, Columnist
Distressed Debt Gurus Get a 90 Percent Scorching
Centerbridge has seen the value of its stake in wind turbine maker Senvion collapse, giving it a taste of what life is like for the other side.
This distressed debt specialist is getting a taste of what life is like for the other side.
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When a company’s bonds trade near 30 cents on the euro, that would usually be the moment for distressed debt specialist Centerbridge Partners to show up and put the heat on the owners. The private equity firm holds some of bankrupt U.S. utility PG&E Corp.’s notes, for example.
But Centerbridge has found itself on the other side of the table in the case of the struggling wind turbine manufacturer Senvion SA. It is the owner of the listed German company.