Latest news with #WhartonRestructuring&DistressedInvestingConference
Bloomberg
15-04-2025
- Business
- Bloomberg
Davis Polk's Tsiouris on Next LME Act: State of Distressed Debt
'I don't think that we've seen the full potential of these deals... What we are going to see … in the coming years [is] sponsors and companies actually needing to execute on these third-party deals,' said Natasha Tsiouris, a partner at Davis Polk, about keeping the threat of the 'deal away' alive in evolving liability management transactions. Tsiouris, in a conversation with Bloomberg Intelligence analysts Negisa Balluku and Phil Brendel at the Wharton Restructuring & Distressed Investing Conference, shared her perspective on the future of liability management, the mounting pressures on the 'deal away,' the shift toward lender consensus and the arrival of private credit restructurings.
Bloomberg
05-03-2025
- Business
- Bloomberg
Anchorage's McGrath Breaks Down LMEs: State of Distressed
"Even if we hear rumblings that NDAs are out there with third parties and private lenders are looking at assets,...we're still in a position where - why wouldn't they come back to us - because we have more to give. If I've invested in a structure and I have a group, I can give them more time. That's valuable. I can address interest rates. I can probably provide the money a little bit cheaper and I can give them certainty as opposed to them saying I'm going to finance the business away." Anchorage Capital partner Patrick McGrath described why existing lenders are often companies' best financing partner in his hourlong interview with Bloomberg Intelligence analysts Phil Brendel and Negisa Balluku at the Wharton Restructuring & Distressed Investing Conference (7:45). Patrick dived into the intricacies of liability management exercises, including the asymmetry of information, discerning whether "deals away" are credible, and the importance of institutional reputation. Prior to that, BI's Noel Hebert and Phil discuss how March may shake up complacent high yield and syndicated loan markets. The podcast concludes with a BI roundtable discussion covering J&J, Franchise Group, Spirit Airlines, Yellow, Ardagh, WW International, and Serta Simmons.
