GSO COASTLINE CREDIT PARTNERS LP v. GLOBAL A&T ELECTRONICS LTD.

650447/14, 1022, 1021, 1020.

139 A.D.3d 409 (2016)

30 N.Y.S.3d 109

2016 NY Slip Op 03426

GSO COASTLINE CREDIT PARTNERS LP et al., Appellants, et al., Plaintiffs, v. GLOBAL A&T ELECTRONICS LTD., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided May 3, 2016.


Plaintiffs are purchasers of senior secured notes (senior notes) issued in February 2013 by defendant Global A&T Electronics Ltd. (GATE). The senior notes are secured by first-priority liens on certain assets of GATE and its subsidiaries (the collateral). The securitization and payment priority of the senior notes, relative to notes held by GATE's junior debt holders, is set forth in an intercreditor agreement (ICA) and an indenture. Under sections 1.1 (second priority...

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