ION Media: Second Lien Terms Enforced

Law360, New York (January 8, 2010, 4:44 PM EST) -- Despite the prevalence of first lien-second lien structures in the loan market over the course of the recently ended leveraged transaction cycle, a fully-litigated case interpreting the provisions of a first lien-second lien intercreditor agreement remains something of a rarity.

In particular, a case providing guidance on the extent to which customary waivers included in such intercreditor agreements would be enforced would be welcome to finance practitioners.

On Nov. 24, 2009, the U.S. Bankruptcy Court for the Southern District of New York issued an opinion in...
To view the full article, register now.