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Pryor Cashman Partner Seth Lieberman, Chair of Pryor Cashman's Bankruptcy, Reorganization + Creditors' Rights Group and Co-Chair of the Corporate Trust Practice, was featured on a special episode of Debtwired, recorded live at the Debtwire Restructuring Forum in Miami on December 9, 2025. In conversation with Andy Serbe, Deputy Courts Editor at Debtwire and host of the Legal Lens podcast, Seth shared insights from his restructuring practice and reflected on the defining themes of 2025.
Seth described 2025 as a continuation of the liability management exercise (LME) landscape from prior years, noting that while LMEs remain widely used as out-of-court tools, their impact on subsequent Chapter 11 cases is becoming increasingly apparent. He observed that post-LME Chapter 11 filings are developing distinct capital structures and procedural dynamics, blurring traditional distinctions between out-of-court restructurings and in-court proceedings.
Looking ahead to 2026, Seth predicted continued LME activity and further evolution in how courts, practitioners, and stakeholders grapple with the effects of these transactions. He also highlighted the ongoing impact of the Supreme Court's Purdue Pharma decision on nonconsensual third-party releases, noting that recent district and appellate court rulings continue to shape Chapter 11 practice.
Listen to the podcast using the link below.
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