The phenomenon of “lender on lender violence” is now sweeping through the UK and European financial markets. While the Australian economic and cultural landscape differs from other financial centres, it has fundamentally changed since the last economic downturn. Private capital is now a key player on the Australian stage and is shifting the dynamics in corporate restructurings. We are already seeing some attempts to import US-style liability management transactions onto our shores. While this creative financial engineering can provide a stressed business with new liquidity for a turnaround, liability management transactions typically benefit certain lenders at the expense of others. How did we get here? How do these structures work? Can they be stopped? And to what extent will they play out here? Join Heather Lennox, Jones Day’s global head of restructuring, for answers to these questions and more. Heather has been at the forefront of both structuring value-maximising turnaround solutions delivered by private capital, as well as representing stakeholders in the courtroom battles contesting liability management transactions. She will share cross-border perspective on lender-on-lender violence and potential implications for Australia.