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Marblegate Under Attack! Or Not? Out-of-Court Bond Restructurings in Light of NY Court of Appeals Decision in CNH Diversified

In its October 22, 2020, CNH Diversified Opportunities Master Account, L.P. v.

USA, New York, Insolvency & Restructuring, Litigation, Mayer Brown, U.S. Court of Appeals
Senate Committee endorses reduction from three years to a one year bankruptcy period

The Senate Legal and Constitutional Affairs Legislation Committee (“the Committee”) has endorsed the passing of the Bankruptcy Amendment (Enterprise Incentives) Bill 2017 (“the Bill”) in its report dated 21 March 2018.[1]

Australia, Insolvency & Restructuring, King & Wood Mallesons, Bankruptcy
Second Circuit Green-Lights Out of Court Restructurings of Bonds, Holding That TIA Only Prohibits Amendments to Core Payment Terms

On January 17, 2017, in a long-awaited decision in Marblegate Asset Management, LLC v. Education Management Finance Corp.,1 the US Court of Appeals for the Second Circuit held that Section 316 of the Trust Indenture Act ("TIA") does not prohibit an out of court restructuring of corporate bonds so long as an indenture's core payment terms are left intact.

USA, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Mayer Brown, Bond (finance), Second Circuit, United States bankruptcy court
Sixth Circuit Court of Appeals rules that collateral proceeds do not include accounts

The US Court of Appeals for the Sixth Circuit has ruled that a lender’s security interest in accounts was not perfected because a reference to “proceeds” in the lender’s UCC financing statement did not expressly refer to “accounts.” The Sixth Circuit surprisingly interpreted the definition of “proceeds”1 in Article 9 of the Uniform Commercial Code to exclude “accounts”2 (despite and without reference to provisions of UCC Article 9 to the contrary).

USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Debtor, Collateral (finance), Accounts receivable, Uniform Commercial Code (USA), Sixth Circuit