Restructuring lawyers and distressed companies alike were granted welcome relief by the US Second Circuit Court of Appeals when it overturned the decision of the District Court in the case of Marblegate Asset Management, LLC v Education Management Finance Corp. [1] In 2014, Education Management Finance Corp. sought to restructure its debts outside of a formal bankruptcy process, through creditor consultation and cooperation, reducing the company's debt burden by approximately $ 1.1 billion.

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