In this issue, we examine legal developments in private equity from a number of angles. Christopher Bellini looks at the impact of the credit crunch on private equity deal terms. Peter Harris investigates the consequences of the Clear Channel decision on debt commitment letters. Michael Foreman and Eric Lopez Schnabel discuss distressed M&A. Bernd Graf sheds light on tax law changes in Germany. Michael Chin and David Huang weigh in on private equity in China. And Bryn Vaaler analyzes recent amendments to SEC Rules 144 and 145.