{"id":146,"date":"2025-02-03T17:00:00","date_gmt":"2025-02-03T21:00:00","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/?p=146"},"modified":"2025-02-12T16:49:03","modified_gmt":"2025-02-12T20:49:03","slug":"bankruptcy-court-finds-open-market-purchase-faulty-under-credit-agreement","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/2025\/02\/03\/bankruptcy-court-finds-open-market-purchase-faulty-under-credit-agreement\/","title":{"rendered":"Bankruptcy Court Finds Open Market Purchase Faulty Under Credit Agreement"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">In&nbsp;<em>In re Serta Simmons Bedding, L.L.C.<\/em>, No. 23-20181, 2024 WL 5250365 (5th Cir. Jan. 21, 2025),&nbsp;<em>as revised<\/em>&nbsp;(Jan. 21, 2025), the Fifth Circuit Court of Appeals held that the controversial \u201cuptier transaction\u201d undertaken by Serta Simmons Bedding and affiliates in 2020 did not qualify as an \u201copen market purchase\u201d under the terms of its credit agreement, and thus was not permitted. The Fifth Circuit remanded certain aspects of the case back to the U.S. Bankruptcy Court for the Southern District of Texas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read the <em>Alert<\/em> on the <a href=\"https:\/\/www.duanemorris.com\/alerts\/bankruptcy_court_gets_to_sleep_on_it_finds_open_market_purchase_faulty_under_credit_0225.html\">Duane Morris LLP website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In&nbsp;In re Serta Simmons Bedding, L.L.C., No. 23-20181, 2024 WL 5250365 (5th Cir. Jan. 21, 2025),&nbsp;as revised&nbsp;(Jan. 21, 2025), the Fifth Circuit Court of Appeals held that the controversial \u201cuptier transaction\u201d undertaken by Serta Simmons Bedding and affiliates in 2020 did not qualify as an \u201copen market purchase\u201d under the terms of its credit agreement, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/2025\/02\/03\/bankruptcy-court-finds-open-market-purchase-faulty-under-credit-agreement\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Bankruptcy Court Finds Open Market Purchase Faulty Under Credit Agreement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6,62,60,63,61],"ppma_author":[37],"class_list":["post-146","post","type-post","status-publish","format-standard","hentry","category-general","tag-bankruptcy","tag-chris-winter","tag-credit-agreement","tag-open-market-purchase","tag-ryan-spengler"],"authors":[{"term_id":37,"user_id":6,"is_guest":0,"slug":"duanemorris3","display_name":"Duane Morris","avatar_url":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-content\/uploads\/sites\/47\/2020\/10\/dmlogo.jpg","author_category":"1","last_name":"Davies","first_name":"Thomas","job_title":"","user_url":"https:\/\/www.duanemorris.com","description":"<a href=\"http:\/\/www.duanemorris.com\">Visit the Duane Morris website.<\/a>"}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/posts\/146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/comments?post=146"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/posts\/146\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/media?parent=146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/categories?post=146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/tags?post=146"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/businessreorganizationfinancialrestructuring\/wp-json\/wp\/v2\/ppma_author?post=146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}