Bank of New York Mellon v. Realogy Corporation

979 A.2d 1113 (2008)

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Bank of New York Mellon v. Realogy Corporation

Delaware Court of Chancery
979 A.2d 1113 (2008)

SR

Facts

Realogy Corporation (Realogy) (defendant) is a corporation that was acquired by Apollo Management, L.P. in April 2007. In connection with the acquisition, Realogy issued debt instruments governed by the terms of a Credit Agreement. On November 13, 2008, Realogy proposed a debt refinancing plan. The plan invited existing noteholders to participate as lenders by delivering existing notes, rather than funding the new loans by cash. The Trustee for certain Realogy noteholders demanded that the proposal be terminated. Realogy refused. Both parties moved for summary judgment.

Rule of Law

Issue

Holding and Reasoning (Lamb, Vice Chancellor)

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