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Recap of LSTA’s Fifth Installment of Recent Development in Bankruptcy Law

This week the LSTA hosted the fifth installment of our quarterly roundup of Recent Developments in Bankruptcy Law.  Rich Levin of Jenner & Block once again focused on a number of recent key cases for loan market participants.  The most important issue covered was the recent Supreme Court decision in In re Jevic where the Court ruled that non-consensual structured dismissals that distributed an estate’s property in violation of the absolute priority rule are prohibited.

In re Jevic: The Supreme Court Reaffirms the Absolute Priority Rule

Last week, in In re Jevic, the U.S. Supreme Court reaffirmed the most fundamental principle in bankruptcy – the absolute priority rule – while at the same time recognizing that flexibility in the bankruptcy process itself is essential.  It was a very important win for secured lenders.

Supreme Court: Absolute Priority Rule Applies Absolutely

Yesterday, in In re Jevic, a case of enormous importance to the loan market, the U.S. Supreme Court ruled 6-2 that non-consensual “structured dismissals” that distribute estate assets in violation of the “absolute priority rule” are not permitted under the bankruptcy code.  The decision underscores the importance of the absolute priority rule as a bedrock principle of U.S. bankruptcy, a principle that is at the heart of secured lending.

Amicus Roundup: On a Winning Streak

In the past year the LSTA weighed in as amicus curiae (friend of the court) in four cases of enormous importance to the loan market.  Happily, the results in the two cases decided so far have been decidedly good.  The two other cases have been fully briefed and argued and await decision in the next few months. The cases are recapped below.

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Mark-to-Market Monthly November Summary

Last month in this space we boldly wrote “there is a silver lining for loans: they appear to be oversold”. And sure enough, following its worst monthly print this year (-0.45% in October) the S&P/LSTA Leveraged Loan Index (LLI) produced a four-month best 0.6% November return.

Demystifying the LSTA’s SOFR Concept Credit Agreement

Last week the LSTA hosted its Demystifying the LSTA’s SOFR Credit Agreement webcast presented by Jeffrey Nagle of Cadwalader, Wickersham & Taft LLP, the LSTA’s project counsel, and the LSTA’s Tess Virmani.

Semi-Annual Oil & Gas Industry Update Presentation

Energy finance practitioners from Haynes and Boone, LLP will discuss current energy finance topics, including the latest trends in oil and gas finance. The presentation was done by Eli Columbus, Partner, Bankruptcy Practice Group, Kraig Grahmann, Partner, Energy Finance Practice Group, Kim Mai, Associate, Commodities Trading & Finance Practice Group & Jeff Nichols, Co-Chair of […]