Geoffrey Frankel, Managing Director in Duff & Phelps’ Distressed M&A and Special Situations practice, was recently featured in Bloomberg Law where he observed that commercial lenders are negotiating between troubled, middle-market borrowers and other clients who are in even worse shape.

According to Geoffrey, “Companies that were doing well before the pandemic aren’t being punished for covenant defaults that would trigger aggressive responses in normal times. Lenders have to pick their spots, or those with about USD 100 million to USD 600 million of annual revenue.”

Geoffrey continued, “What I’m seeing now is that sources of capital, whether commercial lenders or buyers of distressed debt, have so much uncertainty about where the economy is headed. Most are on the sidelines.”

Bloomberg Law subscribers can read the full article here.

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