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Email On December 8, 2025, Judge Randy Crane of the U.S. District Court for the Southern District of Texas reversed the bankruptcy court’s decision in Wesco Aircraft, and held that a pre-bankruptcy uptier transaction did not violate an indenture’s sacred rights provision. Consequently, the Court held that the transaction did not require supermajority consent for amendments that provided for the issuance of new notes as a means to dilute the voting power of a holdout group of noteholders. https://www.cadwalader.com/resources/clients-friends-memos/not-all-things-are-sacred--district-court-finds-wesco-aircraft-uptier-transaction-is-lawful