Kirkland & Ellis Debt Architect Sees Creditor Pacts as ‘Anticompetitive'
Kirkland & Ellis debt finance partner David Nemecek, who represents companies and their owners in many of the market's biggest debt overhauls, warned that a popular tool allowing creditors to band together for greater negotiating leverage against borrowers could be illegal.
'People who enter into cooperation agreements should be careful,' Nemecek said as part of a panel discussion at the Bloomberg Global Credit Forum in Los Angeles Wednesday, referring to the pacts that bind participants to negotiate as one unit in discussions with companies. 'There are serious legal considerations that they should be aware of, including the potential for antitrust claims.'
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