Liquidators have more certainty about their ability to disclaim the environmental liabilities and responsibilities of a company in liquidation.
The liquidators were not bound to cause Linc to comply with the EPO from the date of the disclaimer.
Debt exchanges have long been utilized by distressed companies to address liquidity concerns and to take advantage of beneficial market conditions. A company saddled with burdensome debt obligations, for example, may seek to exchange existing notes for new notes with the same outstanding principal but with borrower-favorable terms, like delayed payment or extended maturation dates (a "Face Value Exchange"). Or the company might seek to exchange existing notes for new notes with a lower face amount, motivated by discounted trading values for the existing notes (a "Fair Value Exchange").
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