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A Creditor-on-Creditor Violence Safe Space

Having had enough of “liability management” carnage, U.S. companies facing Chapter 11 have started going across the pond for a softer landing.

Wes Edens
Partly owned by billionaire hedge fund manager and founder Wes Edens, New Fortress has more than $700 million of debt maturing in one year or less, and could have another $5.6 billion due and payable, depending on certain “springing” maturities. Photo: Ethan Miller/Getty Images
William D. Cohan
February 4, 2026

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Creditor-on-creditor violence has been all the rage on Wall Street in recent years, as my loyal readers well know, for one simple reason: Companies can get away with this behavior, which forces their lenders to battle it out for supremacy in their struggling capital structures. Known more formally in banker pillow talk as “liability management exercises,” its recent leading proponents have been Lionsgate, Saks Global, Serta, and TriMark. Attorneys at Kirkland & Ellis and M&A advisors at PJT Partners have been its top practitioners.