Sullivan
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Sullivan’s Global Debt & Claims Trading Group guides financial market participants through the acquisition and sale of distressed assets of all kinds, helping clients navigate market uncertainties, identify risks and capitalize on opportunities.

We have extensive experience in all aspects of secondary trading and regularly represent clients in connection with the purchase and sale of syndicated loans, private securities and claims against bankrupt or insolvent entities. Our team works closely with several practice groups across Sullivan’s US and UK offices, including Bankruptcy & Restructuring, Finance, Insurance, Trade & Export Finance, Capital Markets and Tax. Through this multidisciplinary approach, we are able to provide holistic legal advice and transactional support for distressed debt and claims trading transactions across all sectors, both domestically and internationally.

Our clients include hedge funds and asset managers, who we regularly advise at all stages of a debt transaction, including:

  • Stock purchase agreements
  • Confidentiality agreements
  • Trade confirmations
  • Due diligence
  • Par and distressed debt purchase and sale agreements
  • Par and distressed participation agreements
  • Claim Purchase and Sale Agreements
  • Proceeds letters
  • Netting letters
  • Strategies for restructurings, reorganization and litigation
  • Interaction with creditors’ committees
  • Drafting of policies and procedures
  • Documentation of physical settlement
  • True Sale Opinions
Buy-Siders Cheer SEC Climbdown on Loans
Jennifer Behrens was quoted in the article "Buy-Siders Cheer SEC Climbdown on Loans," published by Risk.net [sub. req'd.]. The article addresses the question of whether syndicated loans -- so-called Term Loan B notes -- should be considered securities. The Securities and Exchange Commission (SEC) last week declined to file an amicus brief with an opinion on the topic, effectively remaining silent on the issue, a surprise and welcome outcome to many industry participants. "The SEC’s decision to not submit a brief reaffirms that term loans are not securities," said Jennifer. 
Johanna Colpritt Accepted into the Association of Corporate Growth (ACG) Accelerator Program
Sullivan is pleased to announce that Johanna Colpritt has been accepted into the Association of Corporate Growth (ACG) Accelerator Program. ACG Accelerator is Boston’s premier leadership development program for rising leaders in the M&A community. The program is a unique experience where participants are able to develop the skills needed to be strong future leaders, and jump start the growth of their networks of M&A peers. Accelerator program qualifications include: Must be in one of the following: private equity or other investor (family office/strategic buyer), investment banking, accounting, lender, attorney or other transactional advisor 5+ years of experience, or ready to expand their business development activity for the firm Growing leader in the firm with strong command of their business Should be involved in sourcing, financing, or executing M&A transactions at closing or pre-closing stage. Johanna represents both public and private clients in a range of corporate matters and financing transactions, including business formation and structuring, mergers and acquisitions, angel/venture capital financings and securities offerings. She also represents public companies in securities law compliance, general disclosure and periodic reporting and governance matters.