Partner Fred Sosnick (New York-Financial Restructuring & Insolvency) and counsel Harald Halbhuber (New York-Capital Markets) joined Debtwire legal analyst Richard Goldman on October 10 for an in-depth podcast discussion on Section 316(b) of the Trust Indenture Act. The discussion began with a comprehensive review of the Act’s history and application, focusing on the recent Section 316(b) litigation in Education Management Corp. and Caesars Entertainment Operating Corp. The consequences of those cases were also examined, including the recent increase in retail holder litigation challenging out-of-court exchanges by Chesapeake Energy, California Resources, Cliffs Natural Resources, Vanguard Natural Resources and PetroQuest Energy. The speakers concluded with an analysis of an opinion white paper prepared by 28 leading law firms, including Shearman & Sterling, to offer advice to practitioners on how to navigate the current Section 316(b) landscape.