Representation of creditors
In a typical
restructuring process creditors will
form a representative body, usually
referred to as a Steering Committee
or Bank Advisory Committee.
Traditionally these committees would
consist of banks, and occasionally,
bondholders. However, due to the
massive disintermediation of banks
and debt layering, particularly in
LBO financings, the inter-creditor
dynamics have become more complex
and counter-productive.