Treatment of Make-Whole and No-Call Provisions in Bankruptcy

New York partner James Millar co-presented a Strafford CLE webinar, “Treatment of Make-Whole and No-Call Provisions in Bankruptcy,” with Melinda Franek, VP and Deputy General Counsel at CNH Partners, the arbitrage affiliate of AQR Capital Management. The presentation provided bankruptcy and lender counsel with a review of the In re Ultra Petroleum case from the Fifth Circuit, highlighting conflicts in the relevant case law and emerging theories regarding enforceability of make-whole and no-call provisions in bankruptcy loan agreements and protection of entitlement to make-whole premiums.