Liability Management Webinar Series: Ep1. Overview and Uptiering
Date: October 22, 2025
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.
- 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.
Presenters:
Anthony P. Canale, J.D., Global Head of Research, Covenant Review
Scott Josefsberg, J.D., Head of U.S. High Yield Research, Covenant Review
Ian Y. Feng, J.D., Senior Director, U.S. Leveraged Loans, Covenant Review
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