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While European leveraged finance debt prices are being pulled in different directions amid a volatile backdrop, a growing number of names appear simply to be stuck in an unforgiving doom loop. Several ...

There’s a new restructuring game gaining ground across Europe, and it’s turning up the heat between law firms and lenders. Liability Management Exercises (LMEs) are replacing traditional restructuring ...

Once an arcane corner of the capital markets, liability management exercises (LMEs) have become a mainstream restructuring tool. Of course, LMEs are not available to every borrower — the ability to ...

Non-pro-rata liability management exercises (“LMEs”) have been a widely used tool for distressed companies and sponsors, sometimes to attempt to fix a company’s capital structure and sometimes to buy ...

Liability management exercises are likely to persist due to a continual demand for debt that empowers borrowers to negotiate for flexible terms. However, contentious deals involving firm clients as ...