Bondholder Litigation: Covenant-Light Indentures and Affiliate Transactions

December 20, 2016

In a closely watched case of particular importance to bond lawyers, the Delaware Supreme Court has recently provided guidance on questions that often arise in bondholders' rights cases, including the interpretation of the indenture, an issuer's repurchase of notes from an affiliate, the ability to repurpose an issuer's business, the scope of the implied covenant of good faith and fair dealing, and solvency in the context of avoidance claims.

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