15
May
Panel: CLO managers’ views - managing distress and restructurings
As the market approaches 25/26 loan maturities and refinancing walls draw closer, CLO managers face critical decisions in managing distressed portfolios to avoid par destruction. This panel brings together industry leaders to share their views on navigating troubled names amidst a shifting economic landscape. From managing lender-on lender violence to handling spikes in defaults, panellists will address pivotal questions about addressing these challenges head-on:
- How are CLO portfolios performing, and what are the biggest risks looking forward?
- How are manager’s approaching refinancing walls in an environment of consistently high interest rates?
- How are managers balancing the need to reduce default risk without destroying par value?
- Do CLO documents now give managers sufficient flexibility in distressed situations?
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SpeakersConor Power Managing Director WHITESTAR ASSET MANAGEMENT
Adrian Marshall Chief Executive Officer/Co-Chief Investment Officer ELMWOOD ASSET MANAGEMENT
Joe Carden Managing Director and Head of Fund Finance CERBERUS BUSINESS FINANCE
Young Choi Partner, Global Head of Trading, Portfolio Manager - Rockford Tower KING STREET
Sushila Nayak Partner ORRICK
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Conor Power is a Managing Director with WhiteStar Asset Management and a co-head of their European loan business. WhiteStar manages over $18bn of which $2.5bn comprises European CLO AUM. Conor has been working in the industry for over 20 years and co-founded the European platform in 2018. He was previously a portfolio manager and investment committee member with KKR’s European leveraged credit team.
Conor started his career with KPMG Restructuring in 2000, working on corporate liquidations and restructuring advisory. He spent over 10 years with Avoca Capital, latterly as a Director and Head of Credit Management, with a focus on stressed credits and workout situations. Conor has also worked in private equity for a European Sovereign Wealth Fund, sourcing and executing transactions in the technology and financial sectors.
Adrian has 23 years of industry experience. Prior to founding Elmwood Adrian served as the co-head of BlackRock’s US managed CLO business and lead portfolio manager for BlackRock’s US leveraged loan platform. While acting in this capacity Mr. Marshall oversaw a team managing over $18 bn in assets held across CLO, retail and separate account investment vehicles. Adrian transitioned into the lead portfolio management role for BlackRock’s US CLOs in 2009. Adrian spent his entire career at BlackRock prior to joining Elmwood.
Mr. Carden is a Managing Director for Cerberus Business Finance, the Firm’s middle-market direct lending platform.
Prior to joining Cerberus in 2015, Mr. Carden was a Managing Director at Prime Asset Fund and separately, Managing Director at Guardian Capital from 2012 to 2014. In both roles, he was responsible for sourcing, acquiring, and managing pools of non-performing residential mortgages. From 2010 to 2012, Mr. Carden was Vice President of Operations at Citadel Investment Group, where he managed a team responsible for the middle- and back-office functions related to all structured products and bank debt. Mr. Carden started his career in 2006 at Bank of America Merrill Lynch working in the corporate trust group initially on middle-market CLOs before moving to commercial real estate CLOs.
Mr. Carden graduated from the University of Kansas with a B.S. in Economics.
Young Choi is a Partner, Global Head of Trading and the Portfolio Manager of Rockford Tower Capital Management. He is based in New York and is a member of the Management Committee, Global Investment Committee, CLO Investment Committee and Risk Committee.
Prior to joining King Street in 2006, Young worked at Citadel Investment Group as a Credit Analyst in the Distressed/High Yield Group and was Portfolio Manager of the firm’s $2 billion US leveraged loan and CLO portfolio. Prior to that, Young consulted at Bain & Co.
Young received a B.A. summa cum laude in Economics and a B.S.E. in Electrical Engineering from Duke University.
Sushila Nayak is co-head of the firm’s Structured Finance Group, based in London. Dual-qualified in New York and England, Sushila represents arrangers, borrowers, collateral managers, and investors in a broad range of securitisation, structured finance, and corporate finance transactions. Her experience includes CLOs, whole business securitisations, financings backed by a variety of asset classes (including aircraft, trade receivables and esoteric assets), as well as corporate bonds, syndicated loans, and private debt transactions.