{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Cloud 9fin","title":"Eat, sleep, drive — Breaking down the Del Monte, Serta & American Tire trifecta","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/1c4df313\"></iframe>","width":"100%","height":180,"duration":1681,"description":"Judge Lopez’s Serta ruling lands after Del Monte and American Tire, putting pro rata sharing, sacred rights and LME damages back in the spotlight.\nRopes & Gray’s Rachel Strickland and Eliza Hollander join 9fin Head of LMEs Jane Komsky to parse what these three cases mean for the future of in-court and out-of-court restructurings.The trio compares Judge Lopez, Judge Kaplan and Judge Goldblatt’s approaches to similar pro rata sharing language in very different settings: Serta outside bankruptcy, and Del Monte and American Tire inside Chapter 11, both with DIP fights.\nStrickland and Hollander examine whether roll-ups, cashless exchanges and DIP subordination should be treated as payments or reductions under legacy credit agreements, and why Fifth Circuit open-market purchase analysis continues to shape the debate. They also dig into ratable-offer mechanics, Serta-style uptiers, excluded lender remedies, par participation damages and the tension between textual contract interpretation and bankruptcy court equity.\nThey also explore whether LME fatigue, litigation costs and the 2027-2028 maturity wall will push market participants towards ratable structures or efficient Chapter 11s.\nHave any feedback for us? Send us a note at podcast@9fin.com. Thanks for listening!","thumbnail_url":"https://img.transistorcdn.com/Ct-LyAY39ezUDdlJpLn-ot9823EZfHGgwNgEVlhXOEg/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zMDNl/Mjg3MDMzODFhYTNi/NTVkNTViN2ViYzYx/OGIwZi5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}