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“There’s a major change in Germany that’s coming into effect on the first of March. In Germany, the insolvency system has traditionally been very bureaucratic an administrator-oriented”
Continue Reading →“If you recall, everyone was being told don’t buy bonds, rates are going up, it’s a sucker’s bet. We were all looking at the prospect of higher interest rates affecting overly leveraged companies and people were, to a large degree, anticipating that at least the second half of 2011 was going to be a very active year for opportunities in distressed investing. Well, obviously that didn’t happen.”
Continue Reading →The six slides will cover three themes: why we think it’s going to be a low growth environment going forward, why large cap credit is the place to be if you want to surf the spread and run more of a par arbitrage business, and why middle market distressed is going to be the sweet spot in the increased opportunities as far as credit is concerned.”
Continue Reading →“The general idea about what’s supposed to be done and what the whole proceeding is, therefore, varies a lot from country to country as well. That is something that I would also like you to take home from this here, that do not go and hire a lawyer to tell you what the bankruptcy law is like. Hire the lawyer and ask him or her what really happens if this goes wrong.”
Continue Reading →“We try to keep our fingers in all different aspects of credit. Sometimes that means hard assets, sometimes bank loans, sometimes bonds, sometimes distressed; generally, wherever we can handicap the amount and timing of cash flows”
Continue Reading →“We differ from other firms that do turnarounds in that we are very comfortable buying the debt of troubled companies and converting it into equity, whether it’s through a formal reorganization, out-of-court restructuring or some other process”
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