{"id":99936,"date":"2024-11-14T09:48:19","date_gmt":"2024-11-14T14:48:19","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/beach-points-sauer-on-lmes-coops-state-of-distressed-debt\/"},"modified":"2024-12-09T12:08:14","modified_gmt":"2024-12-09T17:08:14","slug":"beach-points-sauer-on-lmes-coops-state-of-distressed-debt","status":"publish","type":[3765],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/beach-points-sauer-on-lmes-coops-state-of-distressed-debt\/","title":{"rendered":"Beach Point\u2019s Sauer on LMEs, Coops: State of Distressed Debt"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--white  text--black row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09b3513c58b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong>PODCAST<\/strong><\/p>\n\n<\/div>\n    <h1 class=\"bbg-metadata bbg-metadata--title\">Beach Point\u2019s Sauer on LMEs, Coops: State of Distressed Debt<\/h1>\n<div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">November 14, 2024<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong>Bloomberg Intelligence Podcast<\/strong><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a09b351428a2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-4 bbg-column--s-width-2\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"\" title=\"1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/1172389_BBGT_BI_FICCFocusPodcast_DigAsset_FNL-1.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p style=\"font-size: 18px; font-weight: 600; margin-top: -55px;\">Listen on<\/p>\n<div class=\"flexbox\">\n<div><a href=\"https:\/\/open.spotify.com\/episode\/48tLguBbqjXTTDFBb6DiZ3?si=HgXmCH-YSGOh0Uf6Dm-1Tw\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/Spotify.svg\" alt=\"\" width=\"32\" height=\"32\" \/><\/a><\/div>\n<div><a href=\"https:\/\/podcasts.apple.com\/gb\/podcast\/400-capitals-hentemann-on-securitization-market-credit\/id1589459799?i=1000674431020\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/Apple-podcast.svg\" alt=\"\" width=\"32\" height=\"32\" \/><\/a><\/div>\n<\/div>\n<div><\/div>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1 bbg-column--valign-middle\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-middle\"\n    style=\"\"\n    >\n    <div\n  class=\"bb-audio\"\n  data-title=\"Lenders must be \u201chyper-vigilant\u201d at the whiff of a liability management exercise (LME), as cooperation agreements forged in response by the largest lenders often shut off membership once critical majorities are reached, according to Beach Point Capital\u2019s senior vice president Jordan Sauer. Jordan shared with Bloomberg Intelligence\u2019s Noel Hebert and Phil Brendel how his initial legal work at Wachtell Lipton with lender documentation served him well in identifying credit agreement vulnerabilities and managing investments amid the jungle of LMEs and coop groups (6:20). Prior to that, BI\u2019s Noel Hebert and Phil discussed the implications of a historically low high yield spread for credit investors. The podcast concludes with BI\u2019s Negisa Balluku joining Noel and Phil for a roundtable discussion covering Franchise Group, Hertz, Yellow, Spirit Airlines, J&amp;amp;J, Incora, and CommScope (1:06:30).\"\n  data-state=\"fresh\"\n  data-audio-url=\"https:\/\/assets.bbhub.io\/professional\/sites\/41\/November-2024_mixdown2-small-version.mp3\"\n  data-label-desc=\"for Lenders must be \u201chyper-vigilant\u201d at the whiff of a liability management exercise (LME), as cooperation agreements forged in response by the largest lenders often shut off membership once critical majorities are reached, according to Beach Point Capital\u2019s senior vice president Jordan Sauer. Jordan shared with Bloomberg Intelligence\u2019s Noel Hebert and Phil Brendel how his initial legal work at Wachtell Lipton with lender documentation served him well in identifying credit agreement vulnerabilities and managing investments amid the jungle of LMEs and coop groups (6:20). Prior to that, BI\u2019s Noel Hebert and Phil discussed the implications of a historically low high yield spread for credit investors. The podcast concludes with BI\u2019s Negisa Balluku joining Noel and Phil for a roundtable discussion covering Franchise Group, Hertz, Yellow, Spirit Airlines, J&amp;amp;J, Incora, and CommScope (1:06:30).\"\n  data-controls-class=\"no-controls\"\n  data-custom-controls-background=\"fill\"\n  data-theme=\"light-mode\"\n  data-progress=\"0\">\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--white  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a09b35149591'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Description<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Lenders must be \u201chyper-vigilant\u201d at the whiff of a liability management exercise (LME), as cooperation agreements forged in response by the largest lenders often shut off membership once critical majorities are reached, according to\u00a0Beach Point Capital\u2019s senior vice president\u00a0Jordan Sauer. Jordan shared with Bloomberg Intelligence\u2019s\u00a0Noel Hebert\u00a0and\u00a0Phil Brendel\u00a0how his initial legal work at\u00a0Wachtell Lipton\u00a0with lender documentation served him well in identifying credit agreement vulnerabilities and managing investments amid the jungle of LMEs and coop groups (6:20). Prior to that, BI\u2019s Noel Hebert and Phil discussed the implications of a historically low high yield spread for credit investors. The podcast concludes with BI\u2019s\u00a0Negisa Balluku\u00a0joining Noel and Phil for a roundtable discussion covering Franchise Group, Hertz, Yellow, Spirit Airlines, J&amp;J, Incora, and CommScope (1:06:30).<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--gray  text--black bbg-row--full-bg-bleed\" data-anchor='row-6a09b3514acb1'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>More episodes from <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/bloomberg-terminal\/research\/bloomberg-intelligence\/\">Bloomberg Intelligence<\/a><\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-4 bbg-column--halign-right\"\n    style=\"\"\n    >\n    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