Cooperation agreements are a new tool for distressed debtholders seeking to negotiate from a position of unity and strength. These agreements can also help debtholders defend themselves against a growing opportunistic...more
Jerry Seinfeld and Larry David taught us that you can’t double dip a chip—“it’s like putting your whole mouth right in the dip.” However, the credit markets have recently been focused on a different type of double dip, one...more
On October 9, 2020, a group of first lien lenders filed a lawsuit in the New York Supreme Court against Boardriders, Inc., a California-based surfing and skateboarding apparel company and its equity sponsor, challenging a...more
Serta Simmons Bedding, LLC (“Serta”) offers one of the latest examples of a creative borrower utilizing flexibility in its credit agreement terms to access new liquidity at the expense of its existing senior lenders. Serta is...more
The impact of the COVID-19 pandemic is affecting individuals and businesses across the globe. For middle market borrowers and their lenders, this is a critical time for risk assessment and proactive action. There has been...more
Introduction -
Over the past several months, there has been an increase in credit agreements and high-yield bond indentures with provisions designed to limit the influence of lenders whose economic interest is not aligned...more
Introduction -
The London interbank offered rate (LIBOR) presently serves as the benchmark rate for over $200 trillion of US dollar-based derivatives and loans. In 2012, financial industry regulators discovered...more