Harvard Law School Bankruptcy Roundtable

The Bankruptcy Roundtable

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

Liability Management’s Limited Runway: Corporate Restructuring Today
by Editor
February 24, 2026
By Mark Roe (Harvard Law School) and Vasile Rotaru (Harvard Law School; University of Oxford) Coercive, non-pro rata debt restructurings—now widely labeled “liability management exercises” (LMEs), just like their pro rata siblings—have become a central tool for distressed borrowers. Proponents of the non-pro rata restructuring often argue that it gives the company time to turn around and take off, reduce… Read more: Liability Management’s Limited Runway: Corporate Restructuring Today

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