In re Qimonda Richmond: Payment on Letter of Credit is Not Protected by Section 546(e) Safe Harbor | Practical Law
The US Bankruptcy Court for the District of Delaware issued a ruling denying a motion to dismiss in the adversary case of EPLG I, LLC v. Citibank, National Association (In re Qimonda Richmond, LLC). The Court's ruling in Qimonda illustrates the potential pitfalls of structuring a transaction unnecessarily involving a letter of credit.