Recently, the Bankruptcy Court in the Southern District of Texas confirmed a Chapter 11 plan that coined a new acronym—PETs—for certain refinancing transactions, effected a change in control to the one of two competing lender groups, recited a new standard of protection for independent directors, solved the so-called “Stern Article III” problem via consent through litigation and seeks to end a three-year war among lenders across three different courts. In re Serta Simmons Bedding, LLC, No. 23-09001 (Bankr. S.D. Tex. June 6, 2023).

The case involved a joint hearing on confirmation of the Chapter 11 plan that, among other things, converts a substantial amount of debt to equity and provides new money for the reorganized debtor and a trial of the pending adversary proceeding concerning a prepetition PET.

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