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Distressed Debt and Claims Trading

Overview

Crowell & Moring is recognized internationally as a leader in distressed debt industry developments and legal practices. By representing many of the original investors who pioneered trading in the distressed bank loan market, we helped create documentation, standards and customs that were adopted by the entire secondary loan trading marketplace. Our experience representing hedge funds, investment banks, CLO managers and other financial institutions in all aspects of loan and claims trading gives our lawyers a unique understanding of the legal issues and commercial complexities that underpin the market.

We have a core team of distressed debt and claims trading lawyers that is one of the largest and most experienced in the world. Our lawyers are well versed in market challenges and trends, allowing us to efficiently solve our clients’ most pressing legal needs. With teams in New York and London, we provide responsive, real-time service to clients, while our deep relationships with highly skilled local counsel around the world help keep our clients engaged in cross-border business. 

Our prudent counsel is also informed by the firm’s deep knowledge in bankruptcy, credit derivatives, lending and debt finance, restructuring, private equity and securities law. Our practice in secondary debt and claims markets and our long experience as thought leaders in those global markets allow us to anticipate issues and capitalize on new developments for our clients. From borrower and credit document due diligence to structuring sale transactions to guiding our clients through insolvency proceedings, we supply the full range of legal services essential to maximizing returns and recoveries in the distressed asset marketplace.

Experience

  • Analysis of claims.
  • Cross-border transactions.
  • Purchase and sale transactions.
  • Implementation of strategies to influence subsequent restructurings, reorganizations, bankruptcies and related litigation.
  • Representation of market authorities and industry-wide groups including the Loan Syndications and Trading Association (LSTA) and Loan Market Association (LMA).
  • Tax and ERISA issues that arise in acquiring and holding debt and claims.

Insights

Client Alert | 7 min read | 03.18.25

Personae Non Gratae in the Loan Market: Trading Considerations for Disqualified Institutions

From the inception of the secondary market for syndicated bank loans some 35 years ago, we have seen continuous movement in the direction of increased liquidity for the asset, but recent developments in this market point toward a reversal of this trend....

Professionals

Insights

Client Alert | 7 min read | 03.18.25

Personae Non Gratae in the Loan Market: Trading Considerations for Disqualified Institutions

From the inception of the secondary market for syndicated bank loans some 35 years ago, we have seen continuous movement in the direction of increased liquidity for the asset, but recent developments in this market point toward a reversal of this trend....