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ARTICLE · 10 MARCH 2017

Debt Dialogue: February 2017

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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This month's issue of Debt Dialogue addresses the Second Circuit's recent Marblegate decision, the controversy generated by last year's Cash American decision, and payment of indenture trustee fees...

United StatesInsolvency/Bankruptcy/Re-Structuring
Ann Kalodis
Ann Kalodis
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This month's issue of Debt Dialogue addresses the Second Circuit's recent Marblegate decision, the controversy generated by last year's Cash American decision, and payment of indenture trustee fees in bankruptcy, as well as other matters.

Topics covered in this issue include:

  • A Look at the Second Circuit Decision in Marblegate
     A divided panel of the United States Court of Appeals for the Second Circuit recently issued its widely reported opinion in Marblegate Asset Management, LLC vs. Education Management Corp. The majority held that the right to payment protected by Section 316(b) of the Trust Indenture Act prohibits only nonconsensual amendments to an indenture's core payment terms and does not protect the practical ability of bondholders to recover payment. The holding leaves room for additional inquiry.

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