Evolution of the First Lien Loan Market

In his 35 years on Wall Street, Moelis’ Global Co-Head of Capital Structure Advisory Bill Derrough hasn’t seen a rescue-financing environment as robust as today, “where we [can] run so many parallel processes at the same time.” As one of the key bankers behind Hertz’s successful bankruptcy auction and American Airlines’ game-changing Chapter 11 exit merger, Bill shares with Bloomberg Intelligence’s Noel Hebert and Phil Brendel some “war stories” and his insights on trends in liability-management exercises, the rise of cooperation agreements and developing creative restructuring solutions (6:00). Prior to that, Noel and Phil discuss the high yield market’s historically-tight spreads and 4.5-year respite from a surge in distressed inventory. The podcast concludes with BI’s Negisa Balluku joining Noel and Phil for a round-table discussion covering Serta Simmons’ impact on equitable mootness, Hertz, Yellow Corp., Spirit Airlines, GOL Airlines and Franchise Group (1:30:00).