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How a “Voluntary” Default under An Indenture Converted an Optional Redemption Provision into a Mandatory Redemption Provision Requiring Payment of a Make-Whole Premium
  • Weil Gotshal & Manges LLP
  • USA
  • October 5 2016

In Through the Looking Glass, Lewis Carroll’s sequel to Alice’s Adventures in Wonderland, there is a famous exchange between Humpty Dumpty and Alice

Seventh Circuit Deepens Circuit Split on Applicability of Section 546(e) Safe Harbor to Transactions Involving Financial Institution Acting as Mere Conduit
  • Jones Day
  • USA
  • September 27 2016

In FTI Consulting, Inc. v. Merit Management Group, LP, 2016 BL 243677 (7th Cir. July 28, 2016), a three-judge panel of the U.S. Court of Appeals for

Seventh Circuit Limits Bankruptcy Safe Harbor Protection
  • Schulte Roth & Zabel LLP
  • USA
  • September 8 2016

The safe harbor protection of Bankruptcy Code (“Code”) 546(e) does not protect “transfers that are simply conducted through financial institutions,”

Circuit Courts Divided Following Seventh Circuit's Section 546(e) Safe Harbor Decision
  • Jones Day
  • USA
  • August 22 2016

On July 26, 2016, a three-judge panel of the U.S. Court of Appeals for the Seventh Circuit ruled that the Bankruptcy Code section 546(e) "safe

Is Bank Debt a Security?: Dangerous Implications of the General Motors Litigation
  • Kramer Levin Naftalis & Frankel LLP
  • USA
  • August 16 2016

Borrowers, agent banks, syndicate members and secondary market purchasers incur, syndicate, sell and buy bank debt on the assumption that bank debt

Not So Safe After All?
  • Shearman & Sterling LLP
  • USA
  • August 9 2016

On June 20, 2016, the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) denied in part a motion to dismiss and

Rough Waters Could Be Ahead for Those Seeking Protection of Section 546(e) Safe Harbor
  • Cooley LLP
  • USA
  • August 9 2016

A recent decision by the Bankruptcy Court for the District of Delaware in PAH Litigation Trust v. Water Street Healthcare Partners L.P. (In re

Seventh Circuit: Section 546(e) Safe Harbor Does Not Shield From Avoidance Transfers Made Through Financial Institution Conduits
  • Dechert LLP
  • USA
  • August 2 2016

In FTI Consulting, Inc. v. Merit Management Group, LP, the Seventh Circuit recently held that transfers are not protected under the safe harbor of

In Conflict With Other Circuits, Seventh Circuit Rules That Certain Transfers Involving Financial Institution Intermediaries Not Immune From Recovery By Bankruptcy Trustee
  • Proskauer Rose LLP
  • USA
  • August 2 2016

Section 546(e) of the bankruptcy code prohibits a bankruptcy trustee from avoiding “settlement payments”, or payments “made in connection with a

Anatomy of a Term Sheet: Series A Financing (Q2 2016)
  • McCarter & English LLP
  • USA
  • July 14 2016

A key milestone in the lifecycle of many successful companies (and, admittedly, many unsuccessful companies) is obtaining financing from angel or