Dechert Supports and Speaks at the Creditflux CLO Symposium 2025

Join Us at the Creditflux CLO Symposium 2026

We are delighted to be supporting and speaking at the Creditflux CLO Symposium 2026, taking place at The Chancery Rosewood in London on 20 - 21 April 2026.

The Creditflux CLO Symposium, now in its 18th year, returns to London, bringing together CLO investors with leading arrangers, managers, and advisors from the US and Europe. This year’s event takes place over two days, expanding the agenda into the broader structured finance landscape. Expect insights on transatlantic market trends, including primary and secondary market developments, LP allocation strategies, and alternative investments.

If you would like to attend, please register via the Creditflux CLO Symposium website here.

Session Information

Panel: Cockroaches in the market? Risks and LMEs

Date: Tuesday 21st April 2026
Time: 11:00 - 11:45 BST

LMEs have become a key tool for managing debt maturities, driven by loose documentation and high refinancing costs. Creditors are responding to aggressive tactics with ad hoc committees, while UK legal challenges push for fairness to minority creditors encouraging cooperative agreements. Techniques such as extend-and-exchange, tiered co-ops, pari plus double dips are gaining traction. Private credit continues to support distressed companies, often via PIK structures, but CLOs face ‘par burn’ losses as recoveries on first-lien debt decline. Managers must factor LME risks into scenario analysis and recovery assumptions, as smaller players may exit early. Although LME activity fell in 2025 and may ease in 2026, evolving structures and co-op agreements remain important.

How do aggressive LME tactics impact CLO recovery assumptions and risk management?
Are new techniques like double dips and tiered co-ops improving flexibility or creating systemic risk?
What role does private credit play in supporting distressed companies, and what does this mean for CLO investors?
How can CLO managers mitigate ‘par burn’ losses and tail risk?

Speakers

Sushila Nayak – Dechert LLLP
Young Choi – Partner, Global Head of Trading, Portfolio Manager – Rockford Tower, King Street
Celine Buttanshaw-Chan – Partner, PVTL Point