The Alphabet Soup Of Getting Restricted

Law360, New York (September 23, 2013, 1:28 PM EDT) -- Investors wanting to equip and position themselves to negotiate a debtor’s restructuring may temporarily relinquish their ability to buy and sell securities in exchange for access to material nonpublic information (“MNPI”). This delicate balance between the need for investment liquidity and the desire for informational transparency often leads to increasingly fierce negotiation between a company and its creditors over the terms of a confidentiality or nondisclosure agreement (the “NDA”).

When a company is ready to negotiate a restructuring of its public debt, it will typically direct...
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