In her Distress Mergers & Acquisitions column, Corinne Ball, a partner at Jones Day, writes: A company searching for debt relief with the support of an overwhelming majority of its debt holders may have an option to bind dissenters even when Chapter 11 is not available, provided that the company has ties to England sufficient to utilize an English law scheme of arrangement. The evolution of this alternative, often premised upon the choice of law of the relevant debt documents, will have wide ranging effects on debt investors looking to acquire a position to influence or block restructuring of a company?s debt.
Binding the Dissent and Overcoming the Holdout
New York Law Journal
August 22, 2013