Intercreditor disputes in bankruptcy are common.  Typically, however, they center around predictable disagreements between senior or junior classes of creditors such as valuation battles or lien perfection challenges.  A recent decision in the Delaware chapter 11 case of TPC Group
Continue Reading No Honor Among Creditors: Delaware Judge Issues Important Ruling On “Uptier” Transaction

The School Specialty chapter 11 case began in what has become all too typical fashion. The company, overleveraged and short of cash, had no choice but to accept a lifeline extended by its second lien secured lender, a private investment fund. The

Continue Reading Too Cool for School Specialty – Alternative DIP Financing Allows Educational Company to Avoid Immediate Sale