“You’re in the realm of the antitrust principles and the vapors that come off the big antitrust cases. I was very skeptical of the idea of a single company’s debt instrument … being a product market,” says Jennifer Selendy, founding partner of Selendy Gay, discussing how the latest legal challenges in Altice and Selecta to creditor cooperation agreements in the liability management sector stand on the very periphery of the antitrust doctrine. In a conversation with Bloomberg Intelligence’s Negisa Balluku on this episode of the State of Distressed Debt podcast, Selendy also discusses her involvement in the early days of LME litigation, in-court lessons and surprises, and the Incora saga. Prior to that, BI’s Noel Hebert, Phil Brendel and Negisa discuss their outlooks for 2026. The podcast concludes with a discussion on the latest developments at Hertz, First Brands, Ardagh Group and Azul.

The State of Distressed Debt podcast is part of BI’s FICC Focus series.