How can a “special purpose entity” borrower ever file bankruptcy if independent directors must approve the filing?

Originally published in November 2008 on HotelLawBlog.com, then updated in 2010 for our Lenders Handbook for Troubled Hotels, we have updated this article through May 2020 to assist industry friends in dealing with distressed loans provoked by the COVID-19 crisis.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Jeffer Mangels Butler & Mitchell LLP, Corporate governance, Coronavirus, Title 11 of the US Code
Authors:
Jim Butler , Robert B. Kaplan , Nicolas De Lancie
Location:
USA
Firm:
Jeffer Mangels Butler & Mitchell LLP