Outside Counsel

Second Circuit Rules on TIA §316(b), Overturns 'Marblegate' (and 'Caesars')

, New York Law Journal


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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