10
Dec
Panel: Private credit special situations focus: taking the keys
Whilst private credit can provide flexible solutions for borrowers, when distress occurs it can lead to ‘key-taking’ restructurings, where the equity sponsor turns over control of the business to the direct lenders. It is expected that as loans issued in the past few years begin to mature, more asset managers will be swapping their debt for equity and looking to exit their investments. Our panel of direct lenders discuss the outlook and competitive landscape for private credit special situations.
- Will we be seeing an increase of ‘key taking’ restructurings as defaults rise?
- Case study: Pluralsight – what are the impacts of the potential restructuring?
- What special situation opportunities may emerge in the next 12 months?
- How is direct lending being used by stressed companies, such as in bridge financings?
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SpeakersKyle Asher Partner and Co-Head of Alternative Credit Solutions MONROE CAPITAL
Michael O'Hara Co-Head of US & Managing Director, Debt Advisory & Restructuring JEFFERIES
Joe Salameh Managing Director, Corporate Private Investments ARENA INVESTORS
Zach Serebrenik Managing Director and Assistant Portfolio Manager OAKTREE
Brad Kahn Partner AKIN GUMP
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Kyle Asher, Partner, Managing Director & Co-Head and Co-Portfolio Manager, Opportunistic Private Credit. Mr. Asher is a Managing Director, Co-Head and Co-Portfolio Manager of Monroe Capital’s Opportunistic Private Credit investment vehicles. He is responsible for deal origination, structuring, and portfolio management, as well as overseeing the opportunistic business and its team. As part of the opportunistic business, Mr. Asher co-leads the firms’ investments in real estate, specialty finance and corporate special situations. He joined the firm in 2009 and is a member of the Opportunistic Private Credit Fund’s Investment Committee. He serves as the Co-Chair of the firm’s Strategic Planning Committee. Mr. Asher has over 15 years of investment experience and has led the underwriting of over $5 billion of debt and equity transactions, across a variety of opportunistic private investments. Prior to Monroe, he was an Analyst with Chicago-based Calder Capital Partners, a direct and fund-of-funds private equity firm partly owned by Goldman Sachs and Ares Capital (formerly Allied Capital), where he performed due diligence on various direct and fund-of-fund investments, sourced transactions and assisted in capital raising. Mr. Asher began his career as an Equity Analyst for MindShare Capital, an institutional money-manager where he focused on the valuation and trading patterns of small-cap growth companies. Mr. Asher earned his M.B.A. in Finance and International Business from Northwestern University and his B.A. in Philosophy and Political Science from Northwestern University.
Michael O’Hara is Co-Head of US and Managing Director of the Debt Advisory and Restructuring Group at Jefferies. With over 25 years of investment banking experience, Michael specializes in advising on a variety of restructuring and special situation assignments for companies, creditors, corporate boards, and acquirers and sellers of distressed assets. Additionally, he has worked on several sovereign debt situations.
Michael joined Jefferies in 2020 from PJT Partners (formerly Blackstone), where he was a Partner in the Restructuring and Special Situations Group. Previously, he worked in the M&A groups at Wasserstein Perella & Co. and Stephens Inc. Michael holds a BS in Finance from Georgetown University and an MBA from Columbia Business School.
Joe is adept at creating customized financing solutions that can harness the debt or equity capital structures or both. Before joining Arena, he was a managing director at Silver Swan Capital, a special-situations private equity firm focused on opportunistic equity, debt, and hybrid capital solutions. Joe sourced, structured, and managed investments, primarily in Europe, Latin America, and the US, in a variety of sectors including industrial agriculture, consumer products, pharmaceuticals, life sciences, logistics, and others. He previously was a vice president at Citigroup.
Joe holds a BA in economics from Cornell University and an MBA from Columbia University.
Mr. Serebrenik is a managing director and assistant portfolio manager for Oaktree’s Special Situations Group. Prior to joining the firm in 2008, Mr. Serebrenik spent two years at Dune Capital Management LP as an analyst in the Special Situations group, where his responsibilities included sourcing, due diligence, financial modeling and monitoring investments. Prior thereto, Mr. Serebrenik was an associate in the Private Equity group at Soros Fund Management. Before that, he spent over two years at Goldman, Sachs & Co. as an analyst in the Mergers & Strategic Advisory group. Mr. Serebrenik currently serves on the boards of City Brewing and SunOpta. He previously served on the boards of Agro Merchants and Blue Ribbon Partners. Mr. Serebrenik graduated with highest honors from The University of Texas at Austin with a B.B.A. degree in business honors and finance.
Brad Kahn is a partner in Akin’s financial restructuring practice, focused on large, complex in-court and out-of-court corporate restructurings. Brad’s experience includes representing ad hoc and official creditors’ committees, as well as debtors, in high-profile chapter 11 cases. He also advises clients in multijurisdictional and cross-border insolvency proceedings.