AMERICAS DISTRESS DAILY: Kirkland Partner Warns on Co-op Deals

Credit market cooperation agreements could be illegal due to potential antitrust claims, according to a lawyer that represents firms in many of the market’s biggest debt overhauls.

• David Nemecek, a Kirkland & Ellis debt finance partner, warned during Bloomberg’s Global Credit Forum that if someone successfully brings an antitrust challenge, losers will pay treble damages, or three times what the plaintiffs prove they suffered.
• Scott Greenberg, a partner at Gibson Dunn & Crutcher, disagreed during the same panel, saying he’s very confident that cooperation agreements are within the confines of antitrust rules.

In Other News:

• Private credit concerns are growing, ...