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ASHINC or Swim Case Study: Lessons for Private Equity Sponsors on Risks Relating to Distressed Portfolio Companies (Part I: Continuous Contractual Breach Under a Loan Agreement)

In an opinion that mostly flew under the radar in 2021, Judge Christopher Sontchi from the Bankruptcy Court for the District of Delaware (the “Court”) found investment firm Yucaipa American Alliance Fund I, L.P. and Yucaipa American Alliance (Parallel) Fund I, L.P.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Private equity, Fourth Amendment
European restructuring watch alert premier oil schemes - Scottish sanction judgment

On Wednesday 29 April the Outer House of the Court of Session in Edinburgh issued an opinion sanctioning two schemes of arrangement proposed by Premier Oil Plc and Premier Oil UK Limited (together, Premier Oil) (the Schemes). The Court addressed multiple grounds of challenge and did so without hearing live evidence, despite disputes of fact between the parties.

European Union, United Kingdom, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
A Momentous Rejection: United States Supreme Court Declines to Review Second Circuit’s Momentive Make-Whole Opinion

The United States Supreme Court recently declined to review the United States Court of Appeals for the Second Circuit’s opinion in Momentive Performance Materials Inc. v. BOKF, NA. BOKF and Wilmington Trust, indenture trustees for Momentive’s First Lien Notes and 1.5 Lien Notes (which we’ll refer to as the “Senior Notes”) respectively, each submitted certiorari petitions after the Second Circuit held that they were not entitled to receive make-whole premiums following Momentive’s bankruptcy.

What Is a Make-Whole?

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Supreme Court of the United States