Debtor Restructuring = MM

Why do people act like debtor restructuring is real RX? News flash—debtor RX is just middle market banking with a distressed spin. If you're not backing the big boys (creditors, aka real money), you’re basically playing corporate babysitter for struggling companies that don’t even matter.

Let’s be real—creditor RX works with major lenders, distressed hedge funds, and PE firms looking to scoop up assets for pennies. Big money, real stakes. Debtor RX? Congrats, you’re restructuring the debt of some $50M revenue industrial supplier in Ohio whose biggest creditor is a regional bank no one’s heard of. Hope you enjoy negotiating with some family-owned business that took out too many SBA loans.

Lucky Brand's 2020 bankruptcy. Yeah, because restructuring a washed-up denim retailer is totally on the same level as advising on billions in distressed debt at Evergrande. If your "RX deal flow" includes anything involving consumer retail and not leveraged loans with actual institutional investors, you’re bottom bucket.

Debtor RX = MM banking with a Chapter 11 process. If you’re not on creditor-side RX, you’re just an M&A analyst who gets to talk about DIP financing sometimes.