One Turn Too Tight: Lenders as Special Members in Bankruptcy Remote Structures
By J. Mark Fisher, Partner & Andrew M. Minear, Associate, Schiff Hardin LLP
In distressed situations and workouts, lenders often trade forbearance and additional funding for concessions that make it easier to foreclose if the debtor commits new defaults or files a bankruptcy. Two recent Bankruptcy Court decisions refused to enforce provisions in forbearance agreements...
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Andrew Minear is an associate with Schiff Hardin LLP and focuses his practice in restructuring and litigation. His practice covers bond restructuring, municipal insolvency, bankruptcy, and commercial litigation. Minear represents debtors, secured and unsecured creditors, distressed asset purchasers, bankruptcy trustees, receivers, committees in bankruptcy proceedings, and indenture trustees. He also represents foreign entities in U.S. insolvency proceedings. Minear holds a law degree from the University of San Diego School of Law and a bachelor’s degree from Embry-Riddle Aeronautical University.
J. Mark Fisher is a partner and deputy leader of Schiff Hardin LLP’s Restructuring Group. He has dealt with complex governance and fiduciary duty issues in many workouts and bankruptcies over his 35-year legal career. He has achieved workable legal solutions in the “intensive care” wing of the legal system for lenders and buyers in over 50 distressed acquisitions. Fisher holds a law degree from the University of Virginia and a bachelor’s degree from Yale University.