Defaults look low. That doesn't mean everything is fine.
Three years after "It's Restructuring Time!", one of the show's most downloaded episodes, William "Tuck" Hardie is back. Tuck is a Managing Director in Houlihan Lokey's Financial Restructuring Group, the largest restructuring team on the planet, where he has spent 26 years. He and Devin unpack what three years of tariffs, wars, sticky interest rates, and AI fears have done to private equity balance sheets, and why so little of it shows up in the headlines.
They break down the restructuring terms you keep seeing in the news (LMEs, amend and extend, PIK), explain why lenders and sponsors are both quietly kicking the can, and look ahead to what happens when the 2028 to 2030 debt wall comes due.
This episode is sponsored by NetSuite Next. Try it free at netsuite.ai/funcast.