Special Report on
Subordination of Lien Rights
Subordination of Lien Rights - Trends
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If you represent creditors with claims in large chapter 11 bankruptcy cases, then you likely have experienced the anxious moment when you receive the Debtor�s First (or, quite frequently, Twelfth) Omnibus Objection to Claims. These objections contain boilerplate language and notice provisions followed by a formatted exhibit listing numerous claims on numerous pages. You experience its arrival with anxiety and dread because you are already very aware that, even after a diligent search, you may not locate your client�s name or claim information on those pages; and if you inadvertently fail to �catch� the objection to your ...
The overheated debt markets from 2003 to 2007 resulted in a record volume of buyout transactions by financial sponsors. The proliferation of second lien debt provided by hedge funds, private equity funds and other nontraditional investment vehicles like collateralized loan obligations satisfied the demand for leveraged debt created by these acquisitions. In contrast to traditional mezzanine indebtedness, second lien debt was less expensive and did not dilute the sponsor's equity ownership. In the current post-credit freeze era, second lien financing is disappearing, and ... Read More
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