The shifting landscape of LMEs
LMEs continue to take the spotlight in 2025, as macroeconomic and political risks and looming maturities push borrowers to look for creative ways to avoid in-court restructurings. As the market evolves, however, LMEs have become increasingly sophisticated and controversial, with courts ruling on the enforceability and limitations of these transactions. What is next for the LME market, and how can parties adapt? Our panel of experts will unpack the opportunity set and discuss:
- What are the factors contributing to increasing LME activity, and how has the US market evolved in the past few years?
- Case studies: Recent LME litigation and repercussions from a borrower and lender perspective - dropdowns, uptiers and double-dips
- What are the associated risks and limitations with using LMEs, and are they becoming more contentious?
- Post-Serta, how have discussions on LMEs shifted, and where is the market headed?
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Mobi joined Centerbridge in 2018. Prior to joining Centerbridge, Mobi was an Analyst in the Restructuring and Special Situations Group at PJT Partners.
With more than a decade of experience in the bankruptcy and restructuring arena, Whitney brings a deep understanding of complex transactions and unparalleled knowledge of legal process and procedure to advising public and private companies facing capital structure, liquidity, liability management, financial disclosure, and other transactions. At C Street, Whitney has guided several companies through their strategic communications process, including WeWork, Belk, Brightspeed, Rackspace, 2U, Robertshaw, and Mobileum. She also advises individual creditors and creditor groups, as well as buyers of distressed assets.
Prior to joining C Street, Whitney was a partner at global law firm Kirkland & Ellis LLP, where she oversaw a number of complex and high-profile restructuring matters. During her legal career, she advised companies through complicated special situations, including Chesapeake Energy Corporation, Prima Wawona, Yellow Corporation, HONX, Inc. STX Filmworks, Inc., American Tire Distributors, Inc., and numerous others. In addition to Whitney’s company-side representations, Whitney regularly counseled private equity and investment funds, both in and out of court, and on corporate governance matters related to sponsors’ portfolio companies.
Whitney holds a B.A. in Political Science and History from the University of Colorado and a J.D. degree from American University Washington College of Law. She is a member of the Illinois bar.
Carlos Galvez (San Francisco) joined KKR in 2015 and is a Director on the Credit team, focused on leveraged credit funds and portfolios. Prior to joining KKR, Mr. Galvez worked at Overland Advisors where he was a special situations analyst and event-driven analyst supporting multi-strategy hedge funds. Prior to Overland Advisors, Mr. Galvez worked at Lincoln International as a vice president advising on mergers and acquisition transactions, sales of distressed assets and leveraged buyouts. Mr. Galvez holds a B.A. and B.S. in Mathematics and Economics from Stanford University and a Masters in Business Administration from Harvard Business School.