In an eagerly-awaited decision, the Second Circuit Court of Appeals has vacated the district court's decision in Marblegate Asset Management, LLC v. Education Management Finance Corp. The district court's decision had created much uncertainty and confusion in the restructuring and indenture trustee community. The Court of Appeals has now held that Section 316(b) of the Trust Indenture Act (“TIA”) is not violated by a restructuring merely because it makes payment to dissenting holders unlikely or impossible.