lsta-de-llc-presentation-95-preview

Effective as of August 1, 2018, Delaware amended its Limited Liability Company Act to allow LLCs to divide themselves into two or more LLCs and to allocate their assets, liabilities, rights and duties among the newly divided LLCs pursuant to a “plan of division”. Loan documents typically do not contemplate divisions, and so lenders should consider whether their agreements need to be modified to prevent leakage of credit support through the use of this new device.  Presented by Emin Guseynov, Orrick, Herrington & Sutcliffe, LLP, Tal Hacohen, Orrick, Herrington & Sutcliffe, LLP and Bridget Marsh, LSTA.

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