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Reorg Radio
Americas Core Credit: Interview with Elliot Ganz, General Counsel of LSTA (June 28, 2020)
Jun 28, 2020
Elliot Ganz, General Counsel and Director of Public Policy for the LSTA, joins legal analyst Kevin Eckhardt to discuss pivotal topics in leveraged loan regulation. They dive into the Kirschner v. J.P. Morgan case, uncovering its implications for the financial landscape. Ganz highlights the challenges of classifying leverage loans as securities and the resulting regulatory complexities. The duo also navigates the effects of recent legal rulings on the multi-trillion-dollar syndicated loan market, all while considering the pandemic's financial uncertainties.
44:16
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Quick takeaways
- GNC Holdings is restructuring through a Chapter 11 filing while negotiating a potential $760 million sale to Harbin Pharmaceutical Group.
- The Kirshner v. J.P. Morgan ruling clarified that leveraged loans are not classified as securities, impacting regulatory practices in capital markets.
Deep dives
GNC and CEC Entertainment Bankruptcy Filings
GNC Holdings Incorporated has filed for Chapter 11 bankruptcy, intending to restructure its operations while seeking a dual-track approach that includes a potential sale. The company plans to close 800 to 1,200 stores as part of its restructuring effort, supported by a restructuring support agreement from a significant majority of its lenders. Furthermore, GNC is also negotiating a $760 million sale to Harbin Pharmaceutical Group, which could shift the focus from standalone restructuring if finalized. If the sale does not occur, the company will pursue a standalone restructuring backed by a proposed $130 million dip facility.
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