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
Dan Kamensky, Founder, Creditor Rights Coalition
Mark Lightner, Esq., Head of Special Situations Legal Research, 糖心视频

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鈥檚 complex liability management landscape.

Ep3. Double-Dips and Other LMT Strategies

• Double-Dip/Pari Plus Fundamentals:聽Key definitions, mechanics, and strategic use of Double Dip and Pari-Plus liability management transactions.
• Case Studies:聽Step-by-step breakdowns of market examples including At Home, Sabre, and STG Logistics, with focus on intercompany loans, guarantees, and collateral structures.
• Market Responses:聽Overview of market and contractual responses such as double dip blockers, unrestricted subsidiary limitations, and investment restrictions.
• Bankruptcy History and Implications:聽Discussion on historical double dip cases as well as potential legal challenges going forward.
• Where Do We Go From Here:聽Explore the cutting edge tools of the trade for consummating LMTs as well as the evolving legal landscape.

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

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鈥檚 complex liability management landscape.

Ep2. Drop-Downs

• Drop-Down Mechanics:聽Comprehensive breakdown of value transfer strategies to non-credit parties.
• Structural Vulnerabilities:聽Identification of enabling provisions in credit documents that facilitate drop-downs.
• Investment Capacity Analysis:聽Analysis of 鈥淛. Crew Trapdoor鈥� baskets, free-flow-of-value provisions, and the 鈥淏lack Hole鈥� concept.
• Defensive Strategies:聽Discussion of 鈥淛. Crew blockers,鈥� 鈥淧luralsight blockers,鈥� and other market responses.

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

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鈥檚 complex liability management landscape.

Ep1. Overview and Uptiering

• LMT Fundamentals:聽Essential definitions and the exponential growth of liability management transactions in recent years.
• Uptier Transaction Mechanics:聽Detailed exploration of the 鈥淪erta paradigm鈥� and its evolution from LME 1.0 to LME 2.0.
• Legal Landscape:聽Analysis of recent landmark litigation including Serta, Mitel, and Incora cases and their implications.
• Market Responses:聽Evaluation of 鈥淪erta鈥� blockers, buyback limitations, and other protective provisions.