Instead, Detroit was permitted to restructure the debt, and the two banks agreed not to terminate the swaps, sparing Detroit the big fees, at least for the time being.
Then there's a subset of loans to people who can't pay at the ridiculous terms of their current loans, but could pay if they were permitted to restructure their debts.
Cov-lite debt has also permitted companies to restructure their debt more aggressively, as Apollo Management did with its debt restructuring of Realogy in 2009.
Investors were not alerted to the move because, under sales agreements, the issues did not meet the threshold necessary to permit the bank to restructure the notes, she said.
At present, national governments are not permitted to grant restructuring aid to a company more than once in a decade, but they can provide short-term rescue aid within 10 years of handing a company a full restructuring package.
Cortlandt: Permit to $296 from $279.
"Randy, permit to underscore Carl's letter.
He has the permit to prove it.
Some cities require a permit to protest.
Get a permit to carry firearms.
