Bank of New York Mellon v. Realogy Corporation

After Apollo Management acquired Realogy Corporation (defendant) in 2007, Realogy issued debt under a Credit Agreement and later proposed a refinancing plan letting existing noteholders become lenders by delivering their existing notes rather than funding new loans in cash. A trustee for certain noteholders (plaintiff) demanded Realogy terminate the plan, arguing the Credit Agreement's reference to "loans" required cash funding; Realogy refused, and both sides moved for summary judgment.