Liability management exercises and consequent objections to and redrafting around them have been compared by some commentators to a game of whack-a-mole. Just as one strategy arguably permitted by contract is accepted or rejected by the courts and/or the market, another strategy creatively designed by lawyers and bankers pops up. The Creditor Rights Coalition, a thought-leadership advocacy organization, asked its expert Contributors to weigh in on the ongoing Incora trial in the Southern District of Texas. The SDTX, which in recent years has heard the plurality of nationwide large bankruptcy cases, is the first bankruptcy court to engage in an extensive weeks-long trial (no final decision as of this writing) after ruling against the company at the summary judgment stage.

Originally published in AIRA Journal, Vol. 37 No. 2 - 2024.