Lenders’ Security Interest in UCC Accounts May Unlock Value in Retail Bankruptcy Cases
By Robert A. Klyman, Partner, Gibson, Dunn & Crutcher LLP
Secured term loan and revolver lenders in retail bankruptcy cases often leave money on the table because they do not understand how their security interests in a debtor’s “accounts” under the Uniform Commercial Code (UCC) extend to the proceeds of sale of a debtor’s real property interests,...
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Robert A. Klyman is partner of Gibson, Dunn & Crutcher LLP and serves as global co-chair of the firm’s Business Restructuring and Reorganization Practice Group. He has served as lead counsel for debtors, lenders, and acquirers in many retail restructurings, including as debtor’s counsel in the Chapter 11 case of The Sports Authority, which at the time was one of the largest sporting goods retailers in the country.