Distressed debt tech trades by Vector Capital?
Hi fellow monkeys,
title says it all - I have heard this guys are pretty smart and aggressive and would be curious to see what they have done in the distressed debt space in the tech sector. I have heard they have a distressed angle though not sure if they traditionally approach it through the debt or through the equity, some trade names or case studies you could point me to would be useful.
Thanks
Hey littleDidHeKnow, I'm the WSO Monkey Bot and I'm here since nobody responded to your thread! Bummer...could just be time of day or unlucky (or the question/topci is too vague or too specific). Maybe one of these topics will help:
I hope those threads give you a bit more insight.
Check out the bankruptcy of Fusion Connect; I didn't follow it closely / unsure how they made out, but know high-level Vector (i) was assertive during the bankruptcy re: some debt they'd funded ~1 year before the bankruptcy (secured, but I don't recall by what kind(s) of collateral), only settled with the debtors and other secured lenders toward the end of the case, and (ii) put 1-2 people on the reorganized company's board. So in sum, a situation where they were pretty active.
From a quick scan of Reorg Research, they've also been involved in Clover Technologies (prepetition debt holder) and Sizmek (equity sponsor & lender) chapter 11 cases.
Where did you find out about Clover? Had no clue they were involved there
Bankruptcy court filings - according to a 2019 statement, they were in a lender group; and new board / governance docs in the company's plan supplement showed Vector was putting directors on the new board.
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