Our Legal Insights Blog

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.

When I conduct a Red Flag Review for a refinancing, I look for key changes. These can be big, especially if the borrower hasn’t issued in a while, the market has shifted, or ownership has changed. But sometimes, like with Engineering Group’s deal this week, the changes are minimal. In this blog, I summarize the three main areas.

It’s been a busy year for covenant flexibility in the leveraged finance market, and FLT HQ has been tracking many of the key trends through our blogs and YouTube videos. We published 26 blogs and 33 videos this year, absolutely packed with legal knowledge and practical insights. In this final blog of 2024, we present some of the covenant and educational highlights of 2024.

On January 8th, Fox Legal Training will introduce The Framework for covenant analysis. What is The Framework, and why is it so powerful? The Framework breaks down leveraged finance documentation into its constituent parts, highlighting what the provisions are designed to achieve and why.

This week we filmed a new course for FLT clients – How did they do it, and could it happen to me + a case study on Ardagh – designed to prepare them for 2025 and beyond. We are also excited to announce our next in-person event, which will take place on January 8th at The Ned. During the event, our founder, Sabrina Fox, will present for the first time ever “The Framework” for covenant analysis.

If you work with leveraged finance contracts, understanding how capital structures work and how different types of subordination affect lending relationships is crucial. In this blog, I break down these concepts and explore how they shape agreements in leveraged finance.

The recent announcement of the potential sale of McLaren Automotive business has sparked interest among investors and lenders alike. According to reports, the sale is expected to bring in new investment and could value the company at around £2.5 billion.

In what could be seen as a refreshing turn in the leveraged finance market, this week’s refinancing for Iliad has brought some welcome surprises. We grew increasingly optimistic about the direction of terms during our review of the document compared with the previous deal.