Julie Miecamp, Deputy Global Head of Editorial at Octus, opens the episode (00:00) by framing the growing legal scrutiny around creditor cooperation agreements and why two recent antitrust lawsuits have put common restructuring tools under a brighter spotlight. As liability management transactions become more aggressive and creditor groups organize earlier in the process, Julie explains why the line between coordination and collusion now matters more than ever. She then introduces Kevin Eckhardt, Senior Director of Legal Analysis at Octus, who leads a detailed conversation with Doug Mintz, Co-Chair of the Financial Restructuring Group at Cadwalader, Wickersham & Taft LLP, and Brian Wallach, Co-Chair of the firm’s Antitrust Practice. The discussion begins with a practical breakdown of what creditor cooperation agreements are and how they evolved post-2020 (03:40), before turning to the Optimum lawsuit and the borrower’s claim that a creditor group functioned as a “market-blocking cartel” (07:10). From there, the conversation explores the legal theories at play, including per se versus rule-of-reason antitrust analysis (10:05), the challenges of defining the relevant market (14:20), and what discovery could mean if these cases survive early motions to dismiss (18:45). The episode then shifts to the Selecta litigation (26:10), examining creditor-on-creditor conflict and how courts may distinguish between competitive harm and ordinary restructuring behavior. The group closes by considering how these cases could reshape documentation, coordination strategy, and lender risk management going forward (34:30), offering a grounded look at how legal pressure may influence the next phase of private credit.
- (00:00) - Julie Miecamp Opens – Why Creditor Coordination Is Under Legal Scrutiny
- (01:05) - Episode Context & Motion to Dismiss Note
- (02:00) - What Is a Creditor Cooperation Agreement?
- (05:00) - Post-2020 LMEs and the Rise of Modern Co-Ops
- (07:00) - The Optimum Lawsuit – “Market-Blocking Cartel” Allegations
- (10:00) - Per Se vs. Rule of Reason – Breaking Down the Antitrust Framework
- (14:30) - Defining the Relevant Market – LevFin vs. Company-Specific Debt
- (18:30) - Motions to Dismiss, Discovery, and What Happens Next
- (23:30) - Kirkland Conflict Fallout – What It Signals
- (26:30) - The Selecta Case – Creditor-on-Creditor Warfare
- (30:00) - Competition vs. Competitors – Key Antitrust Distinction
- (33:30) - Bankruptcy Court vs. District Court Analysis
- (36:00) - Market Implications for Creditor Coordination
- (41:00) - Settlement Risk and Broader Precedent Concerns
- (44:00) - Culture Close – The Replacements, Alt Rock & Career Self-Sabotage
- (47:00) - Final Reflections with Doug & Brian
- (48:00) - Julie’s Closing Remarks
