What’s in Your Intercreditor Agreement? For First Lien Lenders, the Devil’s in the Details

For many years, bankruptcy courts failed to enforce intercreditor agreements because the parties involved were not in bankruptcy. Courts today are enforcing these agreements strictly according to their text. Failure to note the precise wording of an intercreditor agreement can trip up a first lien lender and give the second lien lender the upper hand during bankruptcy proceedings.

Otterbourg Names Stehl, Morse to Leadership Positions

Otterbourg named Richard L. Stehl chairman of the firm and its executive committee and David W. Morse vice chairman and president. Daniel Wallen is stepping down as chairman after leading the firm for more than two decades.