July 2, 2024
Publication: INSOL World
A March 2024 decision by the New York Supreme Court and obtained by Kobre & Kim on behalf of clients (Glory Health), allows offshore bondholders to pursue issuers and guarantors directly, making it a game-changer for holders of bonds issued in New York.
Kobre & Kim’s John Han and Geoffrey Derrick sat down with INSOL World to discuss the decision and what it means for global bondholders moving forward.
Mr. Han and Mr. Derrick reflected on key elements of the Court’s decision, which ultimately concluded that the allegations that bondholders had received authorization to bring the lawsuit from Euroclear Bank SA/NV, the clearing system for the notes, “are, at minimum, …sufficient to defeat Defenders’ motion to dismiss the complaint for lack of standing.”
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