Australias leveraged finance market should
adopt a standard intercreditor negotiation agreement, similar
to Europes Loan Market Association (LMA) agreement.
Allen & Overys Sydney-based partner,
Angela Flannery, thinks Australias disparate approach to
addressing intercreditor issues created uncertainty over the
right level of enforcement rights for mezzanine lenders.
The argument that mezzanine lenders should
have no enforcement rights or very delayed enforcement rights
has been gathering pace in Australias senior bank lending
market since the crisis, she said. This is
obviously very difficult for mezzanine lenders to
A more European-style...