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The Situation: In its recent decision concerning the uptier liability management exercise ("LME") of Serta Simmons Bedding, LLC ("Serta"), the Bankruptcy Court for the Southern District of Texas considered whether the Serta LME violated the underlying credit agreement, and whether lenders that participated in the transaction are liable to lenders that were excluded from it.
In 1984 and 1994, Congress amended the Bankruptcy Code to add protections for commercial real property and equipment lessors. Those provisions—sections 365(d)(3) and section 365(d)(5), respectively—generally require a bankruptcy trustee or chapter 11 debtor in possession ("DIP") to timely pay most postpetition obligations arising under a commercial lease. Court rulings interpreting section 365(d)(3) are plentiful, but there are few decisions addressing section 365(d)(5).
For the last 40 years, Bullseye Glass has made it our mission to operate above board and to do the right thing.The DEQ has assured us that we have been and remain in compliance withour air discharge permit. In fact, our site in Portland has passed two DEQ inspections in the last year. But we’re also your neighbors and fellow Portlanders, and we have been embedded in this community for a long time. We understand the concerns and take public health and the environment seriously.
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