Jefferies on First Brands:
The good news: Direct losses appear to be limited to <$50M (est.)
The bad news: You were their banker for 10+ years
The worse news: $2.3B allegedly vanished
The worst news: Every potential client now knows this
Sometimes being the go-to bank for risky credits has consequences
MOODY'S REPORT ON DISTRESS IN PRIVATE EQUITY LAND | A MUST READ
As a former restructuring analyst and current private equity associate, this is the most interesting thing I have read in a long time. Excited to dive in —→
1) Large-Cap Private Equity Recent Defaults
2) PE firms with the most default deals
3) PE firms with the most dividend recapitalizations
4) PE firms with the most distressed deals
5) Upgrades and Downgrades across PE firms
6) Approach to Leverage across PE firms
7) Downgrade odds across PE vs non PE portcos
A 🧵 Thread
We need Blackstone to take America private, right-size our cost structure, clean up the capital structure, and get us ready for an IPO before the next election
Final (OT): #1 Houston 100, #9 Texas A&M 95 (NCAA Tournament, Second Round)
The Aggies fall to the Cougars in the second round of the NCAA Tournament and finish their 2023-24 season with a 21-15 (9-9 SEC) record.