Key takeaways

• Debevoise and 27 other law firms have published a white paper addressing Trust Indenture Act complications in debt restructurings.
• Recent decisions of the United States District Court for the Southern District of New York suggest a significant departure from the previously widely understood meaning of Section 316(b) of the Trust Indenture Act.
• The white paper presents a set of general principles that can guide lawyers in giving legal opinions in restructurings, in light of uncertainties arising from these cases.