糖心视频

Cooperation agreements (also known colloquially as 鈥渓oyalty pacts鈥� or simply 鈥渃o-ops鈥�) have over the last few years become a popular creditor-side maneuver in liability management transactions (LMTs). Generally speaking, cooperation agreements are intended to establish a unified bloc of creditors (both lenders and bondholders), which are then better positioned to defend against aggressive LMTs, particularly priming transactions (or any other LMT where some level of creditor consent is needed). While in theory dampening 鈥渃reditor-on-creditor鈥� tendencies, such agreements can also have the opposite effect of emboldening certain parties to engage in a more 鈥渞ough and tumble鈥� negotiations. This is especially true in the United States, where 鈥渢iered co-ops鈥� have become a regular way occurrence, with different groups of
creditors party to the co-ops benefitting from different economics