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The past year has been extraordinary for distressed M&A. Although 2009 will be remembered as the year of mega-363 sales in Chrysler and General Motors, 2009 also saw a unique twist in Lehman, and multiple cases, including Delphi and Metaldyne, giving rise to the “collective action” doctrine. Lyondell set the record for compensating prepetition lenders extending new credit as rollover debtor-in-possession financing, Charter broke new ground on reinstatement of prepetition debt, and Tousa voided the “savings” provision used in many complex enterprise financings to insulate upstream guaranties from fraudulent conveyance attack. Finally, responsibilities of the board of a troubled company as established in North American Catholic provided the key support for a critical decision in General Growth Properties and will likely be revisited in the Capmark chapter 11 case.

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