The Advisory summarizes the key features of the two main types of LMTs that have been prevalent in our market -- the drop-down financing and the uptiering transaction – as well as some recent structures commonly referred to by market participants generically as “double dip” financings. The Advisory now includes a discussion of the 2024...
Our panel of experts discussed: The state of LMEs. Where are the documentation trends?; What are the implications of the Serta and Mitel decisions for Uptiers and other LMEs?; What is the state of “equitable mootness” after Serta? and What are the implications of Serta’s excise of lender indemnities? Presented by Vincent Buccola, Professor of...
On May 9th, the LSTA hosted a webinar, “Liability Management Transactions: What is an Open Market Purchase Anyway?”, presented by Alston & Bird partners, Paul W. Hespel, Brett D. Jaffe, Ken Rothenberg, and J. Eric Wise. In recent years, the distressed loan market has trended away from in-court proceedings toward antagonistic transactions to effect balance...
In recent years, the distressed market has trended away from in court proceedings toward antagonistic transactions to effect balance sheet restructurings, commonly, and perhaps euphemistically, referred to as liability management transactions. Our expert panelists provided an overview of uptiering and dropdown transactions and provide a case study of notable cases/credits including Trimark, Boardriders and Revlon....
In recent years, the distressed market has trended away from in-court proceedings toward antagonistic transactions to effect balance sheet restructurings, commonly, and perhaps euphemistically, referred to as liability management transactions. Our expert panelists provided an overview of up tiering and dropdown transactions and provided a case study of notable cases/credits including Trimark, Boardriders and Revlon....
The topic of liability management transactions (LMTs) is once again at the forefront of discussions amongst loan market participants, given the oral ruling of Southern District of Texas Bankruptcy Judge David R. Jones on March 28th in the Serta case. On motions for summary judgment on the propriety of the LMT, Judge Jones ruled that...
At your request, on December 6, 2022, the LSTA determined the DISTRESSED shift date regarding the below-named credit. ▪ Serta Simmons Bedding, LLC, ▪ CREDIT AGREEMENT June 22, 2020, Super Priority Second Out Term Loan The DISTRESSED Shift Date is as follows: September 15, 2022 We hope that this has been helpful. Kind regards...
At your request, on June 16, 2022, the LSTA has determined the DISTRESSED shift date regarding the below-named credit. ▪ Serta Simmons Bedding, LLC ▪ 1st Lien Credit Agreement as of November 8, 2016 The DISTRESSED Shift Date is as follows: June 13, 2022 We hope that this has been helpful. Kind regards...
Over the past few years borrowers have used aggressive and controversial distressed liability management techniques like “dropdown” (J. Crew) or “uptiering” (Serta Simmons) structures. In this webinar lawyers from Davis Polk dive deeply to explain how they work. Presented by Meyer Dworkin, Partner, Davis Polk & Wardwell LLP, Jason Kyrwood, Partner, Davis Polk & Wardwell...
Over the past few years borrowers have used aggressive and controversial distressed liability management techniques like “dropdown” (J. Crew) or “uptiering” (Serta Simmons) structures. In this webinar lawyers from Davis Polk dive deeply to explain how they work. Presented by Meyer Dworkin, Partner, Davis Polk & Wardwell LLP, Jason Kyrwood, Partner, Davis Polk & Wardwell...
