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March 23, 2017 | Posted by Adam C. Rogoff, Joseph A. Shifer, Alana Katz | Permalink
In a much anticipated decision issued on March 22, 2017, the United States Supreme Court determined in Czyzewski v. Jevic Holding Corp. (“Jevic”) that a “structured dismissal” of a bankruptcy case cannot include a distribution scheme to creditors that does not comply with the priorities provided for under the Bankruptcy Code. The decision looks at the policy underlying “basic priority rules” in bankruptcy cases and, in doing so, throws into question the future use of negotiated settlements in bankruptcy cases where some, but not all, creditors receive a benefit. As can be expected when the High Court tackles a tool used in commercial bankruptcy case, expect this decision to be carefully analyzed to identify and then test the boundaries. read more
September 19, 2016 | Posted by Kramer Levin | Permalink
This month’s issue of Debt Dialogue offers a mix of recent case law and other topics. It looks at fraudulent conveyance, the common interest privilege, cancellation of debt, TIA Section 314(d) and some cases with fact specific circumstances of interest. read more
August 30, 2016 | Posted by Kramer Levin | Permalink
The Loan Syndications and Trading Association (“LSTA”) will implement new rules that govern whether a party is entitled to receive delayed compensation. read more
August 15, 2016 | Posted by Kramer Levin | Permalink
Debt Dialogue focuses on recent developments and recurring interpretive issues and principles that debt-focused investors commonly encounter. Members of our editorial team discuss matters regarding the interpretation, enforcement and documentation of debt, capital markets debt instrumentation, and credit facilities and other arrangements. read more
August 15, 2016 | Posted by Kramer Levin | Permalink
Borrowers, agent banks, syndicate members and secondary market purchasers incur, syndicate, sell and buy bank debt on the assumption that bank debt is not a “security.” However, a June 30, 2016, opinion in the General Motors preference litigation1 shows that such an assumption may no longer be valid, at least under the Bankruptcy Code. Whether the implications of the decision will penetrate the realm of the securities laws remains to be seen.
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