As special situations funds shift away from distressed credit cycles, managers are positioning their strategies as more flexible broad capital solutions.
In an article for Debtwire, finance partner Leonard Klingbaum highlighted that the absence of financial maintenance covenants has led to more companies being managed to the brink of bankruptcy. Leonard noted that “a lot of these situations are not actionable,” and that managers would “rather leave it to the existing lenders to figure it out.”
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