Debtwired!
David Prager of Kroll gives the 4-1-1 on the restructuring marketplace
Apr 28, 2021
In this podcast, David Prager of Kroll discusses the SPAC market, challenges in forecasting and valuation post-pandemic, competition and the impact of SPACs on debt and restructuring markets, lender on lender violence, valuing and forecasting growth for COVID-disrupted companies, and the importance of independent advisors in restructuring cases.
18:43
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Quick takeaways
- The restructuring marketplace has been slow due to an abundance of lenders and limited opportunities, leading to deals being done with no covenants.
- The SPAC craze is driving up values and multiples, but the lack of transparency in SPACs presents risks and liquidity tightening may cause issues.
Deep dives
Restructuring Activity and Lack of Opportunities
The pandemic has resulted in a lack of restructuring activity due to an abundance of lenders and too few opportunities. This has led to a sluggish restructuring cycle, particularly for middle-market and larger companies. Many deals are being done with no covenants, reminiscent of the 2006-2007 cycle, which could pose risks in the long run.
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