Ruling and the Material Adverse Event Default

In February 2017, Judge Katherine Polk Faila of the Southern District of New York issued a bench ruling1 in Cumulus Media Holdings Inc. v. JPMorgan Chase Bank, N.A. (S.D.N.Y. Feb. 24, 2017), in which she found that a proposed exchange of senior notes for revolver commitments would violate certain covenants of the issuer’s credit agreement protecting the term loan lenders.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, JPMorgan Chase, US District Court for the Southern District of New York
Authors:
Richard E. Farley , Jason P. Norinsky
Location:
USA
Firm:
Kramer Levin Naftalis & Frankel LLP