Intercreditor agreement as a contractual solution to restructuring leveraged buyouts

Thesis

Leveraged buyout (LBO) transactions are corporate acquisitions financed with multiple layers of debt and equity and form a large subset of the leveraged finance markets. Intercreditor and debtor-creditor conflicts and conflicts within a larger debtor group arise in these transactions on many levels. The data suggests that a vast majority of distressed leveraged transactions are restructured without using statutory insolvency procedures and are governed by extensive contractual packages.

Expand abstract

Authors: Lehtimaki, MJ

• Type of award: DPhil
• Level of award: Doctoral
• Awarding institution: University of Oxford
• Language: English
• Keywords: intercreditor agreement; contracting; game theory; corporate insolvency; financial law; strategic creditor actions; privatised insolvency; private equity; leveraged acquisitions; corporate restructuring; agency costs; private ordering
• Subjects: Financial Law; Contracts; Private equity; Leveraged buyouts; Restructuring Law; Private equity funds--Law and legislation; Intercreditor Agreements