Plan Support Agreements: Key Considerations for Creditors
PSAs have become a mainstay in the Chapter 11 restructuring process, and it is therefore vital for distressed investors and other creditors to have a clear understanding of the legal terms of a contemplated PSA. This article examines the language of certain key provisions typically found in a PSA, and provides a brief survey of provisions agreed to by debtors in bankruptcy proceedings.
June 08, 2018 at 03:40 PM
2 minute read
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Claim Holder Representations
[In re: Energy Future Holdings Corp., Case No. 14-10979 (Bankr. D. Del. 2014) In re: Energy Future Holdings Corp., Case No. 14-10979 (Bankr. D. Del. 2014) In re: Verso Corp., Case No. 16-10163 (Bankr. D. Del. 2016 |
Fiduciary Out
In re: Optima Special Steel, Inc., Case No. 16-12789 (Bankr. D. Del. 2015) In re: Ultrapetrol (Bahamas) Limited, Case No. 17-22168 (Bankr. S.D.N.Y. 2017), In re: Green Field Energy Services, Inc., Case No. 13-12783 (Bankr. D. Del. 2015)]. |
Amendments
In re: SH 130 Concession Company, Zachry Toll Road–56 LP Cintra Texas 56 LLC, Case No. 16-10262 (Bankr. W.D. Tex. 2016) In re: New WEI, Inc., Case No. 15-02741 (Bankr. N.D. Ala. 2015) In re: Dex Media, Inc., Case No. 16-11200 (Bankr. D. Del. 2016 |
Claim Transfer Restrictions
|Creditor Termination Provisions
see In re: Eagle Bulk Shipping Inc., Case No. 14-12303 (Bankr. S.D. NY 2014) In re: EMAS Chiyoda Subsea Limited, Case No. 17-31146 (Bankr. S.D. Tex. 2017)]. |
Conclusion
Gregory G. Plotko is a partner in the Corporate Department of Richards Kibbe & Orbe, specializing in Bankruptcy. Richard J. Lee is counsel at the firm, also in the Corporate Department.
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