The evolution and rise of co-op agreements: US and beyond
Co-op agreements are quickly becoming a popular tool as an alternative to reduce the risk of being on the receiving end of an LME transaction, and for creditors to protect themselves from aggressive tactics in restructuring deals. It is expected that co-op agreements are likely to continue evolving as lenders seek to mitigate risks in complex restructuring scenarios. Our panel will explore the rise of co-ops and discuss the opportunities- and pitfalls- that may arise.
- Why are creditors increasingly turning to co-op agreements?
- What are the advantages and disadvantages of co-op agreements?
- Looking abroad: what is prompting the increased use of co-op agreements in European restructuring situations?
- How are co-op agreements evolving in terms of structure and governance?
Speakers
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Josh Brody’s practice focuses on representing clients in complex Chapter 11 bankruptcy cases and other distressed situations, including out-of-court restructurings, liability management transactions, debtor-in-possession financing and distressed asset sales. He represents a diverse range of creditors at all levels of complex structures, including secured and unsecured, bondholders and term loan holders, indenture trustees, creditors’ committees, and trade creditors. Josh also advises hedge funds and other financial institutions on the rights and remedies of debtholders and in understanding elaborate corporate and capital structures.
Josh joined Cleary Gottlieb as a partner in 2025 from another major international law firm.
Todd Solomon has over 25 years of investing experience specializing in restructuring, distressed, opportunistic credit, and special situations. Mr. Solomon is Head of Restructuring at Lord Abbett & Co where he is responsible for the oversight and leadership of restructuring and workout situations globally. In addition, Mr. Solomon is Portfolio Manager of Distressed and Special Situations.
Mr. Solomon was a Managing Principal at Halcyon Capital Management LLC where he held numerous roles, including Portfolio Manager of Halcyon Liquid Strategies and Director of Research. He was a member of the Firm’s Investment Management and Risk Management Committees. Mr. Solomon also was Director of Research at TCW Distressed LLC.
Mr. Solomon began his career at Chase Manhattan Bank in the Private Placement Group. He previously served as Senior Research Analyst at Triage Capital Management and an Associate specializing in M&A and Corporate Finance at Citigroup in the Investment Banking Global Communications Group. Mr. Solomon earned his BA, with a concentration in Managerial Economics, from Union College and his MBA from Columbia Business School.
Michael Chaisanguanthum is a Managing Director at UBS Asset Management. He joined Credit Suisse Asset Management (the predecessor to UBS Asset Management) in 2007 and is the Head of Restructuring for the Credit Investments Group, where he focuses on workouts, restructurings, and distressed credits. Prior to joining Credit Suisse Asset Management, he was an associate with Weil, Gotshal & Manges LLP. Michael holds a B.S. in Business Administration from the University of California, Berkeley, and a J.D. from Harvard Law School.