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Insights into European Liability Management 2025 Year in Review: European LMTs Have Landed:

• Aggressive Uptiering Transactions Confirm European LMT Migration: Selecta, Hunkemöller, Victoria, and Altice International demonstrated that creditor-on-creditor violence has definitively arrived in Europe.
• Co-operation Agreements Face Novel Antitrust Litigation Challenges: Furthermore, Selecta and Optimum Communications lawsuits attacked co-op agreements on antitrust grounds, potentially reshaping creditor coordination strategies.
• Distressed Disposal Mechanics Enable Majority-Controlled Restructurings: Meanwhile, English law intercreditor agreements facilitated out-of-court restructurings through share pledge enforcement, subordinating minority holders.
• Assenagon Minority Protection Principle Resurfaces in LMT Context: Additionally, Selecta and Hunkemöller litigation invoked ancient common law requiring majority powers benefit the entire creditor class.
• Post-Restructuring Credits Feature Extensive Anti-LMT Covenant Protections: Consequently, Ardagh’s reinstated debt included comprehensive blockers, supermajority consent requirements, and dramatically reduced investment capacity.