Fifth Circuit deals a blow to non-pro rata LMTs: Now what?

Liability management transactions (LMT) continue to generate headlines in the restructuring market and the 2024 holiday period was no exception. On New Year’s Eve, the US Court of Appeals for the Fifth Circuit gave judgment in Re Serta Simmons Bedding LLC. In our special briefing, we revisit the background to Serta’s uptier LMT, examine the panel’s ruling, and reflect on the potential implications:

Fifth Circuit deals a blow to non-pro rata LMTs: Now what? | United States | Global law firm | Norton Rose Fulbright