Liability management exercises (LMEs) are every bit as complex as they are prevalent in the US distressed markets. It can be tricky to master the basics, learn the lexicon, and get up to speed with everything going on, especially on top of your existing workload.

Not to worry, though: this online course will ensure you’re well-equipped with the knowledge you need in just five emails.

And it’s curated by Jane Komsky, 9fin's head of LMEs and former distressed lawyer at Kirkland & Ellis and BNP Paribas — with guest appearances from our leading team of journalists, lawyers and analysts.

Why join now?

In August 2025 alone, four of the five LMEs closed were non-pro rata, and at least two of them had 98-99% participation rates.

In other words, similarly situated lenders did not get an equal share and still agreed because they thought that was the best deal available under terms of the debt documents. Market activity can be difficult to track and predict, and participants need to be extra aware of what legal provisions may determine a deal and how others in the market are operating (we’ll cover 2025 in this course).

If you're a finance professional at a bank, law firm, or fund, this will be a great way to get ahead on hot topics.

What will the course cover?

Once you sign up below, you'll receive five lessons via email, within 2-3 days of each other. These lessons will cover:

• The basics — what even are LMEs? What’s the difference between in-court and out-of-court LMEs?
• The first wave of LMEs — exploring drop-downs, what they are and how they work
• Uptiers, with examples from Serta and Mitel
• The complex world of double dips and hybrids — from our global head of distressed and restructuring, and co-author of the Ceasar's Palace Coup, Max Frumes
• LMEs in 2025 (with bonus content designed to help you assess whether a deal could become a LME or not)

Delivered straight to your inbox, alongside articles, deep dives, podcast episodes and case studies to help you master these complex structures.

LMEs are here to stay, so make sure you’re keeping pace with the market. Sign up for our crash course below.