CNH V Cleveland: Impact Of Court Of Appeals Decision On Out-Of-Court European High Yield Restructurings - Insolvency/Bankruptcy/Re-structuring
To print this article, all you need is to be registered or login on Mondaq.com. In 2020, a US court determined that minority noteholders' rights to receive principal and interest on their notes survived a "strict foreclosure" and cancellation of notes, undertaken by the indenture trustee at the direction of a majority of noteholders. In this article, we consider the potential effect of that decision on out-of-court, majority-led share pledge enforcements, which are a key debt-restructuring tool in the European market. INTRODUCTION The Court of Appeals' decision in CNH...
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