Distressed Debt / Workout Groups of Traditional Asset ManagersSubscribe
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.