Roundtable discussion on Liability Management Exercises (LME): three key insights

Update
17.10.2025
As liability management exercises (LMEs) become more relevant in European practice, we brought together colleagues from Amsterdam, Brussels, London, and New York to exchange insights on recent US developments.

In this session we were joined by William Starshak, partner at Goldberg Kohn, who shared his experience with US cases and together we reflected on their relevance for European practice.

By sharing perspectives across jurisdictions, we aim to stay ahead of market trends and strengthen our expertise in this evolving area.

  • US developments show that LMEs are increasingly used as a strategic tool in financial transactions

    Recent US developments show that LMEs are increasingly used as a strategic tool in financial transactions. The roundtable emphasized how these approaches can lead to “creditor-on-creditor violence” by altering the composition of existing debt and re-prioritise creditor claims – and why they are gaining traction in Europe.

  • There are practical considerations for adapting US-style LMEs to Dutch, Luxembourg and Belgian systems

    While LMEs are well-established in the US, applying similar structures in Europe requires navigating different legal frameworks. The discussion explored practical considerations for adapting US-style LMEs to Dutch, Luxembourg and Belgian systems.

  • LMEs remain a relevant feature in European financial transactions

    The session confirmed that LMEs are not a passing trend. Their growing relevance in European transactions means they will remain an important topic for market participants and legal advisors.

“It was great to hear first-hand from the US about the liability management transaction developments which are increasingly more important for Europe, as we have seen for instance in HunkeMoeller. We also understand, these transactions are here to stay. Thanks to everyone from our Amsterdam, Brussels, London and New York offices for their active participation in making this an engaging internal session.”
Marc Orval, partner in Finance

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