Covenants: Companies Hunt for Additional Liquidity, Creditors May Get Subordinated (June 16, 2020)

The podcast discusses the Serta controversy and how Apollo seeks to block the company from creating new tranches of super senior debt. It explores the concept of super senior debt in Europe and the methods used to obtain it. It explains the need for consent from lenders to alter the priority waterfall in the creditor system and how Swissport is using an English law scheme of arrangement. The podcast also explores the structure and documentation of super senior debt agreements and the importance of careful analysis during financial distress.