Bankruptcy Judge Brian Kenney ruled that an indenture trustee must be on a committee when the debt is ‘overwhelmingly’ held by bondholders.
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Bill---this decision is a
Bill---this decision is a head scratcher to me. Not necessarily on the law, but on why any indenture trustee would want the gig.
Depending on the indentures, I'm wondering why the indenture trustee would want to serve on the UCC here in the first place. Seems like a lose/lose and some lawsuit waiting to happen. If non-bondholders and/or bondholders who haven't agreed to the Restructuring Support Agreement are squabbling with the debtor, but the other bondholders want the RSA deal, isn't the trustee trying to serve two masters here? Whose interests are these folks advancing here on the committee precisely? And why would an indenture trustee want to step into that briar patch?