Mitel Networks
66% of lenders exchanged $755 million of first- and second-lien term loans for new priority debt, plus $156 million of super priority new money. On the day Serta was decided, the New York Appellate Division upheld the deal, because the credit agreement allowed loan 'purchases' without an open-market limit.
Discussed in Liability Management Exercises: Law and Practice at ¶¶ 2.32–2.33, 2.35, 2.49, 2.84, 2.91, 7.66, 10.44, 14.16, 14.31–14.35, 14.37–14.43, 18.66, 20.51, 21.25, 23.45–23.48, 23.64, 27.39.