Davis Polk partner and Restructuring practice co-head Damian Schaible was profiled in Bloomberg on a list of star dealmakers in liability management.

Damian noted that he has been able to trace the market’s shift over the course of his career. He said that five years ago, he spent 80% of his time working on chapter 11 bankruptcies and the remainder on out-of-court workouts, and now that ratio is flipped.

The profile featured Damian’s work advising lenders that banded together to make a deal that allowed all creditors — instead of just some — to participate in a new loan and extension on existing debt. The piece noted that this willingness to align may show investors’ belief that they are better off making friends instead of enemies.

However, it’s not always possible and “that’s challenging,” Damian said. “Many of these institutions are repeat players on the investor side and the adviser side. At any given time, we’re working on three or four deals together, and an institution wants in, and you may not be able to facilitate that.”

“The Star Dealmakers Remaking the Rules of Corporate Debt,” Bloomberg (December 23, 2024) (subscription required)

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