Intercontinental Hotel in downtown Miami, FL. Credit: Felix Mizioznikov/Shutterstock Del. Supreme Court Affirms $5.8B Hotel Acquisition Deal Rightfully Broken Amid Pandemic, Offering New Ordinary Course Covenant Analysis
The ruling is the first Delaware Supreme Court decision that extensively addresses an ordinary course covenant in a terminated acquisition, rather than on a material adverse effect cause, and relies on the covenant as the basis for terminating an acquisition, according to Quinn Emanuel Urquhart & Sullivan managing partner Michael Carlinsky.
December 09, 2021 at 03:14 PM
5 minute read
A hotel chain's response to the pandemic violated the ordinary course covenant in its impending $5.8 billion acquisition agreement, the Delaware Supreme Court decided Wednesday.
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