EFH Ruling Impairs Creditor Reliance On Indenture Trustees
Law360, New York (November 12, 2015, 11:55 AM EST) -- On Nov. 2, 2015, on the eve of Energy Future Holdings Corp.’s confirmation trial, the Delaware bankruptcy court ruled that where a majority of bondholders direct an indenture trustee to withdraw its confirmation objections, the remaining minority who did not file independent objections to confirmation may not step in to press the indenture trustee’s objections. This ruling not only forecloses the litigation surrounding the minority bondholders’ objections in the EFH case, but could also serve, as a practical matter, to impose additional filing requirements on creditors in future cases who rely on indenture trustees to press their claims.
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