Second Circuit Overturns Marblegate, Holding That Section 316(b) of the Trust Indenture Act Protects Noteholders’ Rights Only With Respect to Core Payment Terms

On January 17, 2017, the United States Court of Appeals for the Second Circuit ruled, in a 2-1 decision, in favor of the for-profit education company Education Management Corp.

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Litigation, Cahill Gordon & Reindel LLP, Second Circuit
Authors:
Bradley J. Bondi , Charles A. Gilman , Kimberly Petillo-Décossard , John J. Schuster
Location:
USA
Firm:
Cahill Gordon & Reindel LLP