Harvard Law School Bankruptcy Roundtable

The Bankruptcy Roundtable

Promoting the dissemination of academic and practitioner views of current bankruptcy issues

Liability Management Exercises Mature
by Editor
December 2, 2025
By Robert Miller (University of South Dakota Law School) When large, distressed entities restructure, they typically prefer liability management exercises (“LMEs”) over chapter 11 bankruptcies. Despite their contemporary nascence, LME paradigms have already evolved. First, they were binary. Now, they are inclusive, but unequal. Changes to capital markets, legal precedent, corporate control, and credit documentation drove these shifts. Guided by… Read more: Liability Management Exercises Mature

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