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BlackRock Sees Distress Still Lurking Despite Drop in Bankruptcies

  • No need for bankruptcy with ample liquidity, Kronfeld says
  • Chapter 11 filings slowed as amount of troubled debt eased

Availability of cheap credit has masked distress, but it’s still out there, says BlackRock managing director Mark Kronfeld. You just have to know where to look.

“Just because you’re not seeing bankruptcy filings doesn’t mean there isn’t distress,” said Kronfeld, a member of the global credit platform at BlackRock Inc., which manages $9 trillion in assets.