Recent court decisions for Serta, Del Monte and American Tire are reshaping the legal framework for liability management transactions. This panel examines how these landmark rulings define the limits of liability management strategies both inside and outside Chapter 11, with particular focus on pro rata sharing, sacred rights, open-market purchase provisions and available remedies for credit agreement violations.

Moderator:

• Daniel Kamensky, Adjunct Professor of Finance, NYU Stern and Founder, Creditor Rights Coalition

Panelists:

• Ian Y. Feng, Senior Director and Senior Covenant Analyst, Covenant Review