Key Takeaways
- • Michael Bedore, former Head of Operations and Workout at Ivy Hill Asset Management (an Ares affiliate), is the guest on Debt Serious' "Diligence Call #4," a 92-minute video on loan restructuring.
- • The discussion contrasts how traditional banks and private credit firms approach troubled credits and restructurings.
- • Topics covered include the evolution of private credit, the loan lifecycle, loan valuation, debt-for-equity exchanges, and the lender toolkit for navigating restructurings.
- • The session moves from industry history and mechanics to more technical content, making it a reference for credit professionals evaluating workout processes.
Summary
Debt Serious, the Substack publication of the handle @debtserious, has released "Diligence Call #4: Loan Restructuring: Banks vs Private Credit," a 92-minute video featuring Michael Bedore, former Head of Operations and Workout at Ivy Hill Asset Management, which is part of Ares. The program is presented as a diligence-style conversation aimed at credit investors and practitioners.
The discussion opens with the broader history and mechanics of private credit, tracing how the asset class developed before moving into the loan lifecycle. Bedore addresses how banks and private credit managers each approach troubled credits, highlighting the structural and operational differences between the two lender types when a borrower comes under pressure.
As the conversation becomes more technical, it covers loan valuation, debt-for-equity exchanges, and the set of tools lenders use to navigate restructurings. These topics are central to how lenders recover value and manage outcomes in distressed situations.
The source materials provided describe the content of the program but do not include independent verification of specific deal figures, performance data, or quotations beyond the description of topics covered.
The discussion opens with the broader history and mechanics of private credit, tracing how the asset class developed before moving into the loan lifecycle. Bedore addresses how banks and private credit managers each approach troubled credits, highlighting the structural and operational differences between the two lender types when a borrower comes under pressure.
As the conversation becomes more technical, it covers loan valuation, debt-for-equity exchanges, and the set of tools lenders use to navigate restructurings. These topics are central to how lenders recover value and manage outcomes in distressed situations.
The source materials provided describe the content of the program but do not include independent verification of specific deal figures, performance data, or quotations beyond the description of topics covered.
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