A deep dive into Spirit Airlines, new guidance issued prohibiting judge shopping, Echostar mega deal surprise, Texas Two Step doesn’t fly in Delaware, and much, much more…
Creditor Corner
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Incora opinion shocker, Claire’s photo finish, EchoStar windfall, Judge Shannon & Scott Greenberg podcasts, why are chapter 22s on the rise? and much, much more…
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Bruce Richards on the Markets
Weighing in on Rate Cuts
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Tweet Of The Week
shocker of the week!
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Shocker!
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Our take:
What the court giveth, the court hath taken away…. The District Court reverses Judge Isgur’s decision and allows the Incora/Wesco uptier to go forward, But what does it mean for LMEs going forward? Are we back to the one-sided winner-take-all variety or the kinder/ gentler approach? Our gut is that not much has changed… The Incora/Wesco case involved a challenge to an uptiering of high yield bonds. High yield bonds have never required pro rata treatment so we don’t believe the case should affect how courts view uptiering transactions in the loan market. We’ll report back after we read the published Opinion.
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sitting in the hot seat!
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explosive deal! Part Deux!
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explosive deal! Part Deux!
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Webinar Replay
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Our take:
Holding out can have high risk but high reward; hold outs in Del Monte who decided to challenge the transactions ended up getting paid off at par while AMC holdouts were offered the opportunity to participate in the main deal. You don’t want to miss this one!
Podcast of the Week
Judge Shannon speaks up!
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Practice pointers from the experts
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We bring you these exclusive expert insights to help our subscribers analyze the latest LME trends.
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why are chapter 22s on the rise?
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What we’re listening to
Scott Greenberg on European trends and the US market….
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We took a deep dive to see what is driving up the daily cost of restructurings and the culprit: Increasing Legal Hourly Rates. We analyzed final fee apps for top debtor law firms from 2018 to 2024 and found average hourly legal fees have increased by over 65% since 2018. Maybe a little bit of sunlight is the right disinfectant to help remedy the problem….
