The 2017 NYDJ Apparel (nee Not Your Daughter’s Jeans) transaction pre-dated Serta as the original “uptier” liability management deal in which lenders holding a majority of the loan amended the waterfall to uptier their existing holdings plus new money, subordinating minority lenders holding the same loans.
In a conversation with 9fin’s Global Head of Distressed & LevFin Max Frumes, Debevoise's co-head of restructuring Sidney Levinson, who represented the majority lenders in that case, discusses the significance of the deal at the time and the evolution of LME technology ever since. They’re joined by Debevoise Partners Scott Selinger and Erica Weisgerber, to of the co-heads of the firm’s expanded Liability Management and Special Situations Group.
Listen as they explore the commonalities and differences between the NYDJ situation and other well-known restructurings including Serta, J.Crew, Envision, Robertshaw, Trimark, Boardriders, Chewy, Petsmart, Caesars and Xerox.
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