There’s a very good review of the impact of the Credit Crunch on markets and the law thereof, prepared by Theresa Einhorn of Haynes & Boone LLP, The Corporate Debt Market And Credit Derivatives.
Section headings are:
- The Top Ten – Credit Crunch is #1
- Rates are High and “Covenant Tight” Replaces “Covenant Light”
- The Credit Markets are a Market and the Stock Market is a Sideshow
- A New Risk for Borrowers – Defaulting Lenders Fail to Fund under Corporate Lines of Credit.
- Survival Strategies During the Credit Crunch: Restructuring by Repurchase or Exchange of Debt
- Credit Default Swaps Market Disruption Clauses in Credit Agreements
- Market-Based Pricing for Loans – Pricing Based on CDS
- Hybrid Securities
- Investing in Distressed Debt and Other Distressed Assets