- Can a majority noteholder have ‘control’ over the issuer so as to preclude it from giving direction to the agent? (Citibank, NA, London Branch v Oceanwood Opportunities Master Fund and Others)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Banking & Finance analysis: This case considers whether a majority note holder had sufficient ‘control’ over the issuer of the loan notes, in accordance with the terms of an indenture, so as to preclude it from giving direction to the agent and trustee under an intercreditor agreement.
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