Corporate treasurers in crisis-fighting mode look set to miss looming deadlines to abandon the scandal-plagued LIBOR benchmark, threatening a showdown with regulators powering ahead with reforms.
In the grip of this once-in-a-generation pandemic, many businesses have already given up on this year when it comes to shifting away from the reference rate that has underpinned trillions of dollars in loans, bonds, and derivatives, according to the Association of Corporate Treasurers.
Lenders and borrowers risk entering a legal no man's land when the London interbank offered rate (LIBOR) expires at the end of 2021—relying on the generosity of regulators and counterparties for their contracts to be recognized.
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