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February 19, 2026
Cadwalader partners Douglas Mintz, Co-Chair of the Financial Restructuring Group, and Brian Wallach, Co-Chair of the Antitrust Practice, analyze rising antitrust scrutiny of creditor cooperation agreements in the latest Octus Industry Insights podcast episode, "When Creditor Coordination Becomes a Cartel."
Hosted by Octus' Julie Miecamp and Kevin Eckhardt, the discussion covers key cases like the Optimum Communications antitrust lawsuit, where creditors including Apollo and Ares allegedly formed a "market-blocking cartel" via cooperation agreements, and the Selecta Group litigation, pitting minority lenders against favored holders over alleged collusion in restructuring deals.
Doug and Brian break down per se vs. rule-of-reason antitrust analysis, relevant market challenges, and potential impacts on restructuring strategy, lender coordination, and private credit documentation amid these lawsuits.
As Doug Mintz explains, “Creditors have not thought much about the antitrust implications of [cooperation agreements] over the years.” But as market dynamics evolve, the line between coordination and collusion is being redrawn, and recent lawsuits with respect springing from coops related to loans to Optimum and Selecta.
Listen to the full episode here.
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