Marblegate: what does it mean for European restructurings?

The US Second Circuit Court of Appeal recently reversed a controversial district court decision on noteholder protections under the Trust Indenture Act, finding that a for-profit education provider’s restructuring did not violate the law. Keenly watched by noteholders in the US, the decision has various implications for overseas parties too, as Weil Gotshal & Manges partners Andrew Wilkinson, Alexander Wood, Patrick Bright and Nitin Konchady, and consultant Kate Stephenson, note.