Bloomberg Intelligence's weekly podcast on fixed income, credit, currencies, and commodities.
State of Distressed: Trucano on Evolution of Distressed Investing
State of Distressed
Trucano on Evolution of Distressed Investing
"In the past, I think a lot of times [sponsors] just handed the keys over if they were hopelessly insolvent" said David Trucano, "Now [the market has] basically written, through credit agreements, a call to the equity such that they can extract additional value through the capital structure and preserve value for themselves. And as a fiduciary, they're required to do it." Bloomberg Intelligence's Phil Brendel and Noel Hebert sit down with industry veteran David Trucano (formerly of BlackRock, Centerbridge, Goldman Sachs SSG & Houlihan Lokey) to trace the trajectory of the distressed debt and restructuring markets over the last 25 years (7:40). From the dot-com bust and the WorldCom fraud to the rise of private credit and modern "creditor-on-creditor violence," the conversation explores how liability management exercises have evolved and where the next cycle of distress is brewing. The podcast concludes (1:19:05) with BI's Negisa Balluku joining Noel and Phil to discuss the latest developments in Spirit Airlines, Telesat, Multi-Color Corp, Ardagh Group, and QVC Group.
May 15, 2026