"U.S. and magic circle partners are continuing to debate the issue of debt buybacks as the Loan Market Association (LMA) prepares to amend its documentation.
Kirkland & Ellis finance partner Stephen Gillespie said: 'I don't follow the LMA's statement that it's a fundamental principle of syndicated lending that all lenders be treated equally by the borrower. That is a self-serving gloss intended to justify a proposed interference with the doctrine of freedom of contract which underlies English commercial law.' "
This article appeared in its entirety in the June 9, 2008 edition of The Lawyer.