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Author: Jonathan Zane

In Re Lyondell Chemical Company, The Long Arm of a Failed LBO

Posted on March 13, 2014March 13, 2014 by Jonathan Zane

To the interested observer of private equity, a typical leveraged buyout follows a relatively predictable sequence. Most buyouts begin with a sponsor such as KKR or Blackstone forming a limited partnership, serving as the general partner, and acquiring initial capital from investors who form the partnership’s limited partners.1 Once a target company has been identified,…

Denver Merchandise and “Make-whole provisions”

Posted on March 10, 2014March 10, 2014 by Jonathan Zane

Earlier this year the U.S. Court of Appeals for the Fifth Circuit added another take on “make-whole provisions” in bankruptcy law when it held that, absent language to the contrary, prepayment penalties may not be included in the claims of lenders who accelerate their borrowers’ notes.1 “Make-whole provisions”, and related “no-call provisions”, are important mechanisms…

Investment Plus What? Sun Capital and the “Investment Plus” Standard

Posted on October 2, 2013October 4, 2013 by Jonathan Zane

Earlier this year, the First Circuit Court of Appeals delivered its opinion in Sun Capital Partners III, LP v. New England Teamsters & Trucking Industry Pension Fund1, overturning a lower court’s decision and sending lawyers in the private equity industry scrambling to make sense of it.2 In short, Chief Judge Lynch’s opinion held that, in…

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