What Constitutes a Transfer of “All or Substantially All” of a Borrower's Assets for Purposes of Indentures and Credit Agreements?
As the credit markets have slowly tightened and borrowers look for creative solutions to delever and refinance their balance sheets outside of bankruptcy, it is important to keep in mind that a transfer that is otherwise allowed under a borrower's debt documents may still be attacked if there are indicia that the transfer is for “all or substantially all” of the borrower's assets.
June 08, 2018 at 03:35 PM
1 minute read
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Two Perspectives
See Bank of N.Y. Mellon Trust Co. v. Liberty Media Corp. See Hollinger Inc. v. Hollinger Int'l Id. see also HFTP Investments v. Grupo TMM, S.A. See In re BankAtlantic Bancorp, Inc. Litig. Roseton OL v. Dynegy Holdings HFTP see also Bancorp, Bancorp, See e.g. Roseton Bank of New York v. Tyco Int'l Group, S.A. see also, e.g. Resnick v. Karmax Camp Sharon Steel Corp. v. Chase Manhattan Bank Liberty Media Sharon Steel |
Ongoing Litigation
See Eaton Vance Management v. Wilmington Sav. Fund Soc., FSB |
Conclusion
Kenneth Pasquale is a partner and Isaac Sasson is an associate in the Financial Restructuring Group of Stroock & Stroock & Lavan.
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