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Private Credit Restructuring: Priming DIPs in Focus

In most chapter 11 cases, existing first lien lenders provide post-petition financing to preserve collateral value and maximize recovery. In some situations, a stressed borrower may threaten to pursue a hostile chapter 11...more

Proskauer Q3 Private Credit Default Index Decreases to 1.95%

NEW YORK, October 23, 2024 – Leading international law firm Proskauer today revealed the results of its Q3 2024 Private Credit Default Index (“Default Index” or the “Index”), with an overall default rate of 1.95%. The Q3...more

Private Credit Restructuring Trends: Sponsor Capital Infusions in Times of Distress

One common denominator links nearly all stressed businesses: tight liquidity. After the liquidity hole is identified and sized, the discussion inevitably turns to the question of who will fund the necessary capital to extend...more

Proskauer’s Private Credit Default Index Reveals Rate of 1.84% for Q1 2024

NEW YORK, April 23, 2024 – Leading international law firm Proskauer today announced a 1.84% overall default rate for Q1 2024 for loans in its Private Credit Default Index (the “Index”). The Index tracks senior-secured and...more

Liability Management – Vaccine or Pandemic? Private Credit Restructuring Year in Review

Once again, we reflect on the prior year for restructuring trends impacting private credit lenders. Last year it was all about “liability management”—the latest trend in which the limits of sponsor-favorable loan documents...more

Boardriders: Minority Lenders Win Round One

A common yet contentious liability management strategy is an “uptier” transaction, where lenders holding a majority of loans or notes under a financing agreement seek to elevate or “roll-up” the priority of their debt above...more

Private Credit Lenders: D&O Insurance in Times of Distress

It seems inevitable there will be an uptick in private credit defaults as economic conditions further deteriorate. What steps are you taking in terms of portfolio management to prepare for the next cycle with respect to...more

Private Credit Lenders – Navigating Successor Liability Issues

The primary investment thesis of a private credit lender is simple — get the loan repaid at maturity. Private credit lenders do not make loans as a means to acquire their borrower’s business. There are circumstances, however,...more

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