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Articles by Scott Zemser
Kirschner: The Final Act?
SCOTT ZEMSER,1 ARTHUR S. RUBLIN,2 BEN CROSBY3 On August 24, 2023, the US Court of Appeals for the Second Circuit issued its decision in the Kirschner v. JPMorgan litigation saga, rejecting the plaintiff's argument that syndicated term loans should be treated as securities.4 On February 20, 2024, the US Supreme Court denied the Kirschner petition for a writ of certiorari—an application for permission to appeal the Second Circuit's decision to the Supreme Court.
Agreements Among Lenders and Unitranche Facilities - a Fresh Look at a Trending Product
Over the past several years, unitranche facilities have become increasingly prevalent. This growth has been driven by the ever-growing class of private credit and direct lenders who initially developed the unitranche facility structure, along with traditional bank lenders now joining this market. The unitranche structure has several advantages, including typically quicker execution for the parties involved and in some cases a lower cost of capital to the borrower.
Kirschner: Implications For Syndicated Term Loans
Last Thursday morning, August 24, the US Court of Appeals for the Second Circuit issued a decision in the closely watched Kirschner v. JPMorgan case, rejecting the plaintiff's argument that the subject syndicated term loans should be treated as securities.1 The Second Circuit issued its decision just a few weeks after the US Securities and Exchange Commission ("SEC") declined to weigh in on the case despite having requested three extensions for the filing of a submission.
US Bankruptcy Court Holds For Serta And Participating Lenders In Uptiering Transaction Dispute
On June 6, 2023, the US Bankruptcy Court for the Southern District of Texas (the "Court") confirmed Serta Simmons Bedding, LLC's ("Serta") Chapter 11 plan and held that Serta's 2020 uptiering transaction (the "Uptiering Transaction") did not breach Serta's 2016 first lien credit agreement (the "Credit Agreement"). In the memorandum opinion (the "Opinion")1, Judge David R.
COVID-19: Material Adverse Change Clauses In US Contracts
To print this article, all you need is to be registered or login on Mondaq.com. This Legal Update addresses the law governing material adverse change ("MAC") clauses1—including the rules that courts apply when interpreting MAC clauses and the showing that is necessary to successfully invoke a MAC clause—and discusses the applicability of MAC clauses in the context of public health crises such as COVID-19. I. Law Related to MAC Clauses A.
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