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...hedge fund Beach Point....
...Fitch Ratings downgraded Kemble’s credit rating to CC on Thursday, which it said indicated “that a default of some kind appears probable”....
...The industry then was dominated by high-risk loan tranches and second-lien lending, and many funds mixed junk bonds and distressed loans into portfolios, whereas today the industry is focused on first-lien...
...“Conditions have certainly blown loan-to-value ratios out of covenant levels for many developers and owners,” said Saul Goldstein, founder of distressed fund ActivumSG....
...to sweep up distressed assets....
...private debt funds charge....
...On private credit, Invesco has focused on bank loans and structured collateralised loan obligations with more recent expansions into distressed credit and direct lending....
...In other words, what is labelled as a distressed exchange in the context of public credit would likely be viewed as an amend & extend transaction in private credit....
...Distressed debt investors are now circling Atos, including hedge fund Attestor, which has bought some of the company’s debt....
...And if an investor does need to ditch a big private credit fund exposure, they can do so at a discount to another big institution....
...Other debt holders have been growing increasingly concerned that they could be hurt in the process, according to people with knowledge of the situation, while distressed funds, including Attestor, have been...
...Credit hedge funds that focus on distressed debt are making bumper profits this year as the rise in borrowing costs hits weaker companies....
...Demand for credit is also weak. Official data shows a Rmb40bn PBoC-backed fund for small business loans has dispensed only Rmb22bn since its launch in March....
...Investors now expect other issuers with “junk” level credit ratings to follow....
...“For now, there is an alignment in incentives between private equity and private credit,” said Allan Schweitzer, portfolio manager at credit hedge fund Beach Point, which manages $15bn in assets....
...funds....
...Of course, there will be specialist seams of opportunity, such as distressed debt or energy infrastructure lending, where a talented boutique can have advantages....
...Credit hedge funds profit as companies face soaring borrowing costs Credit hedge funds that focus on distressed debt are making bumper profits this year as the rise in borrowing costs hits weaker companies...
...He is best known for turning around troubled lender Long-Term Credit Bank of Japan in the early 2000s and for making a wave of distressed investments in the wake of the 2008 financial crisis....
...Pension funds are backing crypto prime broker Hidden Road, a company that helps hedge funds take bigger bets on volatile digital assets....
...emerging market indices, according to an investor who received the fund’s year end note....
...🔥 🔥 🔥 While we can understand credit managers finding themselves making the best of a bad situation in a distressed exchange refinancing, buying these things off-the-shelf is not for the faint-hearted...
...But several so-called distressed exchanges have wound up being nothing more than can-kicking exercises towards bankruptcy....
...“But they have done better this year and it’s partly because this distressed sector has performed spectacularly well.”...
...Distressed debt hedge funds are also circling, including US-based Attestor, which allied with Křetínský on the bankruptcy of French food retailer Casino last year....
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