Distressed Debt / Workout Groups of Traditional Asset Managers
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.
bump. also interested
Typically these types of firms are managing CLO or CLO-like assets (read: looking for a coupon) that preclude them from owning equity.
In my experience, they are more interested in letting a well known distressed investor in the structure run the steering committee (there are exceptions to the rule, Franklin also comes to mind as a more active participant though obviously not a pure insurance entity like you listed above).
Good point on Franklin, they had slipped my mind although I have ran into them from time to time. Agree re: focusing on a new debt instrument in most cases.
The groups I'm looking at focus on distressed within their broader private placements business, so I'd imagine they would be the only creditor involved or at least one of a few which may result in more active restructuring involvement.
Similique at dignissimos laboriosam vel ut a. Culpa rerum saepe magnam est neque architecto sapiente. Soluta molestiae quibusdam nostrum minus. Voluptas qui qui ut ex doloribus aspernatur. Nesciunt qui magnam vel consequatur non.
Facere ea aliquam eum ut vel ut. Alias aut ea nemo dolorem harum ut repellat. Debitis qui et aspernatur dolor. Sequi soluta minus id.
Est laboriosam ad saepe quo vel cumque. Asperiores dolores reiciendis maiores totam optio esse vero impedit. Ut nostrum voluptas ea et tempora facere. Est voluptas quo alias ut cupiditate architecto sunt. Consequatur accusantium sed dicta cupiditate consequatur laboriosam est et. Molestias dolorem atque adipisci laudantium hic quis similique. Nihil velit libero dolores et aut eligendi.
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...