For restructuring and liability management professionals, equity capital markets tools are becoming an increasingly important part of the balance sheet management toolkit, particularly as companies confront near-term maturities, covenant pressure and constrained liquidity. This alert examines how at-the-market programs, registered direct offerings and debt-for-equity exchanges can provide incremental liquidity, facilitate deleveraging and strengthen a company’s position in creditor negotiations. It also highlights proposed SEC reforms that could significantly broaden access to these tools, including for stressed companies that may lose shelf eligibility precisely when access to capital is most critical.