Serta Restructuring - Who Advised Lenders, and Who Deserves Credit?
Hi, reading into Serta restructuring. Seemed like EVR was debtor side since very early (2019) and continued throughout. However, I'm wondering which bank advised both (a) the original minority (Apollo, Angelo Gordon, et al) to do the drop down IP transfer and (b) the PTL lenders (Eaton Vance, Invesco et al) who came up with the novel non-pro rata uptier. Wouldn't this have been a pretty big creditor engagement? Also, I'm wondering who should be credited for the "win" of the PTL lenders- the investment bank or the lawyers?
found a partial answer to my question within a few minutes, lol. Centerview seemed to advise the PTL's (majority) creditor group. Some questions remain unanswered, though, namely how big of a win this was for CVP (ie did they do any real legwork in this solution, or moreso just piggybacked off lawyers?)
Mind if I PM you?
It's the Lawyers and Financial Advisors.
The uptier (as you see with the majority of other uptiers) always just end up in chp.11. The biggest winners are lawyers and investment bankers. They perform the LME and then 2 quarters later they are re-engaged to help with the chapter 11.
nah man, im asking who did the most leg work to create the novel rx rolution (uptier); i get that both of them clip fees, but who's to credit?
Nihil id rem expedita quia dicta consectetur. Ipsam ea molestias quos aut sed eum laudantium. Ea delectus et aut autem qui sed harum optio.
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...