Intercreditor Agreements in Second Lien Financings: What Bankruptcy Lawyers Should Know

Presented at the 25th Annual Bankruptcy Conference, The University of Texas School of Law, November 2006.

11/16/2006

Over the past three years, the number of second lien financings (including second lien bonds and second lien term loans) has increased dramatically and the transactions have become increasingly large and complex. Intercreditor agreements are often intensely negotiated, with the bankruptcy provisions being among the most controversial and negotiated terms. As of September 2006, there were ten bankruptcies involving second lien financings over the past three years. In the upcoming months, bankruptcy and insolvency lawyers can expect to see more second lien intercreditor arrangements in Chapter 11 proceedings.

Presented at the 25th Annual Bankruptcy Conference, The University of Texas School of Law, November 2006.

You may view the complete presentation in the PDF below.

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