Cloud 9fin
Scott Greenberg wants your cooperation
Mar 5, 2025
Scott Greenberg, global chair of Gibson Dunn’s restructuring group, dives deep into the world of liability management and cooperation agreements. He explains how cooperation agreements have evolved to become standard in U.S. deals and their growing presence in European markets. Greenberg highlights the shift of CLO managers from passive roles to proactive players in managing distressed assets. The conversation also touches on negotiating dynamics, antitrust considerations, and the necessity for collaboration among lenders to navigate the competitive financial landscape.
28:05
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Quick takeaways
- Cooperation agreements have become essential in liability management, enabling lenders to enhance their negotiating power and mitigate risks during transactions.
- The evolving liability management environment is shifting towards inclusivity, allowing all lenders to participate in negotiations and balancing the interests of creditors.
Deep dives
The Rise of Liability Management Solutions
Gibson Dunn has established itself as a leader in providing liability management solutions for term lenders, particularly in the senior capital stack. The firm's long-term relationships with repeat clients, such as asset managers and ad hoc lender groups, have fostered a loyalty that is crucial in this specialized field. Over the past decade, Gibson Dunn has successfully navigated shifts in the market, advancing its practice from representing ad hoc groups to adapting strategies that align with the evolving needs of its clients. This consistent focus on maintaining strong connections has enabled the firm to build a reputation as a reliable partner in liability management transactions.
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