Corporate treasurers in crisis-fighting mode look set to misslooming deadlines to abandon the scandal-plagued LIBOR benchmark,threatening a showdown with regulators powering ahead withreforms.

In the grip of this once-in-a-generation pandemic, manybusinesses have already given up on this year when it comes toshifting away from the reference rate that has underpinnedtrillions of dollars in loans, bonds, and derivatives, according tothe Association of Corporate Treasurers.

Lenders and borrowers risk entering a legal no man's land whenthe London interbank offered rate (LIBOR) expiresat the end of 2021—relying on the generosity of regulators andcounterparties for their contracts to be recognized.

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