Thu 12/21/2023 14:48 PM
Whenever a new liability management transaction appears on the scene, credit markets eventually
respond with fresh contractual protections against the new threat. The
J.Crew blocker,
Serta blocker and
Chewy blocker, for instance, each emerged in response to their respective namesake transactions, which attacked minority creditors through a mix of creative collateral stripping and lien priming maneuvers.
A similar response to the recent wave of
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