On Jan. 17, 2017, in a closely watched dispute surrounding Section 316(b) of the Trust Indenture Act of 1939, the U.S. Court of Appeals for the Second Circuit issued its long-anticipated decision in Marblegate Asset Management, LLC v.
Second Circuit Reverses District Court in <i>Marblegate</i>, Making It Easier to Restructure Bonds Outside of a Chapter 11 Case
On Jan. 17, 2017, in a closely watched dispute, the Second Circuit issued its long-anticipated decision in <i>Marblegate Asset Management, LLC v. Education Management Finance Corp.</i>, construing Section 316(b) narrowly, holding that it only prohibits "non-consensual amendments to an indenture's core payment terms" and does not protect noteholders' practical ability to receive payment.
By
Alan R. Glickman, David M. Hillman, Ronald B. Risdon and Minji Reem
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