Private Credit & Special Situations
Practice pointers for Lenders looking to better understand common provisions in credit documents
What Is It?
Guidance on how to think about questions often confronted by Lenders
What Can I Do?
Learn more about our Private Credit & Special Situations team
About the Practice
An archive of past Private Credit content from K&S
Past Insights
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Case study analyses of noteworthy transactions and trends
How Did They Do It?
KEY CONTACTS
Jennifer Daly
Partner New York
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Todd Holleman
Christopher Boies
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Solutions and Guidance for Private Credit and Special Situations Investors
EXPLORE OUR INSIGHTS
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Public Company Disclosure Insights
To learn more about our Private Credit and Special Situations Investing practice, click here.
J. Crew & The Original Trap Door
A closer look at loan covenants tailor-made to let “crown jewel” assets waltz out the door
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“Insider” treatment in bankruptcy? What does that mean?
Inside Job: Pitfalls of Insider Status in Bankruptcy
Agreement Among Lenders: Triggering Events
Don’t go chasing waterfalls, but understand your leverage in a distressed scenario
Bankruptcy Litigation: Fraudulent Transfers
Avoiding the unavoidable: when a potential fraudulent transfer may be asserted
Chapter 11 Plan of Reorganization: “Death Trap” Class Treatment
Slightly less fatal than they sound
Frequently Discussed Liability Management Transactions
The OGs of liability management – if you don’t know, now you’ll know
Incremental Debt Facilities
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Is it a Voidable Preference?
It’s not a matter of taste: key creditor issues regarding voidable preferences
Key Differences in Unitranche vs. Split- Lien Credit Facilities
How intercreditor dynamics vary within common credit structures
Refinancing Provisions in Credit Documentation
Learning to spot potential retranching and layering risk
ANDROID
Key disclosure-related issues facing public companies
Private Credit & Special Situations Investing Hub App
Drafting Tips to Address Liability Management Transactions
Drafting tips to mitigate risks you read about most in the news
WHAT IS IT?
“No worse than” Prong
What can I do?
Obtaining Liens on Foreign Subsidiaries (Changes to Section 956 “Deemed Dividend” Rules)
How did they do it?
Running Diagnostics on Middle Market Terms
Revlon Takes J. Crew to the Next Level
Exercising Proxy Rights in a Distressed Company
A multi-purpose hammer in the secured lender’s toolkit
Testing for Loan Fungibility
When is original debt or additional debt fungible?
Title goes here
PetSmart & The Phantom Guarantee
Under the right circumstances, just $1 of restricted payment capacity can unleash a real dogfight
AMC Entertainment 2020 Bond Exchange
You haven’t seen this movie – leapfrogging the capital stack, liquidity, de-levering and maturity extension
Neiman Marcus and the myTheresa Spin-off
Deep dive on controversial liability management and liquidity enhancing tactics used by Neiman Marcus
NYDJ, or How to Prime 47% of Lenders Without Their Consent
Don't go changing waterfalls...
Revlon’s BrandCo Spin-Off, or J. Crew Revisited
A deep dive into Revlon’s J. Crew-style debt ‘makeover’
Royal Caribbean & The Accordion Collateral Cap
Behind Royal Caribbean’s lifeline, a creative bond maneuver with ratcheting lien capacity
Serta Simmons Transaction
Serta Simmons priming transaction (it’s keeping us up at night)
Practical guidance for Lenders about market intel, terms and trends
Private Credit & Special Situations Investing
Learn more about our Private Credit & Special Situations Investing team
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YOLO Investing and Treatment of Equity-Related Litigation Claims in Bankruptcy
Day Traders and Bankruptcy Rules: It’s not all fun and games
Testing for Presence of Serta & NYDJ Risk
Losing sleep over potential priming risk in your Credit Agreement? We’ll help you figure it out in this 1 page decision tree.
How Revlon pulled J. Crew-style IP transfer with less litigation exposure
[PetSmart]
[J. Crew]
Key Differences in Unitranche vs. Split-Lien Credit Facilities