Stroock Special Bulletin
"Foresight Energy Refinancing Results in Big Win for Stroock’s Clients"
Due to a combination of factors, including a winning litigation strategy and execution thereon, noteholders represented by Stroock and Houlihan Lokey in the Foresight Energy situation, whose notes traded as low as 70% of par, recently benefited from a redemption at par plus a make-whole premium. Noteholders also received and still hold warrants that could have significant value. All in, the Foresight matter was a huge victory for the noteholders and a case study in how pushing back on an issuer’s overreach can pay large dividends.
This Stroock Special Bulletin details how that victory was achieved.