Del Monte
In August 2024 moved substantially all assets to an unrestricted subsidiary to raise $240 million from a group holding 57% of the term loan, stripping the rest of their collateral. It settled with holdouts for about $106 million and later filed for bankruptcy.
Discussed in Liability Management Exercises: Law and Practice at ¶¶ 2.39, 2.91, 10.11, 10.28, 10.61, 10.64, 10.66, 12.5, 12.39, 12.43–12.47, 12.62.