‘Revolutionary’ Distressed-Debt Case Argued in NYC Appeals Court

  • Borrowers fight ruling they say makes restructurings harder
  • Caesars in similar dispute that it says could force bankruptcy

A dispute that critics say threatens to upend the $225 billion distressed-debt market reached a federal appeals court, where three judges were asked to weigh how much corporate borrowers can alter terms before they run afoul of a Depression-era law designed to protect bondholders.

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