A crash course on LMEs

Liability management exercises (LMEs) are every bit as complex as they are prevalent in the US distressed markets. It can be tricky to master the basics, learn the lexicon, and get up to speed with everything going on.

Not to worry, though: this online course will ensure you’re well-equipped with the knowledge you need in just five lessons. All alongside articles, deep dives, podcast episodes and case studies to help you master these complex structures.

And it’s curated by Jane Komsky, 9fin's head of LMEs and former distressed lawyer at Kirkland & Ellis and BNP Paribas.

What will the course cover?

• The basics — what even are LMEs? What’s the difference between in-court and out-of-court LMEs?
• The first wave of LMEs — exploring drop-downs, what they are and how they work
• Uptiers, with examples from Serta and Mitel
• The complex world of double dips and hybrids
• LMEs in 2025 (with bonus content designed to help you assess whether a deal could become a LME or not)