When Creditors Attack: 2026 Special Situations Outlook

This week on “Know More. Risk Better.” features host Winnie Cisar along with Mark Lightner, for a comprehensive review of the 2026 Special Situations Outlook. The conversation examines the liability management transaction landscape, highlighting how creditor-on-creditor dynamics remained largely unchanged in 2025 despite the landmark Serta decision.

The team explores the emerging antitrust challenge to creditor cooperation agreements, with two recent lawsuits (Selecta and Altice USA) alleging federal antitrust violations and seeking treble damages. Lightner discusses why this represents “the most important issue going into 2026” and how it could fundamentally alter the collaborative approach to restructurings. The discussion also covers the high-stakes Monsanto litigation heading to the Supreme Court, which could determine whether the $40 billion debt company faces bankruptcy over Roundup-related claims.