Our Legal Insights Blog

March 5, 2025

The Hidden Cost of Covenant Flexibility: Lessons from Altice and Ardagh

Covenants are meant to act as a safeguard for creditors by keeping borrowers in check. But what happens when those protections turn out to be weaker than expected? The recent turmoil surrounding Altice France and Ardagh offers a harsh reminder that covenant loopholes can create serious risks, sometimes in ways investors don’t anticipate.
February 26, 2025

Navigating Restructuring and Liability Management in Leveraged Finance

In leveraged finance, understanding legal and strategic moves is key to managing risks and opportunities. The announcement about Altice’s restructuring negotiations with its lenders, and the growing use of liability management blockers of various formulations are two recent examples that can provide key insights for investors navigating these complexities.
February 19, 2025

Thames Water’s £20b Debt Crisis: UK RP Legal Surprises

Thames Water’s financial woes were the focus of this week’s Knowledge Series webinar with market veteran Glenn Zahn and Fox Legal Training founder Sabrina Fox. They examined the court’s 178-page sanction decision and its implications for distressed investing, public utilities, and regulation.
February 4, 2025

Thames Water Restructuring: A Landmark Case Study

Thames Water marks one of the most significant corporate restructurings in UK history, with a £19 billion debt stack under review. As the first major test of the 2020 UK restructuring plan process, this case brings unprecedented complexity and sets new standards for future restructurings.
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