The intersection of private credit and restructuring: taking the keys
Private credit funds continue to play an important role in the restructuring process, given their ability to explore more flexible and creative workout solutions outside of bankruptcy filings. As private credit continues to play a growing role in mid-market deal financing, there has also been an increase in stressed and distressed situations where private credit fund lenders find themselves taking the keys. Our panel of experts and managers will discuss the future of restructurings in the asset class.
- What continues to drive the growth of private credit restructurings in the market? How has private credit changed deal dynamics?
- Are private credit funds increasingly willing and able to explore creative out-of-court restructurings and workout solutions?
- Will we be seeing an increase of ‘key taking’ restructurings as defaults rise?
- What is the outlook for the year ahead?
Speakers
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David M. Feldman is Global Co-Head of the Restructuring & Insolvency practice in New York. David brings more than 30 years of experience representing large and sophisticated credit funds, private equity firms, financial institutions, and companies in complex bankruptcy cases, out-of-court restructurings, and distressed asset and debt transactions. He is consistently ranked as a leading Bankruptcy and Restructuring lawyer by Chambers USA: America’s Leading Lawyers for Business, describing him as “an excellent strategist with an ability to guide his clients through restructurings efficiently and successfully,” that he “is very smart,” and “very experienced,” highlighting “his in-depth understanding of technical issues” and his “fantastic strategic vision”.
Evan Lederman is a Partner, Co-Head of Credit at J.F. Lehman & Company (“JFL”), an alternative asset manager with approximately $8 billion of AUM. Mr. Lederman has 20 years of investing, legal and restructuring experience across the credit spectrum, ranging from performing to distressed. He has chaired various creditor committees in some of the largest and most complex restructurings and serves on numerous public and private corporate boards, including currently serving as a director of JFL portfolio company, PURIS and Team, Inc.
Previously, Mr. Lederman was a Partner at Fir Tree Capital Management, a multi-billion dollar investment manager, where he was Co-Head of Credit and Special Situations. Mr. Lederman began his career as a restructuring and litigation attorney at Cravath, Swaine & Moore LLP and Weil, Gotshal & Manges LLP.
A native of New York, Mr. Lederman graduated magna cum laude from New York University, where he earned a B.A. in political science and government and was the all-university commencement speaker. He also graduated with honors from New York University School of Law, where he received a J.D.
Fran Blair joined PSP Investments in 2018 and serves as a Managing Director in the firm’s direct investing Credit business, where he heads the distressed credit and rescue finance strategy in New York. Mr. Blair is a member of the Global Credit Investment Committee for private credit and liquid/syndicated leveraged credit in addition to leading the firm’s restructuring and post-reorganization corporate governance efforts. He currently sits on the Board of Directors of Transcendia Holdings Inc., Fleet Farm Group LLC, and Coronis Health I, LLC, with past board experience including Crash Champions LLC (formerly Service King), Dayton Superior Corporation, and Penson Technologies LLC (formerly Penson Financial Services). In addition to his corporate governance roles, Mr. Blair has extensive experience serving on creditor and ad hoc committees in restructurings and bankruptcies, including cases such as Indiana Toll Road. Prior to PSP, Mr. Blair was a Managing Director at Solus Alternative Asset Management LP, where he was a founding member of the investment team in 2007. He previously held roles in credit investing, trading, and restructuring at Deutsche Bank and began his career in the Financial Sponsors Group at Bankers Trust. Mr. Blair holds a BA in Economics from Hamilton College.