Alacrity’s Private Loan Deemed Safe Months Before Restructuring
- Top holder BlackRock’s equity stake in Alacrity was erased
- Private markets often lack of clarity on how debt is marked
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At the end of June, Alacrity Solutions’ debt looked like a solid bet, at least according to the prices assigned to it by lenders, a group that included Blue Owl Capital Inc., Antares Capital and KKR & Co.
Cut to late October and, with little warning, the insurance claims manager was headed into full-scale restructuring talks. A rapid deterioration in earnings was blamed as weather-related claims dwindled and more insurers brought adjusting services in-house.