Debtwire Restructuring Forum Miami 2023

Debtwire's Miami Forum returns for its second year!

JW Marriott, 1109 Brickell Ave, Miami

06 Dec

Panel: The evolution of private credit in a restructuring context

Alternative asset managers such as Ares, Blackstone, Apollo, Brookfield, KKR and Carlyle have roughly doubled commitments to private credit since the end of 2019. This has fuelled the growth in the private credit market to be comparable with syndicated loans and high-yield markets in the US. Unlike the syndicated loan market, private credit has seen comparatively stable valuations during economically challenging times, but despite this, credit conditions are expected to worsen. Direct lenders typically have closer relationships with borrowers and have shown a willingness to get involved with sponsors and troubled borrowers during tough times to negotiate debt workouts which has minimised traditional defaults. However, public and private credit borrowers are both subject to today’s market challenges and factors that have steadied borrowers are starting to erode. This panel will discuss:  

  • How are tighter margins and thinner leverage affecting private lenders today?
  • How high is the average asset-quality risk for private creditors and is this sustainable?
  • Are private credit funds keeping afloat ‘zombie companies’ longer than is necessary to avoid bankruptcy? What will the long-term impacts be of this on the restructuring market?
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  • Speakers keyboard_arrow_down
    Daniel Fisher Partner, Special Situations AKIN GUMP Bio
    Kevin Alexander Partner ARES ASSET MANAGEMENT Bio
    Michael Weissenburger Director BLACKROCK Bio
    Lauren Krueger Managing Director, Credit KKR Bio
    Chris Moon Managing Director, Credit DigitalBridge Investment Management Bio
    Tim Hynes Global Head of Credit Research DEBTWIRE