PetSmart / Chewy
Transferred 20% of its Chewy.com subsidiary as a dividend and 16.5% to an unrestricted subsidiary. Because Chewy was no longer wholly owned, its guarantee of PetSmart's debt was released automatically. Gave its name to the Chewy blocker.
Discussed in Liability Management Exercises: Law and Practice at ¶¶ 2.91, 2.154, 2.157, 6.13, 7.32.