The Loan Syndications and Trading Association (LSTA) has prepared this Response to the Report of the American Bankruptcy Institute Commission to Study the Reform of Chapter 11, issued in December 2014. The Report proposes major changes to the current provisions of the Bankruptcy Code relating to creditors’ rights, and particularly the rights of secured creditors, in corporate reorganization proceedings. Those changes, if adopted, would have a significant effect both on the bankruptcy process and on the functioning of the credit markets.