The Future of LMTs After Serta: Client Alert Digest

Summary

This client alert digest discusses the Fifth Circuit's decision in the Serta Simmons Bedding, LLC (Serta) chapter 11 case, holding that the uptier transaction undertaken by Serta in 2020 was not an open market purchase and thus violated the credit agreement's provisions protecting pro rata treatment of lenders. This client alert digest includes links to law firm client alerts and related content in Practical Guidance.