Cooperation Agreements & Antitrust: The Next Major Battle?

Presenters:

Mark Lightner, J.D., Moderator, Head of Special Situations Legal Research, CreditSights
Ian Feng, J.D., Senior Covenant Analyst, Covenant Review
Dan Kamensky, Founder, Board Member, Attorney and Educator, Creditor Rights Coalition
Jeremy J. Calsyn, Antitrust Partner, Cleary Gottlieb Steen & Hamilton
Sean A. O’Neal, Restructuring Partner, Cleary Gottlieb Steen & Hamilton

Join us as our panel of experts unpacks one of the most pressing issues for investors and market participants heading into 2026: antitrust scrutiny of cooperation agreements among creditors of distressed companies.

Cooperation agreements are contracts among creditor groups of distressed companies that agree to work together, rather than act individually, and have become a common tool to protect creditor interests within debt restructuring or liability management exercises (LMEs). However, recent lawsuits challenging these agreements in Selecta and Optimum (f/k/a Altice USA) have raised critical questions about whether they violate antitrust laws. Understanding these dynamics is essential for anyone investing in leveraged and distressed finance.

Webinar Topics Include:

• What Are Cooperation Agreements? Origins, purpose, and how they shape creditor strategies, particularly when faced with potential LMEs.
• Contractual Reactions: How debt issuers and sponsors have generally responded to the rise of cooperation groups and uptake in the broader debt markets.
• Antitrust Risks & Legal Challenges: Analysis of Selecta and Optimum, the legal framework for evaluating these agreements, when courts may eventually weigh in, and potential outcomes.
• Changing Behavior: How these agreements may influence market behavior before final judicial rulings.