The Twilight, or Rebirth, of Liability Management? Serta and Mitel Decisions Reach Opposite Conclusions on the Permissibility of Uptier Exchange Transactions

Introduction & Key Takeaways

The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have played a large role in corporate debt restructurings for the past several years.

Filed under:
USA, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP
Authors:
Joseph Polonsky , Joseph W. Beach , Nathan Spanheimer , Gregg Jubin , Skyler Walker , Jeffrey Nagle , Chris McDermott , Neil J. Weidner , Gregory M. Petrick , Casey Servais , Ingrid Bagby , Thomas Curtin , Eric Waxman
Location:
USA
Firm:
Cadwalader Wickersham & Taft LLP