A panel of restructuring pros from Akin, Skadden, Willkie, King & Spalding, AlixPartners, Davis Polk, Jefferies, etc., comment on 2025 bankruptcy trends.
Brilliant roundup capturing how First Brands fundamentally shifted the diligence calculus. Dan Fisher's point about fraud moving upmarket is particularyl stark when you consider that these weren't startups or fringe players but established entities with years of bank documentation. I've worked adjacent to some creditor groups over the past few years and the 'premium for peace' trade Fisher mentions is becoming way more common than anyone wants to admit publicly. When I saw a few deals where lenders basically paid sponsors modest exits to avoid another value destructive LME cycle, it felt like the market finally acknowledging that financial engineering has real costs beyond legal fees.
Brilliant roundup capturing how First Brands fundamentally shifted the diligence calculus. Dan Fisher's point about fraud moving upmarket is particularyl stark when you consider that these weren't startups or fringe players but established entities with years of bank documentation. I've worked adjacent to some creditor groups over the past few years and the 'premium for peace' trade Fisher mentions is becoming way more common than anyone wants to admit publicly. When I saw a few deals where lenders basically paid sponsors modest exits to avoid another value destructive LME cycle, it felt like the market finally acknowledging that financial engineering has real costs beyond legal fees.