Recent Trends In Enforcement Of Intercreditor Agreements

By Seth Jacobson, Ron Meisler, Carl Tullson and Alison Wirtz, Skadden Arps Slate Meagher & Flom LLP (May 2, 2017, 12:10 PM EDT) -- Over the last several decades, the enforcement of intercreditor agreements (ICAs) that purport to affect voting rights and the rights to receive payments of cash or other property in respect of secured claims have played an increasingly prominent role in bankruptcy cases. Although the Bankruptcy Code provides that "subordination agreement[s]" are enforceable in bankruptcy to the same extent such agreements are enforceable under applicable nonbankruptcy law, the handling of creditor disputes regarding such agreements has been inconsistent.[1]...

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