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Articles by Stuart Brinkworth
Financing Deals: Keep Your Options Open
Herbert Smith Freehills Kramer LLP are most popular: within Transport, Media, Telecoms, IT, Entertainment and Family and Matrimonial topic(s) with Senior Company Executives, HR and Inhouse Counsel in United Kingdom Expecting the unexpected seems to have become the new normal, as evidenced by the resilience of the M&A market in the second half of 2025.
Basket Case - The Use of Baskets in European Mid-market Leveraged Finance Transactions | JD Supra
"Baskets" are leveraged finance jargon for certain permissions a Sponsor's borrower group has to undertake certain transactions that, because of they are viewed by lenders as "leakage" items of a more risky nature to the business, require to be capped at an agreed amount. These differ from the more generic (and uncapped) business specific or market standard accepted operational types of permissions that we often see in the bulk of the so-called "Permitted" in a loan agreement.
Basket Case - The use of baskets in European mid-market leveraged finance transactions
"Baskets" are leveraged finance jargon for certain permissions a Sponsor's borrower group has to undertake certain transactions that, because of they are viewed by lenders as "leakage" items of a more risky nature to the business, require to be capped at an agreed amount. These differ from the more generic (and uncapped) business specific or market standard accepted operational types of permissions that we often see in the bulk of the so-called "Permitted" in a loan agreement.
Liquidity Covenants To The Fore - Financial Services - UK
In this article, Stuart Brinkworth explores what a liquidity covenant is and the issues facing sponsors and lenders in negotiating them. With interest rates remaining at record levels and businesses still struggling with increased costs and the fall-out from the cost-of-living crisis, many businesses have been unable to meet leverage maintenance covenant requirements in their deals.
Liquidity Covenants To The Fore | JD Supra
Source: The article first appeared in the February issue of Butterworths Journal of International Banking and Financial Law In this article, Stuart Brinkworth explores what a liquidity covenant is and the issues facing sponsors and lenders in negotiating them.
Board Observers - spectators or participants - help or hindrance?
With increased distress in the mid-market we may well see lenders using different tools to keep a closer eye on a company’s financial performance. One of those tools is to appoint a board observer. A board observer is not a member of the board and therefore has no right to vote on any matter being debated by the board and has no fiduciary duty to the company or its shareholders.
COVID-19 Business Support Update For Private Equity Owned Businesses
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