)...more

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