Davis Polk partner Adam Shpeen was quoted in Debtwire discussing the heightened scrutiny in restructuring deals this year. 

The article notes that creditors are taking a firmer stance with companies on due diligence and documentation, aiming to protect their positions if borrowers slide back into distress. 

Speaking about how lenders are ensuring that post-LME (liability management exercise) protections can’t be weakened in later deals, Adam said, “What we’re seeing is a sustained effort by lenders to harden documents against repeat liability management.”

“That includes protections designed to limit not just future LMEs, but also how transactions play out in a potential bankruptcy, including around DIP financing and priority‑shifting constructs,” he added.

”Distressed companies brace for tougher talks as investors harden bargaining posture – US restructuring outlook,” Debtwire (January 29, 2026)

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