Drop It Like It’s Debt: A Canadian Guide to Liability Management Exercises – Part I

Steven Marmer, Stephen Brown-Okruhlik and Juliette Lee of McMillan explain how liability management exercises such as drop-downs, uptiers and double-dips may become more common in Canada as borrowers adopt flexible US-style loan documents, increasing the risk that non-participating lenders are subordinated, diluted or stripped of collateral outside a formal insolvency process.

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