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Reorg Radio
Second Circuit Ruling on Syndicated Leveraged Loans, Diamond Sport Fraudulent Transfer Complaint
Aug 29, 2023
08:42
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Topics discussed include a Second Circuit ruling on syndicated leveraged loans, a fraudulent transfer complaint against JPMorgan entities, and near-term restructurings in Mallinckrodt, Audacy, SmileDirectClub, and Party City.
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Quick takeaways
- The U.S. Court of Appeals ruled that syndicated leveraged loans to Millennium Health are not considered securities, eliminating potential securities oversight in the leveraged loan market.
- The US Securities and Exchange Commission has adopted a final rule requiring private fund advisors to disclose information to investors and restrict certain practices, but legacy contractual agreements are exempt from compliance.
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Millennium Health and Leverage Loans
A three-judge panel of the U.S. Court of Appeals for the Second Circuit has ruled that notes evidencing $1.798 billion syndicated leverage loans to Millennium Health do not constitute securities covered by state and federal securities laws. This decision eliminates the threat of court-imposed securities oversight in the leveraged loan market.
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