LMEs are no longer a US-only phenomenon — Selecta, Victoria, Hunkemöller, and Altice International have shown that aggressive, non-pro-rata restructuring tactics have firmly landed in Europe. In this episode, the LSTA and LMA bring together leading market participants from both sides of the Atlantic — Kam Hessling (LMA) and Tess Virmani (LSTA) host Jeremy Selway (Deutsche Bank), Faiz Munshi (Houlihan Lokey), Sinjini Saha (Milbank), and Norman Rosenbaum (Octus) — to examine how US and European LME practice really compare.
The panel digs into what's actually driving the recent wave of activity, how the differing restructuring toolkits available in each market shape negotiating leverage, and whether documentation is keeping pace with creative LME structures. A significant focus falls on the rise of lender cooperation agreements, including the antitrust litigation now testing both in US and European courts. The conversation closes with a quick-fire look at the trends the panel expects to define the market as it heads toward the 2028/2029 maturity wall.
