Cliffs Natural Resources Inc.: SDNY Limits Broad View of Section 316(b) of the Trust Indenture Act | Practical Law
In Waxman v. Cliffs Natural Resources Inc., the US District Court for the Southern District of New York held that an exchange offer that issued new notes to participating qualified institutional buyers, but not to the Plaintiffs, did not give rise to a claim under section 316(b) of the Trust Indenture Act.