John Munnis and Alex Bernicchia-Freeman of Aird & Berlis describe how U.S.-based retailer J. Crew was able to make use of a loophole or “trap door” to delever certain of its assets and move certain collateral out of the security ringfence to the dismay of its secured lenders, paving the way for companies including Cirque du Soleil, PetSmart, Neiman Marcus and Revlon to make use of their own trap doors in the future.

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