Most-Hated Credit Trade Turns Into a Big Winner for Hedge Funds
- Lumen’s debt exchange was poster child for creditor violence
- Diameter, Citadel profit as broad rally fuels wider gains
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Chris Stansbury may have been the most hated person in the room as he made the rounds at one of Wall Street’s biggest leveraged finance conferences late last year.
The Lumen CFO was in the process of carrying out one of the largest and most controversial distressed-debt exchanges ever, and creditors stuck on the outside looking in were furious.