Creditor Advisor Selection
Not sure how many distressed investors frequent WSO, but just wanted to ask what considerations go into selecting a creditor advisor. Work product across top creditor shops seems similar / I'm sure relationships play a large part - but I was curious if there are any other factors or what the process looks like from the buy side.
Depends on the deal size itself and how much we're willing to pay for fees, that itself creates a divide amongst the top RX shops or "other" advisors". You mentioned relationship, which is important. Other factors to consider include history in the space / industry / company (mainly Ch.22s). Sometimes we choose lawyers first and they would have their select list of advisors already. In reality, there are only so many "true" creditor-side shops...you would rarely find funds with Kirkland & Evercore (for example).
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