Trust Indenture Act and Involuntary Restructurings: Impact of Marblegate and Caesars Bankruptcy Litigation
Navigating Obligor and Bondholder Rights, Implications for the 144A-for-Life Market
Recording of a 90-minute CLE webinar with Q&A
This CLE course will discuss the emergence and subsequent limitation of the Trust Indenture Act (TIA) as a tool for objecting bondholders to challenge restructuring outside of bankruptcy. The program will examine the Marblegate and Caesars Entertainment cases, the Second Circuit’s very recent reversal of the District Court’s decision in Marblegate, and how these decisions will ultimately impact bondholders and indenture trustees in out-of-court restructurings.
- Review of Section 316(a) of the Trust Indenture Act
- Review of the Marblegate and Caesars Entertainment decisions in the District Courts
- Analysis of the Second Court panel’s majority opinion and dissent in Marblegate
- Impact of the Second Circuit’s Marblegate decision on out-of-court restructuring of public debt
- Implications for the 144A-for-life market
The panel will review these and other key issues:
- Why hasn’t TIA been invoked by minority creditors with more frequency?
- What is the effect of the Second Circuit’s recent reversal of the District Court’s Marblegate decision?
- What are the implications for out-of-court restructurings going forward? Can TIA still be a tool for bondholders?
Mr. Halbhuber has more than 20 years of experience in transactional practice at major global law firms, focused... | Read More
Mr. Halbhuber has more than 20 years of experience in transactional practice at major global law firms, focused on structuring and executing complex corporate finance transactions. Prior to joining the Institute to pursue his research interests, He represented companies and investment banks in IPOs, high yield and investment-grade bond offerings, equity and debt tender offers, and other financing and derivative transactions. Most recently, his practice included work on multiple SPAC IPOs and other SPAC-related matters. In his practice, He also counseled clients on critical disclosure and financial reporting matters, an area in which he authored several publications. His 2017 article on debt restructurings was cited and followed by the Court of Appeals for the Second Circuit in Marblegate Asset Management v. Education Management. He has also written for Forbes and has been cited by WSJ Pro Bankruptcy. Harald holds law degrees from the University of Vienna (J.D. and S.J.D. equivalents) and Harvard Law School (LL.M.).Close
Michael J. Riela
Tannenbaum Helpern Syracuse & Hirschtritt
With more than 15 years of experience, Mr. Riela advises companies on complex restructuring, distressed M&A, loan... | Read More
With more than 15 years of experience, Mr. Riela advises companies on complex restructuring, distressed M&A, loan transactions and bankruptcy related litigation matters. He has in-depth experience in advising clients on corporate and real estate bankruptcies, workouts, Chapter 11 and Chapter 7 bankruptcy cases, debtor-in-possession and bankruptcy exit loan facilities, secondary market trading of distressed debt and trade claims, Section 363 sales and bankruptcy retention, and fee agreements and disputes.Close
Shearman & Sterling
Mr. Sosnick is the Practice Group Leader of the firm’s Financial Restructuring & Insolvency Group. He has... | Read More
Mr. Sosnick is the Practice Group Leader of the firm’s Financial Restructuring & Insolvency Group. He has extensive experience representing debtors, official creditors’ committees, lender groups, DIP lenders, and creditors and acquirers of assets in large and complex domestic and international out-of-court restructurings and U.S. Chapter 11 cases.Close