Clifford Chance
Trading places: distressed debt trading in the US and UK restructuring markets
24 September 2013
Unsurprisingly, it has been the biggest bankruptcy in US filing history, Lehman Brothers, which has dominated the US debt trading charts over the last four years. Just recently it has been overtaken by claims traded in MF Global, which since its collapse in October 2011 has generated over $4.2bn of trades. Reported cases, however, are not as prevalent as the trading itself.
Philip Hertz, Rick Antonoff, Mark Pesso, Tim Bennett and Leah Edelboim look at how Courts in the US and the UK have scrutinised the actions of secondary market purchasers which disrupt restructurings in various ways for the purpose of extracting value or gaining a strategic advantage.
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Trading places: distressed debt trading in the US and UK restructuring markets
