Italian liability management transactions (LMTs) operate within a distinctly formal and creditor-egalitarian contractual culture that sharply distinguishes them from the more flexible regimes of the United States and the United Kingdom. Compared with the US and the UK, where generally majority-lender mechanics, exchange offers and court-enabled compromises can more readily facilitate "coercive" or selective outcomes, Italy remains anchored to pro rata sharing and the near-unanimous protection of core lender rights.
LINKS
Read “Liability Management Transactions in Italy: Contractual Rigidity, Market Practice and the Boundaries of Innovation,” authored by Riccardo Agostinelli and published by Global Restructuring Review on their website.
To download the PDF, click the media link below.