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ARTICLE · 05 DECEMBER 2025

Distressed Debt Legal Insights

Ropes & Gray LLP
Ropes & Gray LLP
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Ropes & Gray LLP

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Welcome back to Distressed Debt Legal Insights, Ropes & Gray's new source of timely insights for professionals navigating the complex world of liability management.

United StatesFinance and Banking
Leonard Klingbaum
Leonard Klingbaum
Nitin Konchady
Nitin Konchady
Alisha Turak
Alisha Turak
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Anthology's Non-Pro Rata DIP Rollup

Welcome back to Distressed Debt Legal Insights, Ropes & Gray's new source of timely insights for professionals navigating the complex world of liability management. In this edition, we're looking at how Anthology resolved an objection to its proposed non-pro rata DIP rollup.

Background

Anthology filed for Chapter 11 on Sept. 29 in the Southern District of Texas with a restructuring support agreement signed by 87% of first out lenders and 68% of second out lenders.

On Oct. 27, revolving lender Vector Capital filed an objection to the proposed $100 million priming rollup DIP facility. The objection asserted that Vector was excluded from being offered any right to participate in the priming rollup DIP, and such exclusion violated the pro rata treatment and non-subordination protections in the governing prepetition credit agreement.

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