Pages from Rise of Bankruptcy Directors_061421

In this Article, we use hand-collected data to shed light on a troubling innovation in bankruptcy practice. We show that distressed companies, especially those controlled by private-equity sponsors, often now prepare for a Chapter 11 filing by appointing bankruptcy experts to their boards of directors and giving them the board’s power to make key bankruptcy decisions.

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Term SOFR: Loans, CLOs in Scope!

By Meredith Coffey. This morning, the ARRC released best practice recommendations for the use of a SOFR Term Rate.