Restoring Some Certainty Post-Marblegate

By Miranda Schiller and Agustina Berro, Weil Gotshal & Manges LLP (December 12, 2016, 1:40 PM EST) -- Miranda Schiller

Agustina Berro Since Marblegate was decided in 2014, the only court to address claims under §316(b) of the Trust Indenture Act in the context of a corporate restructuring transaction is Caesars. Caesars and Marblegate interpreted §316(b) broadly, finding that it protects not only the legal right to payment but also the practical ability to receive principal and interest where an out-of-court restructuring renders repayment a practical impossibility. Last week's decision by the Southern District of New York in Cliffs Natural makes clear that the holdings in Marblegate and Caesars are limited to comprehensive restructurings that amount to de facto...

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