Milbank’s effort to unite Warner Bros. Discovery bondholders has stalled. Creditors fear being isolated in a weaker position.

The outreach began earlier as exchange obligations approached under amended notes. Those terms increased pressure on holders to respond quickly.

Many investors expected the company to favor an exchange path. However, avoiding added costs appeared central to that view.

Paramount and Warner Bros. Discovery launched a combined exchange and consent process. The compressed timeline left little room for organized creditor coordination.

Earlier concerns had already pushed creditors to consider acting together sooner. Therefore, some hoped to avoid being caught off guard again.