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Expert Analysis

New Tool For Holdout Bondholders: The Trust Indenture Act

Law360, New York (January 29, 2015, 12:09 PM EST) -- On Dec. 30, 2014, the U.S. District Court for the Southern District of New York issued an opinion in Marblegate Asset Management v. Education Management Corp. interpreting broadly the protections granted to bondholders under the Trust Indenture Act of 1939.[1] Although ultimately denying the injunction sought by the plaintiff bondholders on other grounds, a substantial portion of the 47-page opinion analyzes Section 316(b) of the act, taking the position that the act was intended to prohibit companies from restructuring debt out of court as a means to eliminate certain material rights of nonconsenting bondholders....

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