Release provisions
The scope of the powers afforded to the security agent by the so called “release provisions” found in many intercreditor agreements employed in LBO deals has come under scrutiny recently. A number of restructurings have relied upon using the security agent’s powers to implement a restructuring and many others will have at least considered using them.
United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, Share (finance), Debtor, Consent, Liability (financial accounting), Holding company, Court of Appeal of England & Wales
Summary
The joint administrators of Lehman Brothers International (Europe) (“LBIE”) have released their second statutory six month progress report for the period 15 March 2008 to 14 September 2009 (the “Report”).
A full copy of the Report is attached, which includes detail about the positions realised and expenses to date. Key points of interest are as follows:
European Union, Insolvency & Restructuring, Mayer Brown, Unsecured debt, Dividends, Interest, Lehman Brothers, High Court of Justice (England & Wales)