Credit: Vitalii Vodolazskyi/Shutterstock.com PETs, Winner Take All and New Protections for Independent Directors/Serta Confirms Plan
In her Distressed Mergers and Acquisitions column, Corinne Ball discusses 'In re Serta Simmons Bedding,' where, "ruling on the validity of the PET, the court addressed the role of equity, as well as the covenant of good faith and fair dealing, emphasizing that lender versus lender warfare is a "winner-take-all battle."
August 23, 2023 at 12:00 PM
15 minute read
Bankruptcy
Recently, the Bankruptcy Court in the Southern District of Texas confirmed a Chapter 11 plan that coined a new acronym—PETs—for certain refinancing transactions, effected a change in control to the one of two competing lender groups, recited a new standard of protection for independent directors, solved the so-called "Stern Article III" problem via consent through litigation and seeks to end a three-year war among lenders across three different courts. In re Serta Simmons Bedding, LLC, No. 23-09001 (Bankr. S.D. Tex. June 6, 2023).
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