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By: Rohit Bachani, Class of 2028 When a company can no longer comfortably service its debt obligations, one of the strategic avenues available to it is an out-of-court liability management exercise (“LME”) that allows it to restructure its obligations without the costs or reputational consequences of a bankruptcy proceeding. [1]  LMEs can take many forms, but distressed debt exchanges have become an increasingly common tool in credit markets today. [2] In a distressed debt e

By: Karina Kohli, Class of 2028 Introduction: Businesses are Continuing to Face Financial Distress Preheat your oven to 350 degrees, and in a bowl, mix together frustrated debtors, not-so-trusting creditors, publicized negotiations, expensive regulatory procedures, and a distressed reputation. If you do it right, you will have one perfectly golden Chapter 11 filing, an In-Court Restructuring procedure. Over the last four years, there has been a consistent increase in Chapter

By: Aryn Chartock, Class of 2028 In a high-stakes clash for streaming supremacy, Netflix and Paramount are battling to acquire Warner Bros. Discovery  (WBD). [1] While WBD previously favored Netflix’s offer, a reopening of discussions on February 17, 2026  granted Paramount a critical seven-day period to submit a final proposal for its acquisition of WBD. [2] As the February 23  deadline approaches, the competition  evolved from a bidding war into a complex calculation of s

By: Cole Hammel, Class of 2028 Overview Over the past decade, what was once a niche corner of finance, non-bank lending to private companies, has transformed into a central driver of modern mergers and acquisitions (“M&A”) and private equity (“PE”) transactions. The rise of private credit reflects a structural shift in how deals are financed, as regulatory constraints on traditional banks, abundant institutional capital, and sponsor demand for flexibility have converged to re