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Jeffrey D. Saferstein, a partner at Paul, Weiss, Rifkind, Wharton & Garrison, and Penny L. Dearborn, an associate at the firm, write that as the next wave of corporate bankruptcies approaches, holders of first lien debt that have negotiated intercreditor agreements with second lien lenders may be well served to dust off their transaction documents to see what rights they have against second lien lenders in a Chapter 11 case of their borrower.
October 15, 2007 at 12:00 AM
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