Perspectives on Indenture Trustees, Agents & Corporate Trust Services
11 total results. Page 1 of 1.
The Plain Meaning Language of an Intercreditor Agreement Determines Whether it Governs Plan Distributions or Adequate Protection Payments
In reaching his decision, Judge Gross employed a “forward-thinking” analysis based on the facts existing at the time the trustee acted.
Indenture Trustees Have Standing to Pursue Fraudulent Transfer or Other Claims for the Benefit of Noteholders
This decision from the Appellate Division reversed a finding that an indenture trustee did not have the relevant standing to pursue fraudulent transfer claims, among other claims.
In its ruling, the Appellate Court partially reversed the lower court’s limited approval of the Settlement by finding that the lower court improperly seconded-guessed the judgment of the Trustee and did not accord that judgment proper deference when considering approval of the Settlement.
A recent Delaware District Court decision concerning an appeal of a bankruptcy settlement clearly provides support for the use of tender offers or other exchange, or settlement mechanics permitted under applicable federal securities laws prior to and outside a plan of reorganization.
The Third Circuit recently weighed into the ongoing debate over the ownership of tax refunds generated by a failed bank in FDIC receivership, but paid to a failed bank holding company due to the existence of a tax sharing agreement (TSA) between the bank and the holding company.
The Momentive Decision: Another Warning to Debtholders and Indenture Trustees to Ensure That Your Make-Whole is Not Full of Holes
On April 13, 2014, MPM Silicones, LLC and certain debtor affiliates (the Debtors) filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. The Debtors filed their plan of reorganization (the Plan) about a month later.
Third Circuit Affirms Bankruptcy Court’s Denial of Third Party Releases of Indenture Trustee Due to Inadequate Disclosure
The Third Circuit agreed with the Bankruptcy Courts finding that the proposed releases were not adequately disclosed to the bondholders as required by Bankruptcy Rule 3016(c), and therefore would not be approved.
Often times indenture trustees seek to sit on creditors committees in furtherance of their fiduciary duties to holders. Obviously, the professional fees and expenses can be paid as a first priority pursuant to a charging lien as provided for under the indenture documents.
On June 26th, Arent Fox managing partner Andrew Silfen will be a moderator for the panel entitled, "Views on the Bench" at the 11th Annual Philadelphia Credit & Restructuring Summit 2018.