This panel will examine how restructuring frameworks shape the allocation of negotiation power among debtors, creditors, and other stakeholders throughout the reorganisation process. Particular attention will be given to the mechanisms that influence leverage in plan negotiations, including control over the process, defenses against coercive tactics used by debtors, and creditors’ ability to file competing plans, where permitted.

Panelists will explore the policy trade-offs between debtor-driven and creditor-influenced processes, analysing how different regimes address concerns such as coercive tactics, valuation disputes, and strategic behavior. Drawing on comparative perspectives from North America, Europe, and Latin America, the discussion will assess how these dynamics affect bargaining outcomes, deal efficiency, and perceptions of fairness in restructuring proceedings.