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Michael Gatto on First Brands….

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You can’t handle the truth!

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Well that was quick…

Our take: 

Recall that District Court Judge Hanen “Serta’d” a non pro rata rights offering out of the SDTX, rejecting it on equal treatment grounds. We had hoped we might get further clarity from the 5th Circuit but the parties settled… 

we will have to wait and see what this means for future mega cases filed in SDTX… 

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hmmmmmmm….

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Our take: 

We were scratching heads why the Debtors would take on OID here when every court that has considered the issue has rejected the debtors position… maybe the judge recognized that as well by sending the issue to mediation…

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Special Contributor Ian Feng of Covenant Review

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Our take:

Lenders continue to play strong defense but the latest borrower-engineered terms—anti-cooperation/counsel clauses, broad DQ lists, and voting/assignability constraints — are warnings across the bow to remain vigilant. 

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Balance Sheet Therapy Session…

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What we’re listening to

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