Davis Polk partner Adam Shpeen was quoted in 9fin from the publication’s recent “Art of the LME” webinar, which covered tiered co-op agreements and other developments in liability management.

The article highlights how tiered participation and cooperation agreements defined creditor treatment structures over the past year and notes that co-op agreements have been increasingly used as leverage to bring smaller lenders into the fold.

“That limits the opportunity for smaller lenders to make a decision and to coalesce and to try push back against carve-out premiums,” Adam explained. “I don’t know if that trend is going to continue, but we’ve seen it happening more frequently recently.”

“US liability management year in review — Tiered co-ops were peak 2025,” 9fin (December 17, 2025) (subscription required) 

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