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 ...

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 ...

Liability management exercises have become more frequent, and arguably increasingly important, in the US high yield, leveraged loan, and CLO markets over the past several years. LMEs have emerged as ...

@2024 - All Right Reserved.

The loan default rate by amount rose to 1.44% in March, from 1.38% in February, driven higher by a trio of repeat defaulters who were unable to stay afloat following prior restructurings and have now ...

“Even if we hear rumblings that NDAs are out there with third parties and private lenders are looking at assets,... we’re still in a position where — why wouldn’t they come back to us — because we ...

Market uncertainty amid tariffs, declining consumer sentiment, debt downgrades, and reduced interest coverage could present more distressed credit opportunities as capital structures that depend on ...