ARTICLE
11 November 2025

LME Transactions In Europe

Liability Management Exercises (LMEs) are increasingly shaping the European restructuring landscape.
European Union Corporate/Commercial Law
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Liability Management Exercises (LMEs) are increasingly shaping the European restructuring landscape. Traditionally more common in the US, LMEs are now gaining traction across the Netherlands, Luxembourg, Belgium and Switzerland as companies seek flexible, out-of-court solutions to manage debt and preserve financial stability.

Expertises

Restructuring & InsolvencyCorporate / M&AFunds & Financial LitigationLitigation & Risk Management

This publication provides a comprehensive analysis of Liability Management Exercises (LMEs) across the Netherlands, Luxembourg, Belgium, and Switzerland, detailing their strategic role in corporate debt management and financial restructuring.

  • This overview explores the main types of LME transactions, such as tender offers, exchange offers, drop-down financings, uptiering, and double-dip transactions, while highlighting the legal, tax, and governance considerations unique to each jurisdiction.
  • This overview underscores that while LMEs are more established in the US, they are gaining traction in Europe, offering companies powerful tools to manage liabilities and enhance long-term financial stability, provided they navigate the diverse legal and financial landscapes with care.

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LME Transactions Unveiled: insights from the BeNeLux and Switzerland

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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