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Articles by Gregg Bateman
Fifth Circuit Reverses Bankruptcy Court’s Ruling on Lenders’ Sacred Right of Pro Rata Repayment in Uptiering Transaction | JD Supra
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 (“Serta”) holding $1.2 billion of first lien term loans for super priority term loans constituted an open-market purchase exempt from the pro rata payment provisions of the credit agreement.
The Bristol Myers Decision: A Harsh Reminder of Registered Holder vs Beneficial Owner Actions | JD Supra
The Bristol Myers Decision: One Court’s View of Registered Holder vs Beneficial Owner Actions The United States District Court for the Southern District of New York (the “District Court”) recently issued a decision that rejected a common industry practice for trustees to be removed, appointed or to take actions based upon the consent, direction or authorization of owners of beneficial interests in debt instruments held through the facilities of The Depository Trust Company (“DTC”).
"So Long Synthetic LIBOR" | JD Supra
Earlier this year, the Financial Conduct Authority (FCA) exercised its powers pursuant to Article 21(3) of the Benchmarks Regulation to compel ICE Benchmark Administration (IBA) to continue publishing 1-month, 3-month and 6-month synthetic LIBOR settings for a period of 3 months after the US dollar LIBOR bank panel ended on June 28, 2024.
2022 Highlights from the Global Bank and Institutional Finance & Restructuring Group | JD Supra
$55B CLO/ Loan Facilities Represented several financial institutions in connection with CLOs (including middle-market CLOs), multi-currency loan facilities and warehouse transactions, as well as redemptions, re-pricings, re-financings and re-sets, totaling approximately - $55 billion in issuance.
Down to the Wire: Citibank Wins Big in Revlon Appeal | JD Supra
Introduction In a long-anticipated decision, on September 8, 2022, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) vacated the judgment of the Southern District of New York (the “District Court”) in, In re Citibank August 11, 2020 Wire Transfers and remanded the case for further proceedings.1 The Second Circuit held that the case did not fall within the scope of the discharge-for-value defense and that the Defendants were not “shielded” from Citibank’s claims...
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