Exploring the concept of super senior debt in Europe and the various methods used by companies to obtain it for liquidity purposes.
In this episode, the Covenants by Reorg team discusses the Serta controversy and how Apollo seeks to block the company from creating “first-out,” “second-out” and “third-out” tranches, three ways to bring in new money through super senior debt and how provisions in debt documents can be creatively employed to subordinate existing creditors.
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