Playing for Profit: The Bondholder’s Playbook

The existence of multiple bondholders can impose uncertainty and gamesmanship in a contest for economic gain from distressed corporate situations. The paper that they hold rarely tells the whole story; bondholders may have competing investments, undisclosed hedges and varying purchase price discounts that make it impossible to determine their true position. This panel explores issues related to bondholder-led restructurings and takeovers, including the operation of ad hoc committees, the role of indenture trustees, conflicts, disclosures, subordination and deal structures.