Explaining the need for consent from credit agreement lenders to alter the priority waterfall in the creditor system and how Swissport is using an English law scheme of arrangement to obtain the necessary consent.
In this episode, the Covenants by Reorg team discusses the Serta controversy and how Apollo seeks to block the company from creating “first-out,” “second-out” and “third-out” tranches, three ways to bring in new money through super senior debt and how provisions in debt documents can be creatively employed to subordinate existing creditors.
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