Debtwire US Private Credit Forum 2023
The must-attend event for the US middle market returns!
Conrad New York Downtown, 102 North End Avenue, New York, NY 10282
14
Jun
Opportunistic credit: distressed debt and special situations- a strategy for volatile times
The current dislocation of the economy and heightened global inflation could arguably be setting the scene for a distressed cycle, with current market conditions favouring opportunistic strategies as corporate borrowers face heavy debt loads and financial distress. Having an opportunistic credit strategy means that managers can build portfolios with good downside protection, and with more firms raising and closing funds targeting distressed debt and special situations, activity in this sector seems to be poised for an uptick. Our panel of fund managers will assess the opportunity set.
- How are continued market dislocations creating more distressed debt and special situation opportunities? What has changed compared to a year ago?
- How can managers best take advantage of the upcoming distressed cycle?
- What are some of the sectors and more unique strategies that opportunistic investors are looking at?
- What is the outlook for the year ahead?
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SpeakersVincent Indelicato Partner PROSKAUER
Avinash Kripalani Partner BARDIN HILL
Mark Lawrence Managing Director, Portfolio Manager for Opportunistic Credit BLACKROCK
Ben Radinsky Principal HIGHVISTA STRATEGIES
Henry Wang Partner, Credit BC PARTNERS
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| Vincent Indelicato is a partner in Proskauer’s Corporate Department, and a member of both the Business Solutions, Governance, Restructuring & Bankruptcy and Private Credit Restructuring Groups. His practice focuses on corporate restructurings, with an emphasis on the representation of direct lenders, ad hoc groups, bondholders and creditors’ committees both out of court and in chapter 11. He is frequently consulted by leading distressed hedge funds, BDCs, private credit lenders, private equity investors and creditors on complex domestic and international insolvency and restructuring issues, including intercreditor and interlender matters, across a variety of industries. Vincent is also part of the Firm’s cross-disciplinary, cross-jurisdictional Coronavirus Response Team helping to shape the guidance and next steps for clients impacted by the pandemic. Vincent has been recognized by the American Bankruptcy Institute for his “formidable courtroom presence with natural dealmaker instincts” as a recipient of the 40 Under 40 Award, and an Outstanding Young Restructuring Lawyer by Turnaround and Workouts. Chambers USA, America’s Leading Lawyers for Business describes Vincent as “incredibly thoughtful” and “a smart practitioner,” who “lobbies hard for his clients” and “is aggressive in his approach, but practical when it comes to dealmaking.” The Chief Executive Officer of a client recently told Bloomberg Law that “his mind is automatically strategic. And in tough situations, he never goes on defense. He has the ability to manage multiple personalities and temperaments to get them focused on the end game.” Reorg, one of the most widely-followed publications in the distressed investing community, also selected Vincent as the inaugural guest of its Professional Spotlight podcast. Over the last decade, Vincent has played a lead role in some of the most significant corporate reorganization cases in the United States. These include his representation of the Statutory Committee of Unsecured Claimholders in the chapter 11 cases of Caesars Entertainment Operating Company Inc., which filed for bankruptcy with more than $18 billion of funded debt; the Los Angeles Dodgers in their $2 billion acquisition by Magic Johnson and Guggenheim Partners; Brookfield Asset Management in the $2.5 billion debt restructuring of Kerzner International’s Atlantis Bahamas Resort; and J.P. Morgan and other substantial creditors in the chapter 11 cases of MF Global, a financial services company with $41 billion in assets. Vincent has been widely recognized in the restructuring community as a thought leader. He writes frequently on restructuring topics, and his writing has been featured in, among other publications, The Wall Street Journal Bankruptcy Pro, The American Bankruptcy Institute Journal, Law360 and The Bond Buyer. He has also assisted Martin Bienenstock as an Adjunct Professor of Corporate Reorganization at both Harvard Law School and Michigan Law School. He serves as a member of the American Bankruptcy Institute’s Views from the Bench Advisory Board, the Federal Bar Counsel Bankruptcy Litigation Committee and is a Term Member of the Council on Foreign Relations. Vincent was selected to participate in the National Conference of Bankruptcy Judges NextGen Program, and also serves as a Member of the Harry S. Truman Scholarship Leadership Council. A Harry S. Truman Scholar, Vincent graduated from University of Michigan Law School as commencement speaker. Prior to law school, he served as the Special Assistant to United States Senator Charles E. Schumer and worked as a personal aide to John C. Whitehead, former chairman and senior partner of Goldman Sachs. He also led a team of entrepreneurs to bring the world’s first hybrid taxicab to New York City. Vincent graduated with an English degree from Haverford College, where he served as president of the student body and was one of 16 college students from the United States to be selected as a Goldman Sachs Global Leader. He was a visiting student of English at Pembroke College, Oxford University. A native New Yorker, Vincent attended Regis High School, a tuition free private high school for young men who demonstrate superior intellectual and leadership potential. |
Avinash Kripalani
Partner, Opportunistic Credit Strategy
Avinash Kripalani is a Partner of Bardin Hill focusing on the firm’s Opportunistic Credit strategy. Prior to joining the firm, Mr. Kripalani was a Consultant within IBM Global Business Services focusing on clients in the financial services industry. Mr. Kripalani earned M.S., B.S., and B.A. degrees from the University of Virginia.
Mark Lawrence, Managing Director, is a portfolio manager for the Investment Team focusing on investments in special situations, direct lending, distress, and secondary markets.
Prior to joining BlackRock in 2016, Mr. Lawrence was a Managing Director at Apollo Global Management as a portfolio strategist and senior member of the Opportunistic Credit Team responsible for overseeing $15 billion of capital. Mr. Lawrence was responsible for investment sourcing, execution, and monitoring of private investments in direct lending and distress-for-control investment. Before his experience at Apollo, Mr. Lawrence was a Managing Director and senior analyst at Solus Alternative Asset Management from 2007 to 2012, a credit-focused hedge fund with $3 billion of assets under management. At Solus, Mr. Lawrence was responsible for identifying, analyzing, and valuing investments in a variety of industrial and basic materials sectors. Mr. Lawrence has experience in stressed and distressed investing including control transactions. Prior to Solus, Mr. Lawrence was a Managing Director and analyst at Stanfield Capital Partners from 2002 to 2007 and an associate at PricewaterhouseCoopers Securities from 1998 to 2002.
Mr. Lawrence is currently a member of the University of Washington College of Engineering Advisory Board and previously was on the advisory boards of University of Washington Chemical Engineering and Mendoza Graduate Alumni. In the past, he served on the board of Express Energy Services.
Mr. Lawrence earned a BS degree in Chemical Engineering from the University of Washington and an MBA from Mendoza College of Business at the University of Notre Dame.
Ben Radinsky, Principal, HighVista Strategies
Ben is a Principal at HighVista Strategies focused on our Opportunistic Credit and Special Situations investing. Ben brings 20+ years of relevant experience including some 13 years of credit investment experience, most recently at Crescendo Asset Management. Ben received a B.A. in Biology from Yeshiva University and an MBA in Finance and Statistics from New York University’s Stern School of Business.
Henry Wang joined BC Partners 2017 as a co-founder of BC Partners Credit. He is a Partner in the Credit team based in New York.
Previously, Henry was a Partner at Stonerise Capital Partners. Prior to this, he worked in the Special Situations Group and Investment Banking Division at Goldman Sachs and has held roles at Vulcan Capital (Paul Allen’s investment firm, co-founder of Microsoft) and Thomas Weisel Partners.
He holds an MBA from the Kellogg School of Management, Northwestern University and a BSBA from Boston University.