Outside CounselDoron P. Kenter, New York Law Journal
Second Circuit Rules on TIA §316(b), Overturns 'Marblegate' (and 'Caesars')
Doron P. Kenter writes: On January 17, in the latest chapter in the ongoing debate over §316(b) of the Trust Indenture Act, the Second Circuit reversed the district court's decision in 'Marblegate', concluding that the TIA does not prohibit out-of-court restructurings that deprive non-consenting noteholders of their substantive right to payment on account of their notes.
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