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Chesapeake Energy Court Adopts the Narrow View of Section 316(b) of the TIA

On February 8, 2017, the U.S. District Court for the Western District of Oklahoma dismissed the class action lawsuit brought by unsecured bondholders of Chesapeake Energy Corporation ("Chesapeake"), adopting the so-called narrow reading of Section 316(b) of the Trust Indenture Act of 1939 ("TIA").[1]

USA, Capital Markets, Insolvency & Restructuring, Litigation, Jones Day
Marblegate: Second Circuit Reverses Broad Interpretation of Trust Indenture Act in Out-of-Court Restructurings

In its highly anticipated Marblegate Asset Management LLC v. Education Management Corp. decision,[1] the U.S.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Jones Day, Second Circuit
The need for a legal ground to stand on: a shareholders class action is dismissed at the authorization stage for failure to meet article 1003 b) C.p.c. (Groupe d’action d’investisseurs dans Biosyntech c. Tsang, 2015 QCCS 3265)

In the spring of 2010, BioSyntech, a start-up biotechnology company, developing a cartilage-repair product, BST-Car Gel, filed a Notice of Intention to make a proposal under the Bankruptcy and Insolvency Act. In the subsequent bankruptcy proceedings, the intellectual property relating to the BST-Car Gel was sold.

Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP