Register now for our Liability Management Transactions Webinar Series where Covenant Review experts will guide you through the evolving landscape of creative liability management transactions (LMTs) reshaping creditor rights in distressed situations.

Our three-part series will provide a comprehensive examination of the major LMT strategies employed in the market today, analyzing recent litigation outcomes, emerging transaction structures, and practical market responses. Gain critical insights to better identify risks in credit documents, understand potential recovery implications, and position yourself advantageously in today’s complex liability management landscape.

Gain valuable insights from our experts on the following topics:

October 22nd: Ep1. Overview and Uptiering
Presented by Anthony P. Canale, Scott Josefsberg, and Ian Y. Feng

• LMT Fundamentals: Essential definitions and the exponential growth of liability management transactions in recent years.
• Uptier Transaction Mechanics: Detailed exploration of the “Serta paradigm” and its evolution from LME 1.0 to LME 2.0.
• Legal Landscape: Analysis of recent landmark litigation including Serta, Mitel, and Incora cases and their implications.
• Market Responses: Evaluation of “Serta” blockers, buyback limitations, and other protective provisions.

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October 29th: Ep2. Drop-Downs
Presented by Anthony P. Canale, Scott Josefsberg, and Ian Y. Feng

• Drop-Down Mechanics: Comprehensive breakdown of value transfer strategies to non-credit parties.
• Structural Vulnerabilities: Identification of enabling provisions in credit documents that facilitate drop-downs.
• Investment Capacity Analysis: Analysis of “J. Crew Trapdoor” baskets, free-flow-of-value provisions, and the “Black Hole” concept.
• Defensive Strategies: Discussion of “J. Crew blockers,” “Pluralsight blockers,” and other market responses.

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November 5th: Ep3. Double-Dips and Other LMT Strategies
Presented by Anthony P. Canale, Scott Josefsberg, and Ian Y. Feng

• Double-Dip/Pari Plus Fundamentals: Key definitions, mechanics, and strategic use of Double Dip and Pari-Plus liability management transactions.
• Case Studies: Step-by-step breakdowns of market examples including At Home, Sabre, and STG Logistics, with focus on intercompany loans, guarantees, and collateral structures.
• Market Responses: Overview of market and contractual responses such as double dip blockers, unrestricted subsidiary limitations, and investment restrictions.
• Tools of the Trade: Common LMT features like coercive tactics and process control to maximize borrower leverage in restructuring scenarios.

If you have any queries about the event, or would like to submit questions in advance of the webinar, please reach out to the events team at events@creditsights.com

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