European Liability Management 2025 Year in Review: European LMTs Have Landed
Aggressive liability management tactics have officially arrived in Europe. This year-in-review explores how 2025 became a watershed moment for creditor-on-creditor violence, with marquee deals like Selecta, Victoria, and Altice showcasing priming maneuvers that left minority holders blindsided. From antitrust challenges to distressed disposals, discover the bold restructuring tactics reshaping European debt markets and why 2026 promises even more fireworks.
Cooperation Agreements & Antitrust: Webinar Recap
On January 13, 2026, CreditSights hosted a special webinar and podcast entitled “Cooperation Agreements and Antitrust: The Next Major Battle.” The panel explored how creditor cooperation agreements function in out-of-court restructurings and their emergence as a response to liability management transactions
(uptiers, drop-downs, double-dips, etc.). The panel then did a deep dive into two headline antitrust lawsuits—Optimum Communications (f/k/a Altice USA) and Selecta.
2026 Euro Special Sits: Some Are More Equal
European restructuring enters a new era where creditors dominate, governments push back, and emergency equity injections have vanished, according to the latest market analysis.
Levered Lines Podcast: Restructuring Plans – Reasons to be Cheerful as we head into 2026
Listen to LFI’s deep dive into the Thames case and into how RPs may develop next year in its latest Levered Lines podcast, with guests Tim Newey from Slaughter and May, Professor Sarah Paterson, and South Square’s Ryan Perkins.
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Explore a curated selection of in‑depth analyses from Covenant Review, CreditSights and LevFin Insights, covering major trends in European LMT structures, creditor dynamics and litigation developments.
Market Alert: A Xerox Blocker in a New High Yield Issuance
Market Alert: A Xerox Blocker in a New High Yield Issuance
CR European TrendLines Topical Report: U.S. vs. Europe: Documentation Loosens on Both Sides of the Atlantic as Leverage and Basket Divergence Persists
CR European TrendLines Topical Report: U.S. vs. Europe: Documentation Loosens on Both Sides of the Atlantic as Leverage and Basket Divergence Persists
A Review of Recent European High Yield Bond Covenant Flex YTD 2026
A Review of Recent European High Yield Bond Covenant Flex YTD 2026
CR European TrendLines Topical Report: European Large Sponsors Versus the Field
CR European TrendLines Topical Report: European Large Sponsors Versus the Field
CR European TrendLines: Monthly Documentation Score Sheet: June 2026
CR European TrendLines: Monthly Documentation Score Sheet: June 2026
U.S. Liability Management Transactions: Quarterly Update Through Q2 2026 and Primer
U.S. Liability Management Transactions: Quarterly Update Through Q2 2026 and Primer
Bausch Health: Can BHC Execute a Drop Down Transaction to Refinance BHC First Lien Bonds?
Bausch Health: Can BHC Execute a Drop Down Transaction to Refinance BHC First Lien Bonds?
Serta: The Text Giveth, and the Text Taketh Away
Serta: The Text Giveth, and the Text Taketh Away
Hertz: Do the Indentures and the Credit Agreement Permit Uptiering the 2026s into Second-Lien Debt?
Hertz: Do the Indentures and the Credit Agreement Permit Uptiering the 2026s into Second-Lien Debt?
European Liability Management: Aston Martin Shareholders Prime the Bonds
European Liability Management: Aston Martin Shareholders Prime the Bonds
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