Advocacy – Creditor Rights Coalition

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The Creditor Rights Coalition engages directly with regulators and legislators to promote transparency, accountability, and equality of treatment for similarly situated creditors.

The Creditor Rights Coalition Joins Coalition of Leading Organizations in Opposing Proposed NYS Champerty Bill Targeting Sovereign Debt Restructurings

On May 29, 2026, the Creditor Rights Coalition (CRC) and the Loan Syndication and Trading Association submitted a joint letter opposing New York’s proposed champerty legislation (S.1477-A/A.643-B). The letter argues that the bill would undermine New York’s position as the leading jurisdiction for sovereign debt markets, increase borrowing costs for sovereign issuers, and drive business to competing jurisdictions such as Texas and England. The CRC and the LSTA believe the bill engages in impermissible discrimination among similarly situated creditors, will increase litigation, disrupt secondary markets, and weaken confidence in New York’s contract-enforcement framework. The joint letter highlights the breadth of industry opposition, and provides a comprehensive legal, market, and policy analysis. You can find the memo here.

June 14, 2025

Read the Advocacy Memo Here

Find Your NYS Assembly Member Here

The Creditor Rights Coalition releases Statement in Response to the 5th Circuit's Decision Reversing the Bankruptcy Court's Serta Decision

December 31, 2024

The Creditor Rights Coalition submitted an amicus brief urging the 5th Circuit to reject the Bankruptcy Court’s opinion and welcomes this development in the case law. In its Brief (found here), the Creditor Rights Coalition asked the Court to define the term open market purchase "contextually and with reference to industry practice." In its opinion, the 5th Circuit similarly concluded that an "open market purchase is a purchase of corporate debt that occurs on the secondary market for syndicated loans."

The 5th Circuit's decision hopefully puts the "nail-in-the-coffin" for liability management transactions that rely on distorted interpretations of contractual language to undermine the fundamental notion that lenders be treated equally.

We believe this decision will have wide ranging and positive consequences for the vast majority of the syndicated loan market that contains these provisions.

The Creditor Rights Coalition Joins LSTA in Submitting Letters to Key Standing Committees of New York State Legislature Opposing Proposed NYS Champerty Bill Targeting Sovereign Debt Restructurings

June 6, 2024: Letter Submitted to Judiciary Committee Opposing Proposed NYS Champerty Bill Targeting Sovereign Debt Restructurings

June 6, 2024: Letter Submitted to Codes Committee Opposing Proposed NYS Champerty Bill Targeting Sovereign Debt Restructurings

June 6, 2024: Letter Submitted to Ways & Means Committee Opposing Proposed NYS Champerty Bill Targeting Sovereign Debt Restructurings

The Creditor Rights Coalition Joins LSTA in Opposing Proposed NYS Champerty Bill Targeting Sovereign Debt Restructurings

May 28, 2024: Letter Opposing Proposed NYS Champerty Bill Targeting Sovereign Debt Restructurings

The Creditor Rights Coalition Joins Others in Submitting Letter Urging New Jersey Bankruptcy Court to Curb Judge-Shopping of Large Bankruptcy Cases

February 8, 2024: Letter from Industry Stakeholders to Chief U.S. Bankruptcy Judge Kaplan to Curb Judge Shopping

February 8, 2024: Response of Chief Judge Michael Kaplan to Letter

February 12, 2024: Response of Industry Stakeholders to Chief Judge Michael Kaplan Urging Court to follow other Courts in Randomly Assigning Large Bankruptcy Cases Among All Judges in the District

The Creditor Rights Coalition Joins Others in Submitting Proposed Federal Rule to Curb Judge-Shopping of Mega Bankruptcy Cases

January 19, 2024: Proposed Federal Rule to Curb Judge-Shopping of Mega Bankruptcy Cases 24-BK-B

Join Letter Urging SDTX to Abolish Judge Shopping

November 1, 2023: Letter to Bankruptcy Court for the Southern District of Texas to Abolish Judge Shopping

Add Your Signature Here

Letter from Commercial Law League of America in Support of Ending Judge Shopping

November 1, 2023: Letter from the Commercial Law League of America

Article by Bob Lawless on Credit Slips in Support of Ending Judge Shopping

November 2, 2023: Article by Bob Lawless on Credit Slips

Other Advocacy Efforts

March 24, 2022: The Creditor Rights Coalition write Letter to the Administrative Office of the United States Courts to address judicial assignment procedures for bankruptcy cases

May 7, 2022: The Creditor Rights Coalition writes Comment Letter to Bankruptcy Court for the Southern District of Texas to Use Rule-Making Authority to Curb Judge Shopping

August 25, 2022: The Creditor Rights Coalition submits Response to encourage use of social media for communicating with creditors, including with respect to voting, in In re Celsius Network LLC.

July 25, 2023: The Creditor Rights Coalition submits Amicus Brief urging Fifth Circuit to Overturn Bankruptcy Court’s Serta Open-Market Purchase Decision