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Turnaround focused PE here and deal flow is up significantly. I would think that translates on the rx side. Are bk filings a good proxy for this? 

Working at a fund with a flexible mandate that can play across the capital structure in private deals - our expectation is that there will be quite a few opportunities in the months to come but it will take at least 6 months - companies have mostly sufficient liquidity, will just stop adding inventory first and you need 2 weak quarters to impact LTM financials to breach covenants etc. So expecting things to pick up around Q4 this year athough companies are starting to feel the pain today. 

The market is starting to get active again but I wouldn't necessarily say that opportunities have meaningfully increased just yet.  There's a lot more of opportunities to monitor that look like they could go south in the coming quarters.  The leveraged loan market is starting to show cracks.  But again I wouldn't say we've reached a tipping point yet.  A lot of groups staffed up during COVID, but at the same time I think a lot of RX groups are seeing what's on the horizon and will be looking at their staffing levels accordingly.