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Miriam Karam

Counsel
Counsel
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VCard
VCard

Areas of Focus

Overview

Miriam Karam is a counsel in the London office of Crowell & Moring. She specializes in distressed debt and claims trading, structured transactions, and special situations. Miriam advises investment banks, broker dealers, and other financial institutions, including hedge funds on the trading of domestic and international syndicated bank loans, debt instruments, and distressed assets, in particular, insolvency claims and post-reorganization equity.

She has extensive experience in the pre-investment review and analysis of credit documentation of both investment grade and non-investment grade borrowers in a variety of sectors and specializes in the LMA and LSTA secondary trading documentation.

Miriam is involved in cross-border transactions throughout Europe and the United States. She represents clients on the purchase and sale of par and distressed loans and bonds of borrowers domiciled in the U.K., U.S., Asia, and Europe (including France, Switzerland, Germany, Spain, and Italy). She also advises clients in connection with claims trading and investment and has extensive experience representing the creditors of the insolvent Icelandic banks and investors of MF Global UK Limited.

Miriam served as a secondee on the secondary loan trading desk of a tier one investment bank in London and, in addition, as part of the global special situations group of a large asset manager.

Prior to joining the firm, she was an attorney with Kibbe & Orbe LLP.

Career & Education

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    • University of Westminster, London, LL.B., honours in law, 2005
    • College of Law, London, Diploma in Legal Practice, 2006
    • University of Westminster, London, LL.B., honours in law, 2005
    • College of Law, London, Diploma in Legal Practice, 2006

    • Solicitor, England and Wales
    • Solicitor, England and Wales

  • Professional Activities and Memberships

    • Member, Loan Market Association (LMA)
    • Member, Solicitors Regulatory Authority
    • Member, 100 Women in Finance

    Professional Activities and Memberships

    • Member, Loan Market Association (LMA)
    • Member, Solicitors Regulatory Authority
    • Member, 100 Women in Finance

Miriam's Insights

Client Alert | 11 min read | 07.22.24

Transformations in Transferability: Challenges in the European Loan Market Amid Increasing Restrictions

In the ever-evolving landscape of English law credit agreements in the European leveraged loan market, the dynamics of lending have undergone significant transformations in the last few years. One issue that has gained prominence is the increase in limits on the ability of lenders to transfer their loans and the associated restrictions imposed on potential new lenders. European syndicated loan agreements have historically included a standardised and expected set of transfer restrictions applicable to prospective lenders, reflective of the market guidance and templates issued by the Loan Market Association (“LMA”). Certainty of terms and the capability of an existing lender to sell out of a loan position have been the hallmark (and expectation) of the LMA loan market. However, trends in the drafting of credit agreements have contained a concerning increase in limitations on loan liquidity. As a result, many lenders are finding it difficult to sell their distressed loans. This article explores these trends, as well as their implications on the secondary loan trading market....

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Practices

Miriam's Insights

Client Alert | 11 min read | 07.22.24

Transformations in Transferability: Challenges in the European Loan Market Amid Increasing Restrictions

In the ever-evolving landscape of English law credit agreements in the European leveraged loan market, the dynamics of lending have undergone significant transformations in the last few years. One issue that has gained prominence is the increase in limits on the ability of lenders to transfer their loans and the associated restrictions imposed on potential new lenders. European syndicated loan agreements have historically included a standardised and expected set of transfer restrictions applicable to prospective lenders, reflective of the market guidance and templates issued by the Loan Market Association (“LMA”). Certainty of terms and the capability of an existing lender to sell out of a loan position have been the hallmark (and expectation) of the LMA loan market. However, trends in the drafting of credit agreements have contained a concerning increase in limitations on loan liquidity. As a result, many lenders are finding it difficult to sell their distressed loans. This article explores these trends, as well as their implications on the secondary loan trading market....

View All Insights