Tribune Bankruptcy Highlights the Importance of Close Reading of Indenture Agreements by Hedge Funds That Trade Bankruptcy Claims or Distressed Debt

The interpretation of language contained in indenture agreements that are often entered into years prior to a bankruptcy filing of the borrower will significantly impact the ultimate recovery by noteholders – as demonstrated by the ongoing saga involving the Tribune Company.  In a guest article, Richard J. Corbi of Lowenstein Sandler PC provides an analysis of developments in the Tribune bankruptcy relevant to hedge funds that invest in distressed debt, bankruptcy claims and related instruments.

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