Our Legal Insights Blog

June 26, 2025

Are Covenants a Blind Spot? Why Your Credit Team Needs to Master Them Now

In today's rapidly evolving markets, precise credit decisions have never been more critical. But here's the challenge: what happens when the fine print becomes your biggest obstacle? For many credit teams, legal covenants feel like navigating through dense complexity. They recognize these clauses are essential but lack the confidence to interpret them with certainty.
June 20, 2025

More than just EBITDA-T - Urbaser's Attempt to Add-Back Tariffs

The market was buzzing this week over Urbaser’s inclusion of tariffs in their litany of add-backs to EBITDA, but the reality was actually worse than that for lenders. The provision was ultimately removed from the terms of the borrower’s debt, but its inclusion portends of future borrower flexibility – and wise lenders will prepare.
May 22, 2025

Navigating the Shifting Tides of Liability Management Exercises (LMEs)

Liability Management Exercises (LMEs) have evolved from niche, back-pocket tools to headline-making market strategies in leveraged finance. But how did they get here, what’s happening now, and where is the market heading? Whether you're advising clients, reviewing documentation, or negotiating new deals, understanding the rise, risk, and reach of LMEs is critical to staying competitive and protected.
May 12, 2025

Part 2: Seizing Opportunity – The Minority Shareholder in the New Age of Co-ops and LMEs

Welcome back to Part 2 of our series on the emerging developments in Co-ops and LMEs. In Part 1, we discussed the evolving landscape of European credit and the transformation of Cooperation Agreements (Co-ops). We covered the initial considerations when a Co-op agreement lands on your desk. Now, we shift our focus to how minority shareholders can navigate this new frontier, the debate around "Omni-Blockers," and address some key concerns.
April 16, 2025

When Companies Face Financial Trouble: A Practical Guide to Distressed Analysis

In this week’s webinar, founder of Fox Legal Training, Sabrina Fox, and distressed debt specialist, Glenn Zahn, looked at practical tips to navigate covenant analysis in stressed and distressed scenarios with confidence. This sector keeps changing. Markets shift faster. But the fundamentals of analyzing troubled companies remain essential for making smart financial decisions.
April 10, 2025

AI & The Future of Legal Training

While AI tools show remarkable potential in enhancing education, they will not replace the critical importance of human agency, decision-making and creative thinking. This is why Fox Legal Training will continue to deploy excellence in legal training whilst incorporating AI tools to support our legal upskilling resources. In this blog, we reveal our AI roadmap.
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