Chris Schubert from Alcentra discusses his insights on the distressed market, lessons from restructuring Ideal Standard, challenges of whitelists, and nuances of the German distressed market. Topics include sector focus, real estate challenges, distressed debt strategies, liability management, and the impact of white lists on restructuring processes.
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Quick takeaways
Special situations strategy at Alcentra involves diverse distressed opportunities in sectors like real estate.
Success in restructuring requires clear governance, understanding creditor positions, and focus on fundamental issues.
Deep dives
El Centra's Special Situation Strategy
El Centra's special situations strategy involves a mix of stressed credit, companies with challenged balance sheets that can refinance, and two-kit capital solutions. The focus is on opportunities in sectors like real estate undergoing structural changes, offering diverse investment prospects.
Outlook for Distressed Debt Market
The distress investing environment presents attractive opportunities driven by factors like higher base rates, upcoming maturities in European leverage loans, and cost of debt pressures. Dispersion between credit ratings may increase, requiring creative solutions for maturities and strategic investment approaches.
Lessons from Restructuring Involvements
Success factors in restructuring include understanding one's position as a creditor, assessing fellow creditors' motivations, and planning for various scenarios. Clear post-deal governance and a focus on fundamental issues rather than short-term fixes are essential to sustainable restructuring outcomes.
9fin sits down with Chris Schubert, executive director in special situations at Alcentra, to talk about his expectations for the distressed market this year.
We take a look back at restructurings he’s been involved in including Ideal Standard and lessons he’s learned from these cases.
Schubert also goes into challenges posed by whitelists and the nuances of the German distressed market.
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