Exploring the challenges investors encounter with calculation flexibility and transparency in financial reporting, especially concerning the impact of inflated EBITDA numbers on investment capacities and the evolving complexity of loan and bond documentation.
The Covenants by Reorg team speaks to Tim Alexander, head of strategy at Ardent Financial, about the unprecedented state of the markets during the Covid-19 crisis, the devolution of covenants, the illusion of protection and key pitfalls for investors, the opportunities presented by weak covenants for distressed investors and swinging the pendulum back to better protection and better compensation.
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