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Reorg Radio
Americas Core Credit: The Dangers of Weak MFN Protection in Loan Documents (Apr. 23, 2021)
Apr 23, 2021
18:33
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This week's podcast includes updates on various bankruptcy cases, a deep dive into the dangers of weak MFN protection in loan documents, and highlights the importance of strong MFN protection in loan agreements based on Surgery Partners' plan to refinance its term loans.
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Quick takeaways
- Weak MFN protection in loan documents can pose significant dangers to borrowers.
- The approved HertzDS disclosure statement and plan offer recovery options for interest holders and increased recoveries for general unsecured claims.
Deep dives
HertzDS Approved and Revised Plan with Increased Recoveries
Judge Mary Walrath has approved the HertzDS disclosure statement, rights offering procedures, and the entry into an equity purchase and commitment agreement. The revised plan allows Class 11 pre-petition equity interest to vote and offers recovery in the form of six-year warrants for interest holders. Recoveries for Class 7 general unsecured claims have also increased by 100 million.
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