2022 Symposium

Intra-Creditor Class Warfare

presented by:


What is class warfare?
How did we get here?
Where do we go from here?

Held June 21, 2022


The Creditor Rights Coalition together with the LSTA held an in-depth symposium to discuss one of the most vexing issues in the credit markets: the increasing use of aggressive liability management techniques by companies to advantage one group of creditors over another and the warfare that results among creditors for the spoils.

The Symposium brought together leading academics, practitioners, investors and market participants to discuss the rise of intra-creditor conflict and where we go from here.

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Panel 1: What is class warfare?

This Panel discussed the controversial practices of “drop-down” financings (e.g., J. Crew) and “uptiering” transactions (e.g., Serta) and implications for the market.

Panel 2:  How did we get here?

This Panel discussed changes in the syndicated lending market, weakening of covenant protections, expectations of market participants, and evolving market, contractual and judicial norms.

Panel 3: Where do we go from here?

This Panel discussed the market’s varying reactions to these developments, and what these developments mean for the traditional understanding of what it means to be a lender with a focus on market norms, contractual protections and judicial actions.


Professor Ken Ayotte, Berkeley Law

Assoc. Professor Vince Buccola, Wharton

Chris Chaice, Brigade Capital Management

Kevin Cofsky, Perella Weinberg

Professor Elisabeth de Fontenay, Duke University

Justin Forlenza, Covenant Review

Elliot Ganz, LSTA

David Golub, Golub Capital

Michael Lipsky, Mariner Investment Group

Joel Moss, Shearman & Sterling

Assoc. Professor Greg Nini, Drexel University

Jeff Ogden, Natixis CIM Americas

Lee Shaiman, LSTA

Erica Weisgerber, Debevoise & Plimpton

Symposium Co-Sponsor

Reception Sponsor



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