Abstract
In the latest evolutionary step in distressed investing, credit- oriented hedge funds have become much more proactive in the corporate restructuring process. Following the emergence of these institutional lenders in the leveraged finance world, the need to improve spread has caused many of these funds to focus on transactions in the middle market. This trend has brought more capital structure options and greater liquidity to middle-market private equity funds and companies, but at a price, as these investors are most interested in directing turnaround plays.
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