The decision of the district court in Marblegate Asset Management v. Education Management Corp. and similar recent lower court decisions have cast doubt, at least in the Southern District of New York, on the ability to implement non-unanimous out-of-court bond restructurings. These decisions indicate that such attempted restructurings violate the prohibition of Section 316(b) of the Trust Indenture Act against impairment of the right of a bondholder to receive payment of principal, or interest on the note without the consent of that bondholder.

Please join Tom Kiriakos and Matt Wargin, partners in Mayer Brown’s Restructuring, Bankruptcy and Insolvency practice, as they provide a brief outline of the requirements of the Trust Indenture Act, summarize the competing case law, and review the legal and practical implications of these decisions.

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Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

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