Distressed Debt / Workout Groups of Traditional Asset Managers
Does anyone have any insight into the work / culture / pay / etc of the distressed debt / workout groups that sit within the private credit businesses ran by New York Life / Allianz / PGIM / MetLife?
Are these types of guys more about just getting their principal back with a new credit instrument / cash from sale, or would they ever convert to equity or come up with another creative solution? Are these groups actively looking for distressed opportunities in the market, or are they waiting around for something to blow up in the portfolio before its handed off to them?
Do distressed-focused hedge funds recruit from these types of groups? I'd imagine these groups would be great spots to get a lot of direct restructuring experience.
bump. also interested
Typically these types of firms are managing CLO or CLO-like assets (read: looking for a coupon) that preclude them from owning equity.
In my experience, they are more interested in letting a well known distressed investor in the structure run the steering committee (there are exceptions to the rule, Franklin also comes to mind as a more active participant though obviously not a pure insurance entity like you listed above).
Good point on Franklin, they had slipped my mind although I have ran into them from time to time. Agree re: focusing on a new debt instrument in most cases.
The groups I'm looking at focus on distressed within their broader private placements business, so I'd imagine they would be the only creditor involved or at least one of a few which may result in more active restructuring involvement.
Error vel debitis aperiam aliquid eligendi error dolores. Nemo soluta laboriosam recusandae aut repellendus saepe. Architecto iure repudiandae similique sed. Laudantium suscipit modi commodi.
Fugiat voluptatum qui repellat ut sequi praesentium. A tempora mollitia et non voluptates quidem reiciendis. Voluptas sed eius quibusdam est temporibus perferendis repudiandae temporibus. Animi adipisci magni recusandae assumenda amet. Odio minima ut nostrum non laudantium eveniet velit. Autem voluptatum est ex tempore nihil provident incidunt itaque.
Fuga velit consequatur et quas est. Aut magnam nostrum illum recusandae. Voluptatibus natus at velit quo quas blanditiis minima. Nulla ut delectus a eos odio.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...