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Results: 1-9 of 9

LBIE administrators extend September 17, 2010 proof of debt submission deadline for Consensual Approach participants

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • September 17 2010

Previously, on June 16, 2010, the Joint Administrators (the "Administrators") of Lehman Brothers International (Europe) ("LBIE") announced that they would be testing the feasibility of their so-called Consensual Approach to the resolution of LBIE's unsecured creditor claims

Bankruptcy court allows collateral agent to credit bid without 100 approval of senior lenders in same facility

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • April 28 2009

In a recent decision, the Bankruptcy Court for the District of Delaware allowed the collateral agent for senior lenders to credit bid for the debtors’ assets even though all of the senior lenders had not authorized the bid

Florida bankruptcy judge holds ‘savings clause’ unenforceable when voiding guarantees as fraudulent transfers

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • October 30 2009

A Florida bankruptcy court, on Oct. 13, 2009, issued a 182-page decision after a 13-day trial, among other things, avoiding on fraudulent transfer grounds (a) secured subsidiary guarantees of $500 million and (b) $420 million pre-bankruptcy payments

Supreme Court affirms secured creditors’ credit bid rights under plan

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • June 1 2012

The United States Supreme Court unanimously held that secured creditors have a statutory right to credit bid their debt at an asset sale conducted under a so-called "cramdown" plan

Key changes to secondary trading documentation

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • August 11 2011

The LMA has introduced a new definition of “Claim”; such definition to be included under the existing definition of “Purchased Assets.”

Champerty clarified: a victory for activist distressed debt and claims investors

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • November 3 2009

In a decision to be hailed by buyers of distressed debt and bankruptcy claims on the secondary loan market, on Oct. 15, 2009, the New York Court of Appeals (the “Court”), in a fact-specific ruling, held that an assignment of claim does not violate New York’s champerty statute (forbidding trading in litigation claims) if the purpose of the assignment is to collect damages by means of a lawsuit for losses on a debt instrument in which the assignee holds a pre-existing proprietary interest

Bankruptcy Court approves procedures for determining allowed amounts of structured securities claims

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • August 12 2011

The United States Bankruptcy Court for the Southern District of New York, overseeing the bankruptcy cases of Lehman Brothers Holdings Inc. (“LBHI”) and its affiliated debtors (collectively, the “Debtors”), entered an order on Aug. 10, 2011 approving procedures for determining for both voting and distribution purposes the allowed amounts of claims filed based on structured securities issued or guaranteed by LBHI (the “Structured Securities”

LSTA’s revised trading documents allow revolver loan investors to protect their posted collateral but only if they ask

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • July 1 2013

On June 28, 2013, the Loan Syndications and Trading Association ("LSTA") announced that the revised Collateral Annex for Loan Participations and

Pushing unresponsive counterparties to settle: LSTA to introduce “buy insell out” for distressed trades

  • Schulte Roth & Zabel LLP
  • -
  • USA
  • -
  • August 11 2011

The Loan Syndications and Trading Association (“LSTA”) is preparing to implement a trade termination mechanism for distressed trades, called “buy-insell-out” or “Distressed BISO,” designed to give a performing party leverage over a nonperforming party to move a stalled trade toward settlement