Serta Simmons
Participating lenders provided $200 million of first-out new money and exchanged $1.2 billion of existing debt into an $875 million second-out facility, priming everyone else. The Fifth Circuit held the 'open market purchase' exception did not cover the private exchange; excluded lenders were later awarded about $400 million.
Discussed in Liability Management Exercises: Law and Practice at ¶¶ 1.8, 2.32–2.33, 2.35, 2.66, 2.91, 2.143, 2.156, 2.158, 3.10, 4.35, 6.11, 7.10, 7.40–7.43, 7.65–7.66, 10.7, 10.35, 10.42, 10.44–10.45, 10.49, 10.65–10.66, 10.68, 12.56, 14.11, 14.16–14.17, 14.23–14.28, 14.30–14.32, 14.38, 14.43, 18.66, 20.49–20.51, 21.25, 21.55, 21.57, 21.64, 21.70, 23.31–23.32, 23.138–23.140, 23.142, 23.144, 23.146, 27.39.