Kirkland & Ellis LLP will lead a discussion on how liability management transactions have evolved over time, the current factors impacting transaction structures and the lending market, and what opportunities and challenges stressed/distressed companies and their stakeholders may face in 2025 and beyond.

Avoid the shark infested waters of large syndicated deals and their current proclivity toward lender-on-lender violence! This sector of private debt and club deals continues to produce superior returns for credit investors, BUT does not provide reliable exit-by-trade strategies. In addition, inflation and spending trends have turned some borrowers into extended cashflow negative projects. In addition to discussing lower middle market financing trends, on/off sectors and credit health, veteran lenders will share how they source deals, strategies toward challenged borrowers/positions, and career insights.

What is next for Liability Management?  How can parties structure creative transactions that withstand challenge as the market continues to mature and evolve?  Join a diverse panel of judges, investors, and other industry leaders for a lively discussion on the continuing role of Liability Management and what matters most for stakeholders long after the clever boardroom pitch.

Competitive dynamics continue to evolve in liability management negotiations, with new and growing tension among majority and minority ad hoc groups, third-party investors and stakeholders at all levels of the capital structure. This panel will cover the latest trends and developments and the opportunities and risks presented to the parties involved, including tiered participation structures and the continued threat of the “deal away”.

This panel will discuss structured finance solutions as part of the liability management toolkit and as an increasingly popular financing option for stressed companies. The panel will cover the nuts and bolts of structuring these transactions, considerations from the perspective of the structured financier, borrower and sponsor, and other incumbent lenders. Other issues will include the pros and cons of utilizing structured finance as compared with other financing solutions, what the panelists are observing in the market, and lessons learned from various transactions.

Using AI to support the restructuring process isn’t a future aspiration – it’s happening now. We will discuss with our speakers how the use of AI in tackling day-to-day tasks is changing the approach to restructurings and bankruptcy filings, from financial and operational diligence to potential privacy issues, as well as opportunities and concerns industry professionals are experiencing as we infuse this technology into our work.

With the Supreme Court’s decision in Purdue and the rise of ultra-prepacks in the US and significant developments in numerous European legal regimes, modeling many changes after Chapter 11, this panel will explore the current state of play in complex multi-national and cross-border restructurings and the jurisdictional arbitrage being evaluated by distressed companies and key parties in interest.

Hear from panelists about alternative options to the formal bankruptcy process for restructuring balance sheets of early stage companies. Consideration of these alternatives aims to provide insight into the strategic possibilities for investors while maintaining business continuity and fostering long-term growth despite financial challenges.